Everything About Account Abstraction: Coinbase smart wallets, AA roadmap, Safe x Base, Skandha adds MEV protection, AA meetup in London, and CAKE Working Group

Everything About Account Abstraction: Coinbase smart wallets, AA roadmap, Safe x Base, Skandha adds MEV protection, AA meetup in London, and CAKE Working Group

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March 6, 2024

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

Please fasten your belts!

Coinbase introduces smart and embedded wallets

Coinbase has announced the launch of two groundbreaking wallet solutions designed to streamline the onboarding process for new users.

The smart wallet and embedded wallets features aim to tackle the often-intimidating hurdles associated with creating and managing crypto wallets.

The smart wallet, an addition to the Coinbase Wallet SDK, leverages the power of account abstraction to provide users with a seamless, passkey-based experience.

Built on Coinbase’s L2 network, Base, the smart wallet is currently undergoing rigorous testing in the testnet phase.

Meanwhile, the embedded wallet feature, powered by the innovative concept of “wallet as a service” (WaaS), empowers companies to tailor blockchain wallets to their customers’ specific needs. It abstracts away the intricacies of crypto in favor of familiar email and social login flows.

Account Abstraction Meetup in London

Etherspot, in collaboration with the ERC-4337 team and Rhinestone, is organizing an exciting meetup in London on March 15.

Focus: The latest developments in account abstraction technology.

The meetup welcomes all Web3 developers, community members, and blockchain enthusiasts eager to explore cutting-edge topics in the field.

Attendees will have the chance to connect with industry experts and dive into subjects such as Shared Mempool, Modular Smart Accounts, and ERC-7579, among others.

Join us in London on March 15 for an unforgettable experience!

👉 Register Now 👈

Ethereum developers debate account abstraction roadmap

With the Dencun upgrade set for March 13, Ethereum developers are already discussing the next major milestone: the Pectra upgrade. A key focus is account abstraction, and Ethereum co-founder Vitalik Buterin is pushing for a more precise roadmap and “long-term goal alignment.”

In a recent core developer call, Buterin highlighted four main objectives for improving Ethereum’s account system:

  1. enabling key rotation and deprecation
  2. quantum computer resistance
  3. batching
  4. sponsored transactions

The current EOA model doesn’t meet these goals, emphasizing the need to move towards SCAs.

Developers want to avoid creating separate ecosystems for smart contract wallets and EOAs, as it could cause fragmentation and security issues.

The debate now centers on two competing EIPs — 3074 and 5806 — as potential intermediary steps toward a comprehensive smart contract account system.

Etherspot’s Skandha releases final version supporting ERC-4337’s EntryPoint 0.6.0, adds MEV protection

Etherspot has announced that its Skandha bundler will have a few final releases under the 1.x.x-alpha version — the last iteration to support ERC-4337’s EntryPoint 0.6.0.

The upcoming Skandha 2.x.x version will shift its focus to supporting EntryPoint 0.7.0, signaling a significant milestone in the project’s development roadmap.

Etherspot’s CTO, Partha revealed that Skandha v1.0.40-alpha now boasts built-in MEV protection across multiple blockchain networks, including Ethereum, Polygon, and BSC, thanks to Merkle.io.

This feature allows users to set the ‘relayingMode’ parameter to either ‘flashbots’ or ‘merkle’ for seamless block building.

Safe partners with Base to foster Ethereum smart account development

Safe, a leading on-chain asset custody protocol, has joined forces with Coinbase’s Ethereum Layer 2, Base, to encourage the development of smart accounts.

Announced on February 27, the collaboration will see Base offering up to 1 ETH in gas fee credits and modular tooling to developers building smart accounts using Safe’s open-source technology on the Base network.

With over 230 million unique Ethereum addresses worldwide and daily L2 transactions surpassing L1, the need for scalable solutions is more evident than ever.

Nick Prince, product manager at Base, emphasized that smart account adoption is crucial for making on-chain apps accessible to everyday users, and reducing barriers for developers is key to unlocking this technology.

Safe supports the Base Sepolia testnet, providing a robust testing environment for developers. The protocol’s core stack already supports more than 6M safe accounts that have executed over 30M transactions.

Frontier Research names new members of CAKE working group

Frontier Research has announced new members of the CAKE (Chain Abstraction Stack) working group: Etherspot, Arbitrum, Blocknative, Conduit, ConsenSys, Eigenlayer, Espresso Systems, FastLane Labs, Interop Labs, Kolibrio, Phala Network, Relay Protocol, Sequence, and WalletConnect. The group aims to establish standards for messaging between layers of the Chain Abstraction stack.

The standards defined by the CAKE working group have the potential to accelerate the adoption of blockchain technology, unlock new use cases, and drive the industry forward towards a more interoperable and efficient future.

Vitalik Buterin discusses blockchain’s role in democracy and governance during Taiwan podcast

During a recent podcast in Taiwan, Vitalik shared his thoughts on the potential of blockchain technology in shaping democracy, consensus, and government governance.

The podcast, hosted by Ge Rujun, delved into Vitalik’s personal journey, his views on elections, and the relationship between democracy and blockchain.

Vitalik, who had his first computer at the age of four and was already writing games in C++ by twelve, emphasized that every moment in life is precious, just like every block in a blockchain. He noted that while the recent Taiwanese election seemed relatively healthy compared to the U.S., blockchain technology offers the possibility of implementing new forms of democracy and exploring better ways of governance.

Discussing the evolution of blockchain, Vitalik explained how Bitcoin introduced the concepts of a new type of digital asset and a decentralized consensus method. This led to the development of Ethereum, which aimed to go beyond monetary applications and explore the broader possibilities of blockchain technology, such as managing and upgrading decentralized applications through various democratic methods.

Start exploring Account Abstraction with Etherspot!

  • Learn more about account abstraction here.
  • Head to our docs and read all about the Etherspot SDK.
  • Skandha  - a  developer-friendly Typescript ERC4337 Bundler.
  • Explore our TransactionKit, a React library for fast & simple Web3 development.
  • For a plug & play integration, review the BUIDLer react component.
  • Follow us on Twitter and join our Discord.

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