Ethereum’s recent Pectra upgrade is sparking a surge in smart account usage, redefining how users interact with the network.
Data compiled by Base analyst 0xKofi from Bundle Bear shows that more than 26,000 wallets have transitioned to the new smart account format powered by the EIP-7702 in the Pectra upgrade.
What are smart accounts?
EIP-7702 is a new standard that lets regular Ethereum wallets operate like smart contracts, without losing their original address or flexibility.
Traditionally, Ethereum wallets fell into two categories: Externally Owned Accounts (EOAs), which could send transactions but lacked programmability, and Smart Contracts addresses that could automate tasks but couldn’t initiate transactions.
EIP-7702 blends the two by allowing EOAs to delegate control to smart contracts. This unlocks a wide range of features, including automated spending, scheduled payments, and multi-step actions rolled into one transaction.
More importantly, the update also allows Ethereum users to pay fees in tokens other than ETH, adding a further convenience layer.
Ethereum EOA users can activate these innovative features by authorizing a smart contract that governs their wallet activity. This contract serves as the logic layer for transactions.
Meanwhile, those wishing to revert to a basic wallet can point their address to a burn contract, stripping away the programmable features.
EIP-7702 sees rapid uptake
Data from Base analyst 0xKofi shows that smart accounts have gained traction beyond Ethereum and are widely adopted on layer-2 networks like Base and Optimism.
As of press time, 13,013 smart accounts exist on Ethereum’s mainnet. The blockchain network’s layer-2 solution Optimism follows with 5,588, Binance Smart Chain with 5,261, Coinbase-backed Base has 2,851, and Gnosis with 229.
These accounts have collectively triggered nearly 124,000 authorizations since the upgrade launched. BSC leads with 69 active contracts, closely followed by Ethereum at 66. Base, Optimism, and Gnosis record 37, 9, and 6 active contracts.
The data shows that exchange and wallet providers are also embracing the shift.
According to the leaderboard, WhiteBIT has the highest number of smart account authorizations, 6,922, followed by MetaMask, 5,188. OKX Wallet accounts for 3,452, while unidentified sources comprise another 3,988 accounts.
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