Everything About Account Abstraction: Ex-Bloomberg analyst talks 5 crypto adoption drivers, Fuel’s Crypto UX breakthrough, Etherspot’s tutorial for Flare devs, Rivo’s beta smart wallet & Polygon gas fees surge 1,000%

Everything About Account Abstraction: Ex-Bloomberg analyst talks 5 crypto adoption drivers, Fuel’s Crypto UX breakthrough, Etherspot’s tutorial for Flare devs, Rivo’s beta smart wallet & Polygon gas fees surge 1,000%

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November 29, 2023

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

Please fasten your belts!

Etherspot publishes comprehensive AA tutorial for Flare developers

Etherspot recently released an extensive tutorial aimed at Flare network developers.

The tutorial provides practical steps and essential tools for implementing them. These tools include the Prime AA SDK, Skandha Bundler, and Arka Paymaster. Utilizing these, developers can infuse their dapps with features such as Web2-like onboarding, multichain functionality, fiat on/off ramps, and gasless transactions.

The guide includes direct links to repositories and commands to clone and deploy a functional dapp on Flare. Additionally, there’s a video tutorial for interacting with smart contracts on the Flare network using TransactionKit, further aiding in the practical application of the concepts.

Furthermore, our tutorial highlights the collaboration between Etherspot and Web3Auth, demonstrating how this partnership facilitates easier login processes through popular social platforms.

Fuel Labs’ biometric-enabled crypto transaction prototype

Nick Dodson of Fuel Labs recently shared the news about the development of a biometric-enabled, native transaction signing prototype using WebAuthn P-256 and account abstraction, which is now live on Testnet.

This prototype eliminates the need for seed phrases and software installation, marking a UX-first approach in blockchain technology.

Nick Dodson, a prominent figure in Fuel Labs, emphasized their commitment to enhancing UX, with native account abstraction being a key feature.

Their implementation is set apart by being truly native, supporting full opcodes for secp256r1 (P-256), complying with EIP-2098, and minimizing state reliance. He also noted the global shift towards secp256r1 parameters in modern devices, a factor influencing their adoption of P-256 signing and related technologies like Passkeys and WebAuthn for crypto’s global uptake. This development is expected to greatly influence the Ethereum ecosystem, particularly with Layer 2 solutions integrating P-256 support.

Fuel Labs also acknowledges contributions from Hashcloak and the SwayLang team in overcoming technical challenges.

Former Bloomberg analyst identifies 5 key crypto adoption trends

Former Bloomberg Intelligence crypto analyst Jamie Coutts highlights five influential trends that are set to propel the widespread adoption of blockchain technology.

  1. Coutts predicts that stablecoins will become a standard fixture in both developed and emerging economies, establishing themselves as the go-to payment method.
  2. Account Abstraction. This trend aims to enable smart contracts to function without necessitating users to cede control of their funds to the contract. Coutts sees it as a key factor in enhancing the user experience and enabling next-generation programmable financial products.
  3. The analyst foresees a “tokenization supernova,” citing a report from 21.co suggesting the tokenization sector could scale to $3.5-$10 trillion by 2030. This sector’s growth potential is exemplified by 21Shares, the world’s largest crypto exchange-traded product (ETP) issuer.
  4. Blockchain scaling is positioning NFTs for mass adoption, with non-fungible tokens becoming integral to corporate customer loyalty strategies.
  5. Coutts believes that “blockchains will bank the machines,” as smart contract wallets empower AI to transact on-chain, opening new possibilities for human-AI collaboration within the blockchain ecosystem.

Rivo.xyz launches beta version of all-in-one smart contract wallet

Rivo.xyz, a DeFi platform combining smart contract wallet and DeFi marketplace, announced the release of its Beta version.

Rivo Wallet, powered by account abstraction technology, allows users to create a wallet without a seed phrase using Google or social media accounts. It simplifies the UX, enabling a seedless self-custody experience and one-click access to the DeFi world from the wallet.

It supports Ethereum, Polygon, Arbitrum, Optimism, Binance Smart Chain, and Avalanche with one-click cross-chain swaps.

Another part of Rivo’s innovative platform is the DeFi marketplace. Here, we can examine instant exposure to DeFi investment strategies selected by professional analysts, accompanied by video tutorials, risk assessment dashboards, and visualized content. Users can invest with any token, track portfolio analytics, view PnL, and receive regular market reports.

The platform includes eight strategies like Beefy Hop USDC and Stargate USDT and integrates with leading protocols such as Frax Finance, Convex, and Yearn Finance.

CryptoRank’s guide on Account Abstraction

CryptoRank has published a concise yet comprehensive guide on Ethereum’s Account Abstraction, particularly focusing on the new ERC-4337 standard. The guide explains Ethereum’s shift from Externally Owned Accounts (EOAs) to Contract Accounts (CAs), detailing how AA simplifies user interactions with the blockchain.

It highlights AA’s key benefits:

  • eliminating private keys,
  • enabling flexible gas payments,
  • introducing advanced wallet features.

However, it also addresses potential challenges, including higher gas fees and new security vulnerabilities.

Polygon gas fees skyrocket 1,000% amid Ordinals-inspired token frenzy

Gas fees on Ethereum L2 blockchain Polygon experienced an astounding surge of over 1,000%, peaking at $0.10, as users flooded the network to mint Ordinals-inspired tokens known as POLS.

Polygon founder Sandeep Nailwal expressed his surprise in a tweet, speculating that the surge might be linked to the launch of a new Polygon-based NFT collection.

The spike in network activity and gas fees can be primarily attributed to the fervor surrounding the minting of the new POLS token. Dune Analytics data revealed that the rush to mint POLS coincided with more than 102 million MATIC tokens (worth $86 million at current prices) being used as gas.

The POLS token is built on a protocol called PRC-20, which operates similarly to the Bitcoin Ordinals-derived BRC-20 token standard. As per Ethereum Virtual Machine data provider EVM, only 8.7% of the total POLS supply has been minted, with just over 18,100 token owners.

Polygon gas fees have since returned to approximately 882 gwei, which measures the computing effort needed for blockchain transactions. One gwei is approximately equal to 0.000000001 MATIC.

This gas fee surge on Polygon mirrors a similar spike in Bitcoin’s activity earlier this year when the Ordinals protocol enabled NFT minting directly on the Bitcoin blockchain. The frenzy for Ordinals NFTs and BRC-20 tokens drove Bitcoin fees to levels not seen since April 2021, prompting criticism from traditional Bitcoin advocates like Samson Mow and Adam Back.

🐞This digest is sponsored by TransactionKit

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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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