Everything About Account Abstraction: Buterin pushes AA, DeFi Saver adopts Safe, 1M validators on ETH, BlobScriptions, PillarX testing campaign begins, ERC-4337 Call #28

Everything About Account Abstraction: Buterin pushes AA, DeFi Saver adopts Safe, 1M validators on ETH, BlobScriptions, PillarX testing campaign begins, ERC-4337 Call #28

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April 3, 2024

We are welcoming you to our weekly digest! Here we discuss the latest trends and advancements in account abstraction.

Please fasten your belts!

Vitalik Buterin advocates for AA at BUIDL Asia

During his speech at BUIDL Asia, a crypto-focused conference in Seoul, South Korea, Ethereum co-founder Vitalik Buterin emphasized the importance of account abstraction for providing security and convenience to blockchain developers and users.

He stated that Ethereum’s current EOAs pose a major drawback for users and developers. They are required to maintain private keys and extra accounts with additional funds.

He highlighted that modern account abstraction includes features that improve security and convenience, such as:

  • allowing users to change and revoke private keys
  • better account recovery methods
  • ability to pay gas fees in ERC-20s

Buterin also expressed his vision for the next decade, saying, “The next 10 years are going to be about really upgrading the ecosystem at the user level. Let’s make something people in the world’s lower-income countries can actually go ahead and use.

DeFi Saver integrates Safe’s Account Abstraction

DeFi Saver, a leading app for creating, tracking, and managing DeFi positions on Ethereum, has announced the integration of Safe to enhance the user experience for DeFi users in the Ethereum ecosystem.

The update allows DeFi users of protocols such as Aave, Compound, Morpho Blue, Spark, CurveUSD, and Liquity to manage their positions more efficiently by bundling multiple actions into a single transaction using Safe’s smart accounts.

Features include:

  • leveraging up or unwinding in one transaction
  • collateral and debt swaps
  • moving active positions between protocols
  • automation features
  • simpler actions like depositing collateral and borrowing funds in a single transaction

Additionally, DeFi Saver users can now increase their security through the use of Safe multisigs.

The integration also promotes composability and portability.

Ethereum reaches 1 Million validators

The Ethereum network recently achieved a significant milestone by reaching one million validators, with 32 million Ether (ETH) staked, valued at approximately $114 billion based on current market prices.

According to data from Dune Analytics, the staked ETH accounts for 26% of the total supply, with around 30% of the ETH staked using the liquid staking platform Lido.

While more validators could potentially lead to increased security for the blockchain, some community members have expressed concerns that too many validators might be problematic.

Venture investor and Ethereum advocate Evan Van Ness suggested that there may already be “too much” staked. At the same time, Gabriel Weide, who runs a staking pool, believes that an excessive number of validators could eventually result in failed transactions.

In response to the growing number of validators, Ethereum co-founder Vitalik Buterin recently proposed a way to improve the network’s decentralization by penalizing validators in proportion to their average failure rate. This can potentially reduce the advantage of large ETH stakers over smaller ones.

Ethereum’s ‘BlobScriptions’ cause surge in Blob fees

A new method for inscribing data on Ethereum blobs, called “BlobScriptions,” has caused a significant increase in the price of Blob fees, which are required for a blob to be included in an Ethereum block.

Introduced on March 27 by the Ethscriptions protocol, BlobScriptions allow users to inscribe various types of data, such as images and text, directly onto blobs, which were introduced to the Ethereum network during the Dencun upgrade on March 13.

Following the launch of BlobScriptions, Blob fees skyrocketed from an average of one wei (a tiny fraction of $0.01) to as high as 585 gwei (roughly $18).

Since the introduction of BlobScriptions, users have created over 4,500 inscriptions on blobs, with many opting to mint small pieces of text and seemingly random assortments of images.

It is important to note that blob data is only stored on Ethereum nodes for about 18 days, after which the BlobScriptions data will be removed from the network.

However, Ethscriptions founder Tom Lehman stated that the Ethscriptions indexer would store the data indefinitely.

Positive Sum Games pioneers modular account standards

Positive Sum Games has ventured into the development of modular account standards, specifically ERC-6900 and ERC-7579, to improve onchain user experience and security.

These standards introduce modular smart accounts that extend onchain account functionalities through customizable plugins.

The ongoing discourse surrounding these standards has been dynamic, highlighting the need for constructive dialogue and collaborative efforts to ensure collective progress.

Technical commentary has addressed misconceptions about the standards, particularly regarding the flexibility and potential integration challenges between ERC-6900 and ERC-7579.

Permissions have also been emphasized as important in ensuring secure and controlled plugin functionality. This concept draws parallels to permission requests in traditional app ecosystems.

Efforts to converge the strengths of both standards are underway, they seek to harmonize interfaces and functionalities for a broader range of applications while addressing the nuances of modular account security through audits, bug bounty programs, and automated security testing.

PillarX launches testing campaign for Web3 projects

PillarX, a multichain app store powered by Etherspot’s cutting-edge Account Abstraction SDK, has announced the launch of its Testing campaign for Web3 projects. PillarX will be compatible with ERC-7579, enabling effortless interoperability between modules designed for different smart accounts, thereby ensuring a smooth and user-friendly experience across various dApps.

Potential participants are offered an exceptional opportunity to showcase their innovations to over 100,000 users within the Pillar community.

The campaign encourages projects to integrate with PillarX and benefit from extensive cross-marketing support such as social media, newsletters, and in-app promotions.

👉 To participate in the PillarX Testing campaign, please fill out this form before April 26: https://bit.ly/3Tx7onn.

ERC-4337 Call #28 highlights

During the latest ERC-4337 Account Abstraction Core Developers call, the team highlighted several key points of interest.

The main focus was on integration issues, particularly with the SharedMempool and PVG mechanisms.

A significant portion of the conversation was dedicated to the intricacies of defining minimum gas values for PVG, especially in the context of dynamic values on Layer 2 solutions.

Further discussions explored the proposition of introducing a new fee structure to accommodate the computational demands of heavy validation in account abstraction, separate from traditional gas fees. This would account for the CPU cost of validation Users have the option to pay lower priority fees to be included in larger transaction bundles.

The call also delved into the complexities of calculating PVG based on bundle sizes, emphasizing the potential for increased latency as aggregators work to create optimal bundles algorithmically.

There were a lot more topics explored, so if you want to discover all of them, you are warmly welcome to check out this recording:

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