- EIP-7702 may ease user migration to smart accounts, facilitating Ethereum-wide adoption.
- Safe co-founder predicts most Ethereum accounts will use smart features within five years.
- Smart accounts promise enhanced control, security, and convenience across blockchain networks.
An Ethereum proposal known as EIP-7702 could fast-track the adoption of smart accounts by simplifying the process for current users to upgrade, according to Lukas Schor, co-founder of Safe. Speaking at Ethereum Devcon 2024 in Bangkok on Nov. 13, Schor described EIP-7702 as a “tipping point” for account abstraction, a technology that aims to improve wallet usability and security on Ethereum.
Smart accounts, also called “account abstraction,” combine the best of non-custodial control, ease of use, and security. Schor explained that while these accounts offer a range of benefits, existing user wallets have been challenging to convert. EIP-7702 seeks to change that by introducing a new transaction type that enables wallets, like MetaMask, to add smart features without altering their underlying structure.
Source: Reown
Improved User Experience and Security
Schor explained that this proposal could make it much easier for current Ethereum users to migrate their wallets to smart accounts. Initially, adoption may come from opt-in settings in existing wallets, but Schor believes widespread usage could occur within five years. He emphasized that smart accounts solve the “wallet trilemma” by optimizing for control, ease of use, and security—a combination difficult to achieve in current wallet setups.
He added that EIP-7702 would benefit interoperability, potentially allowing users to operate across multiple networks, such as Bitcoin and Solana, with one unified account. In the future, Schor envisions smart accounts functioning like bank accounts but with the added security and flexibility of blockchain.
Enhanced Interoperability and Unified Account Features
EIP-7702 could pave the way for unified balances across chains, integration with traditional financial systems, and better cross-network compatibility. Schor highlighted the potential for a single blockchain account that interacts seamlessly with multiple networks, powered by smartphones for ease of use.
With $60 billion in total value locked and 10 million accounts on its platform, Safe Wallet, formerly known as Gnosis Wallet, stands ready to support this shift, he added.
