Ethereum Set to Embrace Smart Accounts with Safe’s Push for EIP-7702 Adoption

Ethereum Set to Embrace Smart Accounts with Safe’s Push for EIP-7702 Adoption

Safe co-founder Lukas Schor predicts that a new Ethereum Improvement Proposal (EIP-7702) could be the key to transitioning Ethereum users to “smart accounts,” a development aimed at balancing convenience, security, and non-custodial control.


Speaking at Ethereum Devcon 2024 in Bangkok, Schor explained that smart accounts would solve the "wallet trilemma" by offering enhanced wallet functionality that combines security, ease of use, and non-custodial control, enabling users to access all three rather than compromising on any.

Schor highlighted that while account abstraction has been discussed for years, the broad adoption of smart accounts has been slow, mainly because of challenges in migrating users from existing wallet structures. He noted that EIP-7702, if implemented, would make this transition far more seamless by allowing current wallets, like those on MetaMask, to support smart account features without altering their structure.


EIP-7702: A Tipping Point for Account Abstraction

EIP-7702 introduces a new transaction type that adds a field for externally owned accounts (EOAs), enabling them to manage “smart” functionalities. This design makes it easier for wallet providers to offer smart accounts, encouraging gradual adoption via opt-in settings.


“EIP-7702 will be the tipping point for account abstraction,” Schor stated, adding that widespread adoption would likely take up to five years as users gradually shift to smart accounts through progressive updates.


Unified Balances and Cross-Chain Interoperability

With smart accounts, Schor envisions Ethereum users benefiting from unified balances across multiple networks—Ethereum, Bitcoin, Solana, and beyond. Future developments could allow users to interact seamlessly across different blockchains with just one account, integrated even through mobile platforms.


He noted that these smart accounts would function much like traditional bank accounts but without centralized oversight, allowing users a backup option or “exit hatch” to retrieve funds if needed.


Safe Wallet Leading the Way

Safe Wallet, formerly Gnosis Wallet, already holds $60 billion in total value locked and manages 10 million accounts. Schor expressed optimism that this foundation will be instrumental in pushing Ethereum’s user base toward smart accounts and transforming wallet functionality.


With EIP-7702 on the horizon, Ethereum users may soon see wallets that blend the convenience of traditional banking with the security and autonomy that blockchain technology offers.



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