Account Abstraction: The Key Technology to Enhance Blockchain User Experience

Account abstraction is an important concept in Blockchain technology, aimed at enhancing the flexibility and functionality of smart contract accounts. Traditionally, accounts in Blockchain networks are divided into externally owned accounts and contract accounts. The goal of account abstraction is to blur the lines between the two, granting contract accounts more functionalities while allowing externally owned accounts to possess the flexibility of smart contracts.

By enhancing the flexibility and functionality of accounts, account abstraction greatly improves the user experience, security, and innovation capabilities of Web3. As this technology continues to develop, the Web3 ecosystem will become more diverse and rich, attracting more users and developers to participate, thereby promoting the popularization and application of Blockchain technology.

In 2016, the concept of account abstraction was first proposed by the co-founder of Ethereum, suggesting to enhance the functionality and flexibility of accounts through smart contracts. In 2022, EIP-4337 proposed an account abstraction standard based on Layer 2 networks. In 2023, this proposal was successfully deployed and implemented on the Ethereum mainnet, marking a new phase for account abstraction. With the realization of this proposal, more and more decentralized applications began to adopt account abstraction technology, providing a more flexible and secure user experience.

Account abstraction technology continues to develop and evolve, and more blockchain platforms and applications are expected to adopt this technology. New proposals and improvements will constantly emerge, further enhancing the functionality and application scope of account abstraction. The co-founder of Ethereum has also publicly stated that account abstraction is key to expanding users to a scale of 1 billion.

In 2024, with the approval of the Bitcoin spot ETF, cryptocurrency is once again ushering in a bull market. The characteristics of account abstraction and the ease of use of smart wallets can significantly lower the user threshold, promoting the widespread adoption of Web3. The account abstraction infrastructure has received attention from developers and investment institutions, and a certain account abstraction infrastructure platform has once again entered the public eye.

The platform is a development platform that provides a foundational toolkit SDK and on-chain extension solutions specifically for ERC 4337 abstract accounts. It offers modular AA smart account functionality for decentralized applications, promoting the adoption and mass application of Web3 by simplifying the user experience of wallets and decentralized applications. In simple terms, it provides a complete solution for Web3 application developers with abstract account needs. Currently, the platform has created over 1.25 million wallets across all chains, facilitating around 50,000 transactions daily for more than 70 decentralized applications and blockchain applications, becoming an existence that cannot be ignored.

As the infrastructure for AA wallets, the platform provides full-stack account abstraction tools, including ERC4337 modular smart accounts, Paymasters as a service (simplifying transactions and accepting other tokens as Gas), hot-pluggable API services, and binding programs as a service. In addition to supporting the Ethereum public chain, the platform also supports multiple chains such as Arbitrum, Polygon, Base, Optimism, BNB Chain, Blast, and TON, and has recently added support for Scroll, covering most of the mainstream EVM chains on the market.

The platform has been active recently, gaining significant attention at the Token 2049 event in Dubai, and collaborating with multiple projects. The official team will also release a new version of the SDK, implementing more features and tool updates.

Implementation and Contributions of Account Abstraction

No Gas Fee Transactions

Gas is the first barrier for new users to perform on-chain operations. The platform achieves gasless transactions through the Relay Protocol. Users do not need to hold ETH to pay for gas fees when using decentralized applications. By introducing relayers and utilizing Paymaster to provide gasless transactions, the transaction costs can be covered by application developers or third parties, greatly enhancing the user experience.

Multi-signature and Multiple Authentication Methods

The platform supports multi-signature and various authentication methods, allowing users to verify their identity and sign transactions using social logins, hardware wallets, biometrics, and more. This simplifies the wallet management issues for users, increases security, and makes it more convenient for Web2 users, such as logging in and using Web3 applications through social accounts, emails, biometrics, etc., without having to worry about private key leakage, thereby lowering the barrier for novice users to use decentralized applications.

Smart Contract Wallet

The platform has launched a smart contract wallet that allows users to customize transaction logic and security rules. Users can set specific transaction limits, time locks, and other features, further enhancing the security and flexibility of the account, and it supports all EVM chains, simplifying the user experience of decentralized applications, reducing the frequency of multiple approvals, and achieving simple interactions.

Integration of Layer Two Solutions

The platform integrates with multiple Layer 2 solutions (such as Polygon, Optimism) to enhance transaction speed and reduce transaction costs using these scaling solutions. At the same time, these integrations also promote account abstraction across different Blockchain platforms.

Developer-friendly SDK

The platform provides developer-friendly software development kits that simplify the integration process of account abstraction features, allowing developers to expand their applications and deploy AA accounts in a very short time, reducing development time while increasing security and lowering the complexity of user interactions and Gas fees.

Application in Traditional Fields

The platform collaborates with traditional institutions to streamline on-chain payment processes. For example, in November 2023, through partnerships with financial giants, it built a Gas payment solution using Paymaster, enabling convenient payments with any ERC20 token.

Paymaster is an on-chain contract launched by the platform that allows users to customize payments with other tokens and use smart contracts to replace the payment of Gas fees on the chain, thereby reducing users' costs without having to purchase Gas tokens for each chain, simplifying the user operation process. Additionally, in March of this year, a partnership was established with a certain automotive brand to create a secure and low-cost data market solution.

Applications built on this platform

Web3 Game Anichess

Anichess is an international chess strategy game that has raised $1.8 million in funding. By using this platform, Web2 users can register with their email and create smart accounts. At the same time, users can claim NFTs in the game without incurring Gas fees, without any wallet pop-ups, and without needing mnemonic seed phrases, making it easier for Web2 users to have a seamless experience.

Rage Trade

Rage Trade is a perpetual contract protocol based on the Arbitrum ecosystem. In previous decentralized exchange transactions, each session would pop up a wallet requiring user approval signatures. By using the session mode supported by this platform, users do not need to go through cumbersome signature steps when placing orders and executing trading strategies, simplifying the convenience of placing orders. Compared to centralized exchanges, users can also self-custody their assets.

SWIFT Function of a Certain Cryptocurrency Wallet

A certain cryptocurrency wallet is a well-known cryptocurrency wallet that, in addition to supporting the common externally owned accounts, has launched a SWIFT feature in collaboration with the platform, allowing users to pay Gas with various tokens using Paymaster. Creating a wallet does not require a mnemonic phrase; it only needs technologies such as FaceID and fingerprint. Additionally, it supports trading with 200 different tokens.

In addition, the platform has collaborated with multiple decentralized exchanges, derivatives platforms, and other project teams to promote the further application of smart accounts.

Project Financing and Tokens

The platform secured $1.5 million in funding in early 2021, followed by $9 million in funding in July 2021, and launched on a certain fundraising platform in October, obtaining $11.5 million in public fundraising. In March this year, the platform announced once again that it had completed funding of an unknown amount, with a total financing amount exceeding $22 million.

Investment institutions include several well-known Blockchain investment institutions and exchanges.

The total supply of the platform's ecological token is 1 billion, with a current circulation of 780 million, accounting for nearly 80%. The market selling pressure is relatively low, and it has been listed on several well-known exchanges.

The platform's partners include not only the Web3 industry but are also widely used in Web2 and traditional industries. In addition to a certain financial institution, it also includes traditional giants such as a certain automotive brand, providing a more convenient experience for traditional users.

Token Staking Airdrop

The token staking of this platform is an important part of its token economic activities, used to incentivize the growth of ecological users. During the token generation event in 2021, the platform airdropped tokens to users who participated in interactions and gained market recognition. Additionally, in April of this year, the platform announced rewards for users who stake tokens, allowing them to earn hundreds of ARB tokens as rewards along with corresponding staking profits.

Currently, the platform is conducting the second phase airdrop, the Blast Gold Campaign incentive activity, where users can earn Blast Gold rewards by staking tokens. Additionally, according to the official description, there may be a third phase or even more stages of airdrop activities in the future, at which point staking tokens may also lead to more airdrops of collaborative ecosystem tokens, such as $DYM, turning staked tokens into a golden shovel for airdrops.

Through collaboration with the Blast ecosystem eesee, further integration and cooperation have been completed regarding Token, NFT, and game liquidity on Blast.

First, go to the eesee website and randomly purchase a low-priced ticket (NFT, Token, etc.).

Then we need to stake tokens on the official page of the platform.

Log in with Metamask wallet, enter the amount of tokens (greater than 10u; the more tokens, the more airdrop rewards you will receive), first approve the tokens in order, and then proceed to stake.

Collect rewards as required after the event ends.

Currently, staking the platform's tokens also has good returns, with a yield that is 2 times that of a certain competitor.

Recent Developments and Future Plans of the Platform

1. Subsidize Gas fees for on-chain decentralized applications

The platform recently collaborated with a certain Blockchain to conduct the ONCHAIN SUMMER event, providing up to $30,000 in Gas fee subsidies for ecological projects on that chain. Users can use eligible decentralized applications without Gas fees, which also supports projects on that chain, including SocialFi.

2. Implementation of ERC-7559

ERC-7579 is a simplified modular smart account standard launched by the platform in collaboration with multiple partners. Its main feature is to achieve minimal interoperability for modular developers and applications, helping developers to more conveniently customize functions for users and improve the user experience. This solution has also been implemented in a well-known wallet.

3. Application of ERC-7579

EIP-7702 can be seen as an upgraded version of EIP-4337, proposing a new transaction type that can simultaneously accept Contract_code and signature fields to achieve the temporary delegation function of externally owned accounts to smart contracts, meaning that externally owned accounts can also serve as smart contract wallets. This compatibility design ensures long-term effectiveness and practicality.

4. Exploration of Permission Management for Web3 AI Agent Applications by Smart Wallets

The arrival of AI has led many Web3 applications to implement intelligent processing of user operations. However, it still requires approval and signing. Choosing automated processing may also reduce security. The platform is exploring ways to set boundaries for AI by allowing users to define smart account permissions, thus ensuring that AI can operate within the scope of those permissions.

5. Publish Paymaster Document

The platform recently released further documentation and rules for Paymaster, which include wallet deployment, whitelisted smart contracts, spending limits, and Webhooks, making it easier for developers to integrate into their applications.

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