Everything About Account Abstraction: Ethereum’s redesign, EIP 4844 by Investing.com, Pimlico-Safe’s ERC-4337 integration, Setter’s $5M raise, Holdstation’s public sale

Everything About Account Abstraction: Ethereum’s redesign, EIP 4844 by Investing.com, Pimlico-Safe’s ERC-4337 integration, Setter’s $5M raise, Holdstation’s public sale

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December 6, 2023

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

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Vitalik Buterin shares visionary proposal

Ethereum’s co-founder, Vitalik Buterin, made an announcement at Devconnect in Turkey. The proposed redesign, targeting key aspects of the Ethereum ecosystem, is aimed at revolutionizing the user and developer experience.

A central element of Buterin’s proposal is the enhancement of Ethereum staking. The objective is to bolster the network’s security and scalability, thereby making Ethereum more affordable and user-friendly.

Another innovative feature is the integration of private mempools, which significantly boosts user privacy and security by allowing transactions to occur without exposure to the public mempool. This approach protects users from potential miner exploitation and grants greater control over transaction history visibility.

Buterin also emphasized the importance of ERC-4337, marking a significant advancement in account abstraction. This standard enhances user control over accounts and aids in implementing multi-signature wallets, simultaneously improving the overall security of the Ethereum ecosystem.

Ethereum’s EIP 4844 upgrade overview by Investing.com

Notable finance news and analytics portal Investing.com shared an in-depth article titled Ethereum Upgrade EIP 4844 Is Massive for L2s, Here’s Why.

Ethereum’s upcoming EIP 4844 upgrade, colloquially known as “Proto-Danksharding,” is poised to be a transformative milestone for the blockchain’s Layer 2 (L2) solutions. This eagerly awaited upgrade is set to dramatically lower transaction fees on Ethereum’s L2 networks by up to 7 times, according to Ethereum expert Ryan Berckmans.

Scheduled to launch in three months, EIP 4844 introduces ‘data blobs,’ which are expected to significantly reduce L2 fees while simultaneously boosting the network’s bandwidth.

Crucially, these data blobs will operate independently of the Layer 1 (L1) execution gas, thereby ensuring the entire blob market clears at substantially lower fees. This innovative approach is projected to enhance Ethereum’s cost-efficiency and throughput by an impressive 600%.

Various L2 solutions, including those with ZK-secured validity proofs like Polygon zkEVM and Starknet, as well as hybrid optimistic rollups like Arbitrum Nova, stand to gain considerably from this upgrade, furthering Ethereum’s overall scalability.

Looking beyond EIP 4844, another groundbreaking proposal known as RIP-7560 aims to integrate native account abstraction into L2 solutions. This marks the first-ever rollup-specific performance upgrade proposal. Implementing AA in rollups will necessitate changes in smart contract accounts, including EntryPoint address adjustment, rewriting the validateUserOp function, and minor updates to transaction logic.

Pimlico and Safe announce ERC-4337 module integration

Pimlico, a Web3 infrastructure startup backed by a16z crypto, has announced a groundbreaking integration with Safe, a leading smart wallet infrastructure provider.

This integration involves the incorporation of Safe’s newly launched ERC-4337 module into Pimlico’s offerings. This significant development was announced on November 28 and follows Pimlico’s successful $4.2 million seed funding round led by a16z crypto.

Kristof Gazso, the founder of Pimlico, highlighted the company’s achievements, noting over 4 million user operations and 60% of all transactions to smart accounts since its launch in January.

Pimlico, as an ERC-4337 bundler, acts as a transaction relayer for smart accounts, organizing transactions off-chain before relaying them to the blockchain. Safe’s module allows developers to convert the Safe smart account standard into an ERC-4337 smart account, marking a significant milestone in smart contract module usage in production.

The modularity of this integration allows developers and users to easily opt-in or out of ERC-4337 without needing to change the account. Embedded in Safe’s developer stack, Safe{Core}, the module enables non-Web3 developers to incorporate Web3 functionalities into their Web2 consumer applications seamlessly. The module has undergone a full security audit to ensure maximum security.

Richard Meissner, Co-Founder and Technical Lead at Safe, emphasized the design of the Safe ERC-4337 module for builders and developers who wish to use account abstraction in production, maintaining high security and modularity.

The fully audited module offers developers peace of mind while unlocking the full potential of account abstraction for users.

This addition to Safe{Core}’s account abstraction stack allows developers to leverage the secure Safe stack with a vast pool of AA tooling, such as Bundlers, thereby providing the best user experience and contributing to the global transition towards true digital ownership​​​​​​.

Andreessen Horowitz invests $5 Million in Web3 app Setter

Venture capital heavyweight Andreessen Horowitz (a16z) has led a $5 million seed funding round for Setter, a New York-based consumer app.

Setter is set to redefine the landscape of Web3-powered commerce, offering brands innovative avenues to promote exclusive products and launch limited edition drops.

Setter’s primary goal is to tackle the complexities and user-unfriendliness of current wallet technologies. By doing so, the app aims to make the transition into Web3 more intuitive and accessible for a broader user base.

Focusing initially on partnerships with streetwear and sneaker brands, Setter plans to expand its reach across various sectors, including fashion, luxury items, and consumer collectibles.

The seed funding round attracted notable investors, including Marcy Ventures Partners, Superlayer, Thirty Five Ventures, and the renowned retired tennis player Serena Williams​​.

Holdstation’s $HOLD public sale launch

Singapore-based Holdstation, a pioneering smart contract wallet designed for futures trading on zkSync, has recently celebrated the successful public sale of its $HOLD token.

The event took place on November 24, 2023. Over 3,300 individuals took part in the $HOLD token subscription model. Holdstation saw a collective commitment of 2,500 $ETH, surpassing the hard cap by 72% and accumulating over $5.4 million.

Notably, the application of Account Abstraction technology and the integration of PerpDEX are backed by the community’s strong support.

The $HOLD tokenomics, characterized by low-emission and a sustainable real-yield model, offers long-term tangible returns, affirming the project’s commitment to sustainable growth and fairness.

Looking forward, Holdstation is set to introduce an array of innovative features and services like an enhanced Brokerage Trading Module, Trading and Signal Bot, an improved Paymaster & Smart Wallet Suite, and Secure Authentication Tools.

Additionally, a Native zkSync Launchpad is planned to support and launch new projects within the zkSync ecosystem.

23rd ERC 4337 Account Abstraction Core Devs online meeting

In the 23rd ERC 4337 Account Abstraction Core Devs call, Ethereum developers discussed critical network enhancements.

Key topics included optimizing mempool peer discovery, potential future inefficiencies in mempool discovery protocols, and the idea of deterministic mempool IDs.

The meeting also addressed the need for spec updates before implementing new features, considering upcoming holidays.

A significant debate arose around user operation protocols and the idea of a database for operation hashes and receipts.

Watch the full conversation:

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