Everything About Account Abstraction: Novel tool for ERC-4337 bundlers, RIP-7212, Safe co-founder on AA, “Pump The Gas” initiative, Particle’s AA modular L1 solution

Everything About Account Abstraction: Novel tool for ERC-4337 bundlers, RIP-7212, Safe co-founder on AA, “Pump The Gas” initiative, Particle’s AA modular L1 solution

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March 27, 2024

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

Please fasten your belts!

New tool released to empower ERC-4337 bundlers with on-chain PnL tracking

A novel tool, Bundlers.Network, has been released by an account abstraction enthusiast @bl00dy. It provides a sophisticated platform for tracking the Profit and Loss (PnL) of bundles submitted on-chain.

It is currently accessible on leading blockchain networks such as Ethereum, Base, and Polygon, and further expansion is promised.

Bundlers Network enables users to easily input a bundle’s transaction hash to unveil critical information, including:

  • bundler’s name (when tagged)
  • transaction and collected fees
  • profit in both USD and the native token’s values

Additionally, the integration with BundleBear, an Operator Registry founded by 0xKofi, facilitates bundler tagging. It enhances the tool’s utility and user experience.

All functionalities of the Bundlers Network are accessible via a comprehensive API (immediate utility for users seeking detailed insights into their on-chain activities).

Polygon PoS activates RIP-7212 in Napoli Hard Fork

Polygon PoS has become the first chain to activate a Rollup Improvement Proposal as part of the recent Napoli Hard Fork. The activated proposal, RIP-7212, introduces support for a new precompile for the secp256r1 curve.

The successful activation of RIP-7212 is the result of a collaborative effort between various stakeholders.

The proposal was put forward by Ulas and Dogan from Clave, who proposed the improvement, as well as Yoav Weiss, Carl Beekhuizen, and Ansgar Dietrichs, who have been instrumental in leading the RollCall Working Group.

Looking ahead, Polygon Community Contributors have proposed the inclusion of two additional RIP/EIP track changes in the next hard fork of Polygon PoS:

  1. EIP-3074 — aims to enhance AA options for developers on PoS
  2. PIP-30 — proposes an increase to the EIP-170 Max Code Size Limit

The Polygon community is encouraged to participate in discussions on the Polygon forum to help shape the future evolution of one of the largest EVM ecosystems.

Safe co-founder: Smart accounts and AA poised to unlock Ethereum’s full potential

In his latest interview, Lukas Schor, co-founder of Safe, a smart wallet infrastructure provider, shared that the Ethereum ecosystem is on the verge of realizing advanced security features and transaction functionality through the adoption of smart contract wallets and account abstraction.

However, the adoption of this technology remains gradual.

Schor believes that smart accounts can fundamentally improve the security and user experience within the Ethereum ecosystem by enabling the following:

  • batch transactions
  • key rotation
  • automation of common Web2 or traditional finance concepts like subscriptions

Smart accounts can also remove friction for non-Web3 natives by allowing onboarding using Web2 social accounts or email addresses.

Despite the benefits, the adoption of smart accounts has been slow due to most users still using EOAs via wallets like MetaMask.

However, Schor sees 2024 as a potential tipping point, with the recently proposed migration EIP-7377 and new catalysts like Coinbase leveraging smart accounts driving the migration to smart accounts.

Ethereum developers launch “Pump The Gas” initiative to raise gas limit and reduce transaction fees

Ethereum developers Eric Connor and Mariano Conti have launched a new initiative called “Pump The Gas” to raise the Ethereum gas limit from 30 million to 40 million. They want to reduce layer-1 transaction fees by 15% to 33% and help scale the Ethereum network.

The initiative has gained support from some Ethereum users, stakers, and DeFi investors on social media, with the #pumpthegas hashtag gaining traction.

Ethereum co-founder Vitalik Buterin and Base contributor Jesse Pollak have also expressed their support for increasing the gas limit.

The gas limit, which refers to the maximum amount of gas spent on executing transactions or smart contracts in each block, has remained at 30 million since August 2021.

Raising the limit by 33% would allow Ethereum to process more transactions per day, and when combined with data blobs introduced in the Dencun upgrade, it could help scale both layer-1 and layer-2 Ethereum.

However, some developers and investors have expressed concerns about the potential downsides of increasing the gas limit:

  • increased loads on hardware
  • risk of network spam and attacks

There are also concerns about the impact on the size and accessibility of the blockchain state.

Particle Network releases modular L1 solution for chain abstraction and universal accounts

Particle Network, a provider of account abstraction solutions, has introduced its modular Layer 1 solution designed to simplify user interactions across multiple blockchains.

Now users can manage their identities and assets across various chains with a single account.

The modular L1 can suit both new and existing ecosystems. Particle Network’s Layer-1 also introduces a system for aggregating data availability providers, such as Avail, Eigen DA, Celestia, and NEAR DA.

The company plans to launch its Testnet and V1 Mainnet in the first quarter of 2024, with dual staking and an abstracted DA testnet set for introduction in the second quarter of the same year.

🐞Eager to enhance your dApp’s user experience and onboard more users?

Elevate your project’s potential with Etherspot — leverage AA Prime SDK, ERC4337 Skandha Bundler, and Paymaster Service. Etherspot supports 21+ EVM-compatible rollups and L1/L2 chains.

👉Explore now

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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