Everything About Account Abstraction: Zyfi Raises $2M for zkSync Gas Abstraction, Vitalik Buterin Introduces Inclusion Lists, Etherspot and DG.Pub Enhance Web3 Onboarding, Holdstation’s AI Wallet Gets Funding

Everything About Account Abstraction: Zyfi Raises $2M for zkSync Gas Abstraction, Vitalik Buterin Introduces Inclusion Lists, Etherspot and DG.Pub Enhance Web3 Onboarding, Holdstation’s AI Wallet Gets Funding

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June 19, 2024

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

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Zyfi Secures $2M for Gas Abstraction on zkSync

Zyfi, operating on zkSync, successfully raised $2 million in a private funding round to enhance its paymaster services and broaden Ethereum’s DeFi capabilities.

This funding will support the development of native account abstraction features that simplify gas fee payments across various protocols, thereby enhancing user experience and accessibility in the DeFi space.

The startup is focused on alleviating the complexities associated with gas fees — a significant barrier in blockchain and cryptocurrency transactions. By allowing users to pay gas fees with Ethereum (ETH) or any ERC-20 token, Zyfi leverages account abstraction to transform standard wallet addresses into more functional smart contract-like accounts. This advancement aligns with Ethereum co-founder Vitalik Buterin’s vision for more adaptable and user-friendly blockchain interfaces.

To date, Zyfi has already facilitated nearly one million transactions for over 110,000 users on zkSync, demonstrating significant adoption and utility of its technology. The recent capital injection will enable Zyfi to expand its offerings, ensuring developers can enhance product features for end-users without the intricacies of gas fee management.

Investors in this round include notable firms such as Everstake Capital, Tenzor Capital, and several others.

Vitalik Buterin Proposes One-Bit-per-Attester Inclusion Lists

In a recent blog post, Vitalik Buterin introduced a novel method to decentralize the authority over which transactions are included in the next block of the Ethereum blockchain. This concept, known as “one-bit-per-attester” inclusion lists, aims to distribute the responsibility among a large set of actors rather than relying on a single entity.

This method not only enhances decentralization but also provides a semi-deniable way for attesters to contribute to transaction inclusion without clear evidence of which transaction they included.

Buterin’s mechanism involves grouping attesters for a block into multiple groups and assigning them the task of selecting the highest-priority transaction available before the block was published. Attesters then publish a bit from the erasure encoding of their chosen transaction as part of their attestation.

This approach aims to reduce the influence of any single actor and prevent centralized control over transaction selection.

The proposal acknowledges potential challenges, such as discrepancies among attesters about the timing of transaction publication, which could lead to decoding failures if attesters provide bits for different transactions. However, advanced decoding algorithms may still recover transactions under certain conditions.

This method also incorporates a strategy to prioritize older transactions by modifying how they are scored, encouraging more attesters to include them over time. This could address the issue of consistently overlooked transactions in the selection process.

In the comment section, participants debated the technical and operational implications, such as increased complexity in attestation aggregation, potential latency issues, and integration challenges with MEV-Boost and builders.

Holdstation Secures Multi-Million Dollar Investment for its AI Wallet

Holdstation has received a 7-figure investment from SNZ Capital, Summer Ventures, and EVG Ventures to enhance its smart AI wallet technology.

This funding will accelerate the development of advanced features that integrate artificial intelligence with blockchain, promising a seamless and intuitive user experience for managing digital assets.

Holdstation is already known as the secure Account Abstraction wallet and perpetual DEX on zkSync. The new influx of capital marks the start of Phase 2 for Holdstation, which will focus on redefining portfolio management through AI enhancements and improved blockchain interactions.

Trung Banh, Co-Founder and CPO of Holdstation, highlighted the strategic alignment with the investors, noting their longstanding support for Ethereum and their deep roots in the global blockchain community.

Etherspot Collaborates with DG.Pub to Provide Seamless Web3 Onboarding

Etherspot has joined forces with DG.Pub to enhance Web3 onboarding by integrating Account Abstraction. The goal is to provide a seamless and user-friendly experience within the DG.Pub app.

DG.Pub, is a comprehensive Web3 ecosystem offering essential tools, knowledge, and support. This collaboration leverages Etherspot’s Prime SDK to introduce advanced features that simplify interaction with Web3 technologies, aligning with DG.Pub’s mission to make the digital gateway to the crypto world more accessible and efficient.

Account Abstraction allows DG.Pub users to enjoy Web2-like onboarding experiences, enabling them to initiate their Web3 interactions through social media accounts without needing separate blockchain wallets. This integration not only simplifies the entry process for new users but also enhances security with robust wallet recovery options and introduces gasless transactions, which alleviate the need to manage native chain tokens for gas fees.

Moreover, the partnership facilitates transaction batching, which consolidates multiple transactions into one, reducing users’ costs and time. It also supports seamless cross-chain interactions across 18 EVM-compatible chains, broadening the scope of accessible decentralized applications and services without interoperability concerns.

This strategic move is part of DG.Pub’s broader effort to lower the barriers to Web3 engagement and is supported by the technical and customer service teams at Etherspot, ensuring smooth integration and ongoing support.

🐞Looking to enhance your dApp’s user experience and onboard more users with Account Abstraction, all without the development hassle?

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Start exploring Account Abstraction with Etherspot!

  • Learn more about account abstraction here.
  • Head to our docs and read all about Etherspot Prime.
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  • Explore our TransactionKit, a React library for fast & simple Web3 development.
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