Everything About Account Abstraction: Real-world AA use-case, Aarc x Etherspot, FanTV’s 1M smart accounts, Starknet’s upgrade, Vitalik’s block proposal

Everything About Account Abstraction: Real-world AA use-case, Aarc x Etherspot, FanTV’s 1M smart accounts, Starknet’s upgrade, Vitalik’s block proposal

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February 14, 2024

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

Please fasten your belts!

Festival crypto payments powered by Etherspot and Fuse

Last week the Mystic Valley music festival introduced a groundbreaking approach to transactions, utilizing Account Abstraction technology provided by Etherspot in collaboration with Fuse Network.

It allowed for seamless ticket, food, and beverage purchases. Etherspot’s AA technology surpasses the efficiency of traditional payment methods, enabling attendees to buy items with the speed of a card tap, all while operating on a blockchain.

A standout feature of the festival was the introduction of MYST tokens. These tokens served a dual purpose:

  • as a currency for transactions;
  • as a means for attendees to earn rewards (and chances at prizes and lifetime discounts on festival offerings).

The adoption of MYST tokens showcases a tangible application of cryptocurrency in everyday transactions.

The success of this system was evident in the sales numbers: 3,566 sodas; 340 mixed drinks; 896 whiskeys and more.

These figures showcase the festival’s bustling activity and serve as proof of concept for AA’s capability to manage high-volume transactions efficiently.

Etherspot partners with Aarc for enhanced fund onboarding

We have joined forces with Aarc to transform the fund onboarding experience with their Fund Deposit Kit for our smart accounts. The integration provides a simple solution for users to deposit funds into Etherspot smart accounts through a few clicks.

The partnership promises to deliver an all-in-one kit facilitating easy deposit flows from EOAs, CEXs, and onramps via a single platform equipped with a user-friendly widget. A live demo is available for a firsthand experience of the simplified funding process.

The Fund Deposit Kit is designed to be modular, allowing developers to customize the funding flows by selecting specific features for integration, providing the flexibility to cater to user preferences during onboarding onto Etherspot smart accounts.

FanTV surpasses 1 million smart accounts on Polygon

FanTV, a Web3-based platform on Polygon, has reached a milestone by deploying over 1 million smart accounts. This success accounts for 30% of smart accounts in the Ethereum ecosystem.

Source: https://twitter.com/FanTV_official/status/1754507459199447233/photo/1

Now, it is the #1 social dApp on Polygon with 550,000+ monthly active users and 800,000+ hours of video consumed each month.

FanTV, known for its user-centric features, uses ERC-4337 Account Abstraction for easy onboarding and transactions. It has a global reach in over 50 countries.

Prashan Agarwal, FanTV’s CEO, and Sandeep Nailwal, Polygon’s founder, highlight FanTV’s commitment to user-friendliness and its role in transforming the creator economy.

FanTV has introduced a native IOU token, xFanTV, to reward users and is planning an Airdrop program. The venture is supported by investors like Multicoin Capital, Woodstock Fund, and IOSG Ventures.

Starknet v0.13.1 enhances Ethereum with EIP-4844

Starknet, a Layer 2 ZK-Rollup on Ethereum, is soon launching its v0.13.1 update that integrates EIP-4844 to reduce data storage costs on Ethereum. It will lower transaction costs on Starknet, enhance stability and user experience.

EIP-4844’s implementation is expected to increase Ethereum’s L2 transactional capacity by 600%. More cost-effective transactions for Starknet users will potentially expand its user base.

The EIP-4844 upgrade, slated for confirmation in Q1 2024, follows shadow forks and testnet updates.

Buterin proposes 5 strategies to shrink block size

Vitalik Buterin and the Ethereum Foundation are exploring 5 strategies to decrease Ethereum’s max block size. These proposals are aligned with a rollup-centric approach to optimize blockchain space.

The proposals focus on modifying the economics of calldata usage and adjusting block gas limits to enhance the network’s efficiency.

Key solutions include increasing the cost of calldata to reduce the maximum block size, thus making space for more data blobs, essential for Ethereum’s scalability.

A notable suggestion is raising calldata cost from 16 to 42 gas per byte, significantly decreasing the block size from 1.78 megabytes to 0.68 megabytes and allowing for an increased block gas limit.

Vitalik wants to find a balance between calldata price and gas limit to avoid negatively affecting applications reliant on large amounts of calldata, such as StarkNet.

Alternatives include modifying other opcode costs, capping calldata per block as per EIP-4488, creating a separate calldata fee market for dynamic pricing, or introducing an “EVM loyalty bonus” for calldata-intensive applications.

However, concerns over complexity and potential disincentives for using calldata are highlighted. It is suggested that a nuanced approach may be necessary to optimize Ethereum’s scalability without overly complicating the system or hindering certain applications.

Dencun upgrade is set for mainnet deployment

Ethereum’s latest upgrade, Dencun, featuring “proto-danksharding,” has completed its final testing phase on the Holesky testnet and awaits a mainnet launch date.

Deployed on February 7, Dencun aims to significantly reduce transaction costs for Ethereum layer-2 solutions through EIP-4844. This proposal introduces “blobs” for the temporary storage of large data amounts off-chain, potentially decreasing rollup costs by up to tenfold.

A decision on the mainnet deployment date for Dencun is anticipated following an AllCoreDevs call on February 8, with projections suggesting a launch in early to mid-March.

Dencun combines elements from previous upgrades, Cancun and Deneb. This is the first substantial progression since the Shapella upgrade, which introduced ETH unstaking from the Beacon Chain.

Cancun focuses on execution layer scalability, incorporating several EIPs, including EIP-4844, EIP-1153, EIP-4788, and EIP-6780. Deneb, in turn, aims to enhance the consensus layer.

Before Holesky, Dencun was tested on the Goerli and Sepolia testnets in late January. It experienced a brief delay on Goerli due to a bug in the Prysm client.

ERC-4337 Account Abstraction Core Devs call — Meeting #27

This time the meeting discussed a pull request related to the specification of canonical mempools and the minimum stake required for participation, with a focus on Ethereum testnets.

The PR aims to publish a list of canonical mempools and addresses the need for a consensus on minimum stake values for these networks.

There was a consensus that on testnets, the actual value of the minimum stake is flexible since the primary goal is to ensure some value is at stake to prevent attacks. The suggestions vary from 0.1 ETH for Ethereum testnets to higher values for production networks to provide sufficient incentive against attacks.

The discussion highlighted the need for flexibility in adjusting the minimum stake in response to attacks on the network. The devs suggest that if an attack occurs, it would be necessary to raise the stake significantly to halt the attack.

This requires the bundlers to be adaptable and capable of changing the minimum stake quickly to protect the network.

Concerns were raised about hardcoding configuration values, like the minimum stake, into the codebase. It was argued that these values should be configurable and not hardcoded, allowing for quicker adjustments in response to network conditions or attacks.

Please find the full video recording here.

🐞Looking for an Account Abstraction infrastructure to streamline the user experience of your dApps? 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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