Everything About Account Abstraction: ERC-4337 release, Etherspot at ETHDenver, AA Grant 2023 & Safe{Core}

Everything About Account Abstraction: ERC-4337 release, Etherspot at ETHDenver, AA Grant 2023 & Safe{Core}

Written by


March 8, 2023

Welcome to our weekly rundown on account abstraction, where we explore the latest developments in this innovative technology that is revolutionizing the way we interact with the blockchain.

eum launches ERC-4337

Ethereum developers announced a surprise rollout of the ERC-4337 token standard at the WalletCon ETHDenver event on March 1st.

Ethereum Foundation security researcher Yoav Weiss broke the news, mentioning that the code has successfully passed a security audit from OpenZeppelin (more about it below). 

ERC-4337 has been deployed as a smart contract, meaning that no major changes to the core Ethereum protocol were required to launch the new token standard. It is now available on all blockchain networks, offering compatibility with the Ethereum virtual machine, the main engine of Ethereum smart contracts.

The Etherspot team is excited to be part of the Web3 future! 

Security assessment by OpenZeppelin

The Ethereum Foundation has asked OpenZeppelin to review the latest version of their specification and reference implementation. 

OpenZeppelin audit verifies that the distributed systems are running correctly. Their engineers take a full look at the system architecture and codebase and then produce a detailed report that includes actionable feedback on each issue found.

The eth-infinitism/account-abstraction repository was audited at commit 6dea6d8752f64914dd95d932f673ba0f9ff8e144, revealing one high-severity issue. Several changes have been proposed to improve the overall quality of the code and reduce the attack surface.

In total, there were 27 issues found (23 resolved, 4 partially resolved).

You can find more details here.

Etherspot at ETHDenver

Following the launch of ERC-4337, our CEO Michael Messele took part in NervosNetwork’s Account Abstraction event at ETHDenver.

There he talked about the contribution of Etherspot to the latest developments in the space. Also, Michael brought some fresh perspectives on why the industry lacks such wallets as Pillar. 

Quick reminder: Pillar is a self-custodian smart wallet that provides low fees, cross-chain swaps, and stablecoin gas payments in a unified multi-chain DeFi.

Watch the recording of his speech👇

Account Abstraction Grant 2023

The Account Abstraction Grant is a new funding opportunity from the Ethereum Foundation that aims to speed up and improve the existing system. The Ethereum Foundation is committed to providing grants to all developers interested in further improving and strengthening the infrastructure surrounding the AA in Ethereum. 

The maximum grant per proposal is $50,000, and the total funding available is $300,000. The ETH community sees this as progress towards the widespread use of AA in Ethereum wallets.

According to the guidelines, all those enthusiastic about co-expanding the Account Abstraction ecosystem are welcome from all over the world. Commercial enterprises are eligible to apply as well. However, the required grant work must be non-commercial, open source, and freely available to the public.

AA dummies guide by Cointelegraph

Cointelegraph, a popular crypto resource, published an in-depth guide on AA features. It is called “Account abstraction supercharges Ethereum wallets: Dummies guide.”

According to the guide’s author, this info would help understand why “account abstraction” and “smart accounts” are the hottest things in Ethereum this year. In addition, the guide discusses how AA can facilitate mainstream adoption.

Safe launches developer stack enabling AA

Safe (previously Gnosis Safe), the maker of the popular crypto wallet, is launching Safe{Core}, an open-source developer stack that enables AA.

The release of Safe{Core} will allow developers to build Web3 applications with account abstraction in a Web2-level user interface. 

As part of the Safe{Core} release, Safe is teaming up with payment processing giant Stripe and web3 infrastructure companies Gelato and Web3Auth to help improve “fiat buildup,” “transaction fees,” and “authentication,” as mentioned in their press release.

Benefits and risks in Ethereum EIP-4337 AA

The Trading Strategy team created an article about new use cases and potential risks of the upcoming Ethereum account abstraction, EIP-4337, EIP-2938 in the Shanghai hard fork. Will it really make Ethereum better? Read the article here.

Start exploring Account Abstraction with Etherspot!

Subscribe to our newsletter and get the latest updates on AA

❓Is your dApp ready for Account Abstraction? Check it out here: https://eip1271.io/ 

Get In Touch:

Website | Twitter | Discord | Github | Telegram