#AccountAbstraction #wallet #opbnb #ETH #Layer2

Overview

Building a smart contract wallet by Account Abstraction technology (ERC-4337) are predicted to be the new direction for many projects, aiming to make Web3 increasingly secure, user-friendly, and accessible to a wider audience.

"A seamless experience with advanced features - ease of use is a vital bridge to bring the first billion users to Web3." - Chainlink

To foster the development of account abstraction, following its official announcement at the ETH Denver event, the Ethereum Foundation has established a $300,000 fund to nurture the AA ecosystem. On a different note, numerous Key Opinion Leaders (KOLs), developers, and the media are beginning to promote this keyword to attract attention from the community.

"Account abstraction" is a recent hot keyword. Source: Google Trends.

Especially after the recent Arbitrum airdrop, a significant amount of capital has flowed into Starknet and zkSync Era, two platforms fully compatible with Account Abstraction. Could this be the first step towards user adoption that the Ethereum team had planned for in advance? Nonetheless, from the signs, we can see a substantial shift quietly unfolding.

Therefore, to stay ahead of the trend and reap rewards in the future, in this article, we will outline the top 10 most promising projects (both tokenless and tokenized) that could benefit from the AA development wave. What are these projects, and why are they promising? Let's explore!

Key takeaways:

5 pioneering Smart Contract Wallet projects (Account Abstraction) in the market.

3 projects with Account Abstraction support platforms.

2 EOA wallet projects with conversion potential following the trend.

Overview of Account Abstraction Development Projects

Account Abstraction Integrated Wallet Projects

Argent X (No Token Yet)

Argent X stands out as the leading wallet on both Starknet and ZkSync platform

Argent X is one of the pioneering projects in developing Account Abstraction (AA) on two platforms: Starknet and ZkSync 2.0. It has seamlessly integrated AA into its infrastructure. Argent X is the second offspring of Argent, an established wallet application with millions of users on Ethereum and ZkSync V1. Additionally, the Argent team has secured impressive funding of up to $52 million from renowned names such as Amonica Brand, Paradigm, Jump Trading, and more.

Notable features of Argent include Social Recovery, Multisig, Session Key, Trusted Addresses/Apps (enabling transactions only with predefined wallet addresses and smart contracts), Remote Wallet Locking (for cases of lost laptops or phones), and more. Furthermore, transaction fees when using Argent are remarkably low, costing only $1 on the Ethereum network.

Holdstation (Token Not Yet Released)

Holdstation is a multi-chain Smart Contract Wallet that has currently integrated Account Abstraction features into its product on the zkSync Era network. Recently, they raised $2 million from K300 Ventures to enhance the Smart Contract Wallet, providing users with a comprehensive experience, from spot trading to leverage trading.

Holdstation is a Smart Contract Wallet that specializes in derivative trading on zkSync

The project's standout feature is its focus on delivering a user-friendly Smart Contract Wallet for executing derivative transactions across a wide range of trading pairs, including cryptocurrencies, forex, and commodities. Additionally, the project has exciting plans to introduce its own token, accompanied by an airdrop for users in the near future.

Safe (Token Not Yet Released)

Safe, also known as Gnosis Safe, is one of the early-generation Account Abstraction (AA) wallet projects. It has already made its presence felt in various major ecosystems, including mainnets (Ethereum, BNB, Polygon, Gnosis, Aurora, Optimism, Arbitrum, Avalanche) and testnets (Goerli, Base testnet). The project has successfully raised $100 million in a strategic funding round, with participation from prominent investors such as Tiger Global, Parafi, Blockchain Capital, and more.

Safe Wallet has integrated numerous AA features, including multisig, Safe app permission, spending limits, and batch transactions (currently a unique feature among wallets). With over 1.5 million users and $39 billion in assets under custody, Safe is one of the most trustworthy "treasuries" in the crypto world.

Safe is currently the largest-scale Account Abstraction (AA) wallet.

Safe is actively collaborating with other projects to further develop its account abstraction capabilities, notable partnerships include:

Collaboration with the emerging layer 2 solution BASE to promote AA wallets on their platform.

Partnering with Gelato (backend), Stripe, and Web3Auth to introduce Safe{Core}, an AA stack module.

Hosting a $50,000 hackathon for developers in March.

According to a prior proposal, the project plans to airdrop 50 million $SAFE tokens to 21,000 wallets. This airdrop has not occurred yet, and the token has not been in circulation. Nevertheless, it is an event worth closely monitoring.

Braavos (Token Not Yet Released)

Braavos is a wallet project operating on both Starknet and ZkSync 2.0. Established in 2022, Braavos has successfully raised $10 million in funding from investors such as Pantera Capital, Crypto.com, Maxiport, and Starkware.

Braavos boasts a notable feature known as "transaction explanations," which enhances user-friendliness by making transactions more understandable and accessible to users.

Braavos Wallet 

Ambire Wallet ($WALLET and $ADX)

Ambire Wallet is a newly introduced smart contract wallet that emerged in early 2022 and is the second product from the Ambire team, whose first product is AdEx, a decentralized advertising platform. Ambire Wallet provides support for a wide range of networks, both large and small, including Ethereum, BNB, Avalanche, Arbitrum, Optimism, Gnosis, Andromeda, and more. Despite raising only $2.5 million from lesser-known organizations such as Ascensive Assets, MetaCartel Ventures, LAUNCHub Ventures, Ambire's product is quite polished.

Ambire Wallet has built several features around account abstraction, including:

Fee payment with stablecoins.

Multisig functionality.

Batch transactions.

Ambire Wallet

Furthermore, in my opinion, Ambire Wallet offers a user-friendly and easy-to-navigate interface, with numerous integrated auxiliary features such as multi-chain asset management, swapping, and Visa card top-ups.

Several other AA wallets are also being developed in this evolving landscape, which you can explore further, including Soul Wallet, 0xpass, Squads, Pillar Wallet, Panda Wallet, Blocto Wallet, and more.

NEAR Wallet ($NEAR)

With infrastructure that has integrated Account Abstraction (AA) from its early stages, Near Wallet, built on the Near Protocol, appears to fully leverage all AA features such as upgradability, flexible gas fees, and user-friendly wallet addresses (instead of lengthy character strings, users can assign memorable names to wallet addresses). Near Wallet is a subsidiary project of Layer 1 Near Protocol, which has successfully raised over $500 million.

Distinctive features of Near Wallet include the ability to change the seed phase and the capability to delegate fee payments to third parties. These features make Near Wallet stand out in the realm of AA wallets.

NEAR Wallet

Biconomy ($BICO )

Biconomy provides a variety of Account Abstraction infrastructure solutions.

Biconomy is the third-party solution bridging support for various EVM chains, including Ethereum, Binance Smart Chain, Polygon, xDai Chain, Avalanche, and Moonriver. It optimizes user experiences through Account Abstraction (AA) features, allowing users to pay gas fees with any token and providing recovery options. Biconomy has raised $10.5 million in funding from renowned investors such as Binance Labs, Coinbase Ventures, Mechanism Capital, and others.

Although it rose to prominence in 2021 and then faded from the spotlight, Biconomy is currently regaining attention by partnering with Polygon to implement AA on Polygon's ZkEVM and actively promoting its AA SDK.

Uniswap ($UNI)

During the ETH Denver event, Uniswap also introduced its wallet. However, Uniswap's wallet has received somewhat mixed feedback.

Yet, given its role as a leading DEX in the crypto ecosystem, both in terms of technology and trading volume, the prospect of promoting Account Abstraction (AA) through DEX trading volume is entirely plausible. For instance, conducting trades on Uniswap using AA-supporting wallets, such as Ambire Wallet, to receive the $WALLET/$ADX airdrop, is a feasible scenario.

Another noteworthy DEX is 1inch, which not only has its token but also its own wallet.

The user experience on DEXs will be greatly improved with the presence of Account Abstraction.

Gelato ($GEL)

Gelato is also a notable infrastructure project receiving attention.

Similar to Biconomy, Gelato is a solution for developing smart contracts and building infrastructure on various EVM platforms. The project has raised funds twice, totaling around $22 million, from investors such as IOSG Ventures, Galaxy Digital, Dragonfly Capital, Parafi, among others. Additionally, Gelato has received support from AAVE with the purpose of creating asset liquidation infrastructure.

Gelato currently provides two services:

Automate: This service automates the execution of smart contracts in a reliable, developer-friendly, and decentralized environment while integrating off-chain data.

Relay: Gelato's Relay service helps users connect to a powerful and reliable fee-free trading system.

Gelato's infrastructure aims to provide efficient and automated solutions for decentralized applications and DeFi platforms.

Promising EOA Wallet Conversion Projects

In addition to AA wallets, we should also pay attention to EOA wallets that already have tokens. These projects are actively exploring the AA market by updating to the ERC-4337 standard.

SafePal ($SFP )

Despite starting with relatively modest funding of $8.5 million, SafePal has risen to become the second-largest EOA wallet in the market. SafePal places a strong emphasis on security and even has its own hardware wallet.

In the context of the AA trend, SafePal has not experienced significant changes yet. However, with its core values of safety, security, and user-friendliness, SafePal is likely to adapt and leverage the tremendous advantages of AA.

SafePal is widely recognized for its hardware wallet product.

Additionally, we should also keep an eye on smaller-cap EOA wallets that are actively innovating, such as Mathwallet ($MATH), Metamask, Zerion, and others.

Trust Wallet ($TWT)

Trust Wallet is a project that ranks second in popularity after Metamask, especially since it was acquired by Binance in 2018 (the exact amount was not disclosed). Recently, Trust Wallet has been frequently mentioned by CZ regarding self-custody of assets, particularly in the wake of FTX exchange's bankruptcy.

Additionally, CZ and Vitalik have a close relationship and have been shaping the cryptocurrency market for many years. With Ethereum implementing account abstraction, Trust Wallet, under CZ's ownership, has great potential. With its top-ranking market capitalization in the wallet sector, Trust Wallet could be at the forefront of leading this trend, both in AA and EOA wallets.

Trust Wallet is Binance's DeFi wallet

Conclusion

In this article, we have summarized the top 10 most promising projects that could develop in the long-term trend of account abstraction. Each project has its own advantages and disadvantages, as well as depending on the capabilities of the development team. As investors, we need to truly experience the products to make our own decisions (this is also a great opportunity to "farm" airdrops from wallets that do not yet have tokens!).

#AccountAbstraction #wallet #opbnb #ETH #crypto2023

Account Abstraction stands out as a notable leap forward in the ever-evolving realm of blockchain technology. It amplifies the flexibility and interactivity of decentralized applications (DApps) within blockchain ecosystems. In this article, we will delve into the concept of Account Abstraction and provide a brief overview of the top 5 wallets that have currently embraced this cutting-edge technology.

What Exactly is Account Abstraction?

Account Abstraction is a methodology that can be applied to blockchain accounts to usher in greater adaptability, diversity, and security for users. This is achieved by harnessing the power of smart contract accounts, which offer advantages to External Owned Accounts (EOAs). Here's how it works:

At the network or protocol level, the fundamental details of EOAs are concealed or abstracted, rendering them invisible to the blockchain itself. The blockchain interacts exclusively with smart contracts, and the logic governing these contracts can be programmed, thus ensuring flexibility.

At the user level, the intricate layers of managing operational loads are abstracted away through a user-friendly interface that presents interactions in a human-friendly manner. Behind the scenes, these interactions are facilitated by smart contract accounts instead of EOAs, effectively taking the form of a smart contract wallet.

"Account Abstraction was initially introduced by Ethereum co-founder Vitalik Buterin and has gained widespread recognition and substantial community support, particularly through ERC-4337."

Account Abstraction is currently regarded as a cutting-edge trend within the blockchain industry. So, which wallets can you utilize to access and leverage Account Abstraction technology at this moment? Here are the top wallets currently implementing Account Abstraction:

 1. Argent

Argent is a particularly intriguing smart contract wallet, with a strong focus on newcomers to the world of cryptocurrency and a specialization in Layer 2 activities.

It offers a range of top-tier smart account features, including social recovery, multi-signature capabilities, fee payments in stablecoins, and high-speed batch transactions.

Argent presents an aesthetically pleasing product that emphasizes user-friendly self-custody. It is currently deployed on the Ethereum Mainnet and Layer 2 solutions like zkSync and StarkNet.

2. Holdstation - Account Abstraction Wallet (holdstation.com)

Holdstation is an Account Abstraction wallet available on Google Play and Appstore. It was among the first wallets to implement and pave the way for Account Abstraction on zkSync.

One of Holdstation's intriguing aspects is its integration with the PerpDEX exchange, offering leverage of up to 500x and enabling users to trade various assets, including crypto, forex, and commodities. (holdstation.exchange)

Presently, Holdstation allows users to utilize certain Account Abstraction features such as Paymaster or payment of transaction fees in various tokens. Upcoming updates will introduce additional features like Seedless Recovery, MPC, Crosschainswap, and more to Make DeFi as easy as CeFi

Key terms associated with Holdstation include Smart Contract Wallet, Account Abstraction, RealYield, PerpDEX, and Airdrop (the project has allocated 15% of the total token supply for airdrops to users).

3. Ambire Wallet

Ambire Wallet offers advanced features right from the outset, including batch transactions, multi-signature capabilities, and fee payments in stablecoins across multiple blockchain networks.

Their primary focus is on providing a user-friendly interface that combines high-security levels with operational complexity, catering to both newcomers and seasoned crypto enthusiasts. They were pioneers in introducing gas fee-saving mechanisms, such as the Gas Tank, which allows users to save on transaction fees and pay in the token of their choice.

4. Safe

Safe is one of the earliest smart contracts deployed on the Ethereum network, with a strong emphasis on securing the custody protocol and establishing a superior ownership standard.

Through Account Abstraction, Safe offers advanced multi-signature options, transaction simulations, and an internal app store for interacting with Web3 applications.

In comparison to other wallets, Safe places less emphasis on streamlining user experiences or simplifying onboarding, featuring a somewhat complex interface that may be perceived as daunting by crypto beginners.

 5. Sequence

Sequence Wallet is a project that has been steadily gaining popularity since its launch in late 2022. Developed by Horizon, a blockchain company with an impressive roster of investors, its initial vision was to create a novel FinOps solution for B2B.

However, the wallet has progressively adopted many of the best practices and innovations in the realm of Account Abstraction, making it an intriguing tool for a broader consumer audience.

Similar to Ambire, Sequence is committed to providing a seamless Web3 experience and leverages a complex tech stack across multiple blockchain networks.

Quick Comparision

Account Abstraction Wallet Comparision

 Conclusion:

Account Abstraction has revolutionized our perspective on blockchain interactions, paving the way for a more robust environment for developing decentralized applications and enhancing flexibility. Leading blockchain wallets have integrated this technology into their systems, creating myriad opportunities for developers and users worldwide.

In the rapidly evolving landscape of blockchain technology and digital interaction, a standout initiative is redefining the boundaries of user engagement and economic exchange. Matthias Mende, a multi-award-winning industry leader, founder of the Bonuz Ecosystem, and co-founder of the Dubai Blockchain Center, has steered his venture into the blockchain domain since 2016 with a vision to innovate and transform. The culmination of this journey is Bonuz, a revolutionary ecosystem designed to transcend traditional engagement platforms by integrating cutting-edge blockchain technology with tangible real-world applicability.
Matthias was inspired by the exemplary simple user experiences that Steve Jobs strived to achieve and the visionary scale of purposeful Web3 use cases promoted by Binance founder Changpeng Zhao.

From 2017 to 2021, Mende was involved in advanced enterprise blockchain development in the supply chain industry, integrating powerful use cases that radically increased the efficiency of certain huge enterprises. Mende has been deeply observing the whole startup ecosystem and aggregating the essence that was required to give birth to his lifeworks project, whose flagship wallet, Bonuz, can be downloaded since April 2024 in the iOS and Android App stores.

Introducing Bonuz: Beyond a Platform, a Movement
Bonuz emerges not merely as a platform but as a holistic ecosystem that represents a significant leap forward in digital engagement. With its foundation in a non-custodial approach, the ecosystem empowers users with complete ownership, leveraging an intuitive social smart wallet. This wallet serves as the nexus between social media dynamics and on-chain identity, transforming interactions into gamified experiences that generate real value.

Sustainable Growth Through a Diverse Revenue Model
At the heart of Bonuz's operations is a dynamic revenue model that utilizes smart NFTs for a variety of purposes, including vouchers, certifications, digital tickets, proof-of-participation tokens, and royalties. This approach ensures a sustainable revenue stream while enhancing the engagement experience for all stakeholders in the ecosystem. By accommodating non-financial and financial rewards, Bonuz introduces unparalleled flexibility and value creation within the digital economy.

Technological Excellence Empowering User Engagement
Bonuz's success is underpinned by its deployment of innovative technologies such as decentralized social identity protocols, token gating, proof-of-participation mechanisms, augmented reality, AI, and dynamic smart NFTs. This blend of technology with user-friendly Web2 usability elevates the user experience, making advanced Web3 functionalities accessible to a broad audience. The ecosystem exemplifies the potential of harmonizing digital innovation with meaningful, real-world interactions.

Revolutionizing Engagement for Creators and Brands
Bonuz provides a comprehensive solution for creators, brands, projects, and communities to engage with their audiences in impactful ways. Through a dedicated business dashboard, partners can customize campaigns to distribute rewards in various forms, fostering a rich environment of interaction that extends beyond mere transactions to create genuine value and experiences.

The Launch of the Bonuz Wallet App: A Milestone Achievement
The recent launch of the Bonuz Wallet App in March 2024 marked a significant milestone, heralding a new era of innovation and expansion for the ecosystem. With a roadmap teeming with upcoming features and functionalities, Bonuz is set to enhance the digital engagement landscape further, bridging the gap between the digital and physical worlds. A huge roadmap is ahead in which augmented reality will play a key role. 

A Call to Join the Bonuz Revolution
As the digital age unfolds, Bonuz stands as a beacon of innovation and empowerment. The ecosystem invites exploration and participation from individuals and entities eager to shape the future of digital engagement. This visionary platform promises not only to redefine the interaction between users, creators, and brands but also to pave the way for a future where every digital engagement is an enriching journey.

In conclusion, Bonuz represents not only a technological breakthrough but also a visionary step towards reimagining the digital economy. As the ecosystem prepares to run gamification campaigns in the prestigious city of Dubai, it invites industry leaders, restaurant and entertainment venue owners, and enthusiasts to partner and contribute to a future where the convergence of real-world engagement opens new horizons. Mende’s mission is not just to set a new standard in these traditional industries but, on a governmental level, to push the economies of countries to record numbers by adding Bonuz’s complementary innovative values, which target the gamification of the tourism economy. More relevations to come, step by step.

#bonuz #smartaccount #AccountAbstraction #mende #web3

#AccountAbstraction #zkSync #Layer2 #crypto2023 #airdrop

The upcoming zkSync Era airdrop is garnering attention from many users. While this ecosystem shows promise, it's essential to focus more on its development and potential projects being built on it.

The zkSync project is experiencing robust growth, with a current TVL (Total Value Locked) of approximately $421 million. This ecosystem is attracting more users, and in the next uptrend cycle, zkSync has the potential to become one of the top 50 projects by market capitalization. Here are the top 5 leading projects on zkSync that you might find intriguing.

TOP 5 Leading Projects on zkSync in 2023

SyncSwap – the top DEX platform on Zksync

Website: https://syncswap.xyz/

SyncSwap is currently the leading project on zkSync, accounting for 40% of the TVL (Total Value Locked) within the zkSync ecosystem, making it the largest protocol in the ecosystem. This is a decentralized exchange (DEX) platform designed to provide a user-friendly and cost-effective solution while maintaining full security.

In addition to typical swap functions, SyncSwap offers a range of advanced features such as support for pool scaling, customizable fee structures, enhanced routing mechanisms, token governance and voting, and more.

Smart routing means that AMM pools are paired, and if there is no direct trading pair for the two types of tokens you want to trade (or if there is but it lacks liquidity), the smart routing feature can automatically select multiple routes for you, routing funds in a decentralized manner to achieve minimal slippage.

SYNC is the native token of SyncSwap, with a maximum supply of 100 million. Currently, SYNC has not been officially released, and there may be an airdrop in the future. If you want a chance to receive SYNC Airdrop, it's advisable to actively participate in activities such as trading, adding liquidity, etc., on this platform. Typically, projects airdrop coins to users who actively engage.

Holdstation

Website: https://holdstation.com/

Holdstation is a multi-chain Smart Contract Wallet. The project's standout feature is its focus on enhancing the user experience when engaging in derivative transactions across a wide range of trading pairs, including Crypto, Forex, and Commodities, with leverage of up to 500x. Additionally, the integration of Account Abstraction further simplifies the user experience, making it easier than ever before.

The outstanding features of the derivative trading platform integrated into the Holdstation Wallet include:

Account Abstraction: This technology optimizes the user experience, making DeFi trading as easy as CeFi. Moreover, the Smart Contractization of Holdstation's cryptocurrency wallet provides a banking-like feel, with features such as two-factor authentication, private key recovery, feeless transactions, and more.

Fair Price Data: Holdstation utilizes real-time price data from major exchanges, which is aggregated and averaged to provide users with the final price. This eliminates price manipulation concerns.

Tokenomics: $HOLD is the project's governance token, while $GOLD and $uGOLD are utility tokens. Specific tokenomics details have not been disclosed yet, but the project has announced a 12% total supply allocation for a community airdrop. Users can participate in early use of Holdstation's products for a chance to receive the airdrop. Using the Holdstation wallet will also earn users $GOLD rewards (which will be convertible into $uGOLD tokens for direct conversion to stablecoins).

ReactorFusion - Decentralized Lending Protocol on zkSync

Website: https://reactorfusion.xyz/

ReactorFusion is a decentralized lending protocol on zkSync Era, a project built on the foundation of Compound Finance, offering a unique token economics model called Bribe-Reward.

Compared to agreement-based lending protocols like Sonne and Mare, ReactorFusion automates all these processes through smart contracts, and rewards are reflected in real-time liquidity.

Similar to Compound, ReactorFusion also relies on the Collateral Factor and Reserve Factor mechanisms for lending.

The Collateral Factor is the amount that can be borrowed by pledging a certain amount of assets.

The Reserve Factor refers to the project collecting interest from depositors. Assuming an asset has a borrowing rate of 5% and ReactorFusion has a reserve factor of 10%, this means that out of the 5% interest paid by borrowers, 0.5% or 5% of 10% will be allocated to ReactorFusion as a reserve.

RF is the native token of ReactorFusion. The project has recently completed its public fundraising on Velocore, but specific use cases for the RF token have not been disclosed by the project yet. For more information, you can explore the project's official website.

Symbiosis - Multi-Chain Decentralized Liquidity Protocol on zkSync

Website: https://symbiosis.finance/

Symbiosis is a decentralized multi-chain liquidity protocol that aggregates liquidity across DEXs on various EVM and non-EVM networks, enabling users to trade any token and transfer liquidity across different blockchains.

Symbiosis operates similarly to Multichain and THORChain, positioning itself as a competitive contender against these two protocols.

In terms of security models, Symbiosis, like Multicoin, employs a threshold signature algorithm based on multi-party secure computation. THORChain, on the other hand, relies on Tendermint and Cosmos-SDK while also utilizing a threshold signature algorithm. The security programs of all three protocols are quite similar. However, during cross-chain transactions, THORChain requires the use of its native RUNE token as a means of exchange, whereas Multichain and Symbiosis do not have this limitation, making them more versatile.

Symbiosis comprises three core components:

Front-end: This is a web interface or mobile application that helps users access asset information, establish the best transaction paths, sign transactions, and submit transactions to the blockchain.

Cross-Chain Liquidity Tools: These are smart contracts built on each blockchain supported by Symbiosis, running cross-chain liquidity pools and off-chain routing mechanisms.

Relay Network: This is a decentralized P2P node network. The relay network monitors events sent by cross-chain liquidity tools on each network supported by Symbiosis, achieves consensus, and submits transactions to the corresponding blockchain.

SIS is Symbiosis's native token, with a total supply of 100 million tokens and a current market capitalization of 8 million USD.

Tevaera - Leading Metaverse Project on zkSync

Website: https://tevaera.com/

Tevaera is a metaverse project that provides its citizens (Tevans) with a virtual reality game to build a thriving community. Here, players can experience, construct, earn, and manage digital islands while engaging in NFT transactions and enjoying various fun and educational arcade games on the TevaBazaar Marketplace.

In simple terms, Teva Games offers 'fun and fair' multi-genre adventure games for the web and mobile devices, encouraging social connections and supporting cross-chain NFTs.

Overall, the zkSync ecosystem is thriving with numerous potential projects. The projects mentioned in this article are just a few standout examples among many others being developed on zkSync. If you are interested in this ecosystem, take the time to explore other projects to capture potential investment opportunities.