Ethereum’s recent Pectra upgrade has caused a surge in smart account usage, redefineing the way users interact with their networks.
Data compiled by Bundle Bear base analyst 0xkofi shows that over 26,000 wallets have been migrating to a new smart account format with EIP-7702 in a Pectra upgrade.
What is a Smart Account?
The EIP-7702 is a new standard that allows regular Ethereum wallets to work like smart contracts without losing their original address or flexibility.
Traditionally, Ethereum wallets have been divided into two categories: An externally owned account (EOA) is a smart contract address that may send transactions, but may be lacking in programmaticity, allowing tasks to be automated but unable to initiate transactions.
The EIP-7702 blends the two by allowing EOAS to delegate controls to smart contracts. This will unlock a wide range of features, including automatic spending, scheduled payments, and multi-step actions getting caught up in a single transaction.
More importantly, this update allows Ethereum users to pay with tokens other than ETH, adding even more convenient layers.
Ethereum EOA users can activate these innovative features by approving smart agreements that manage wallet activities. This contract serves as a logic layer for transactions.
On the other hand, those who want to go back to their basic wallet can strip the address of their programmable features towards a burn contract.
EIP-7702 is seeing rapid intake
Data from base analyst 0xkofi shows that smart accounts gain traction beyond Ethereum and are widely adopted by layer 2 networks such as base and optimism.
As of the time of reporting, there are 13,013 smart accounts on Ethereum’s mainnet. Optimism for the Layer-2 solution of blockchain networks continues with 5,588, 5,261 binance smart chains and 2,851 and 229 Gnosis on Coinbase Support.
These accounts have collectively triggered nearly 124,000 approvals since the upgrade began. BSC leads with 69 active contracts, then leads 66 Ethereum, Base, Optimism, GNOSIS Records 37, 9 and six active contracts.
The data shows that Exchange and Wallet providers are also accepting shifts.
According to the leaderboard, Whitebit has the highest number of smart account authorizations, followed by 6,922, followed by Metamask, and 5,188. OKX wallets account for 3,452, with unconfirmed sources consisting of another 3,988 accounts.