The development of Web3 and the retention of users are inseparable from Web3 wallets. As one of the largest account abstraction providers of Web3, biconomy has created 1.2 million accounts in total, with more than half of the market share. This year, it has made frequent moves. In March, it received strategic investment from Jump and Consensys, and is about to launch a new product DAN, which will bring a new concept of combining account abstraction with AI agents and reshape the valuation system. It is worth looking forward to!
Since the successful implementation of EIP-4337 in 2023, account abstraction (AA) has been one of the hottest narratives on Ethereum. The EIP-7702 newly proposed by Vitalik last month has further ignited account abstraction! According to data, the monthly active users of AA wallets in May this year have reached a peak of 1.3 million, almost twice that of April, of which there are as many as 1.246 million new users! Biconomy is the only coin in this track and has been listed on Binance, with extremely high potential!
The implementation of AA smart accounts has brought various new possibilities to Web3 applications and wallets. Vitalik Buterin has also said that account abstraction is the key to Ethereum's expansion to 1 billion users. This is a huge opportunity for AI applications. When more users enter, AI agents will be needed to achieve mass adoption, provide a simpler onboarding experience and more comprehensive adaptability, and redefine the way services and data interact.
However, knowing is easier said than done. The current AI agent can recommend a series of on-chain interactions and transactions to users, but it still requires user authorization and cannot represent users. When using traditional EOA accounts, there is no other authorization scheme except handing over the private key to the AI agent, but this approach means extremely high risks! Only by combining the AA smart account and AI agent, which Biconomy is currently working on, can the dilemma be truly resolved.
Biconomy is a development platform that provides a basic toolkit SDK and on-chain expansion solutions specifically for ERC 4337 abstract accounts. It provides DApps with modular smart accounts, Paymasters services, Bundler services, and API services that comply with ERC4337. It can simplify the interaction between users and DApps and build the best user experience. It is the invisible bottom layer that drives the popularization and large-scale application of Web3.
Its specific product use cases include:
① No GAS transaction: Users do not need to hold ETH to pay for gas fees when using DApps, thus simplifying the difficulty of interaction
②Cross-chain transfer: Integrate with multiple L2s to facilitate fast and cost-effective asset transfers between different blockchains
③Multi-signature: enables users to verify and sign through social account login, hardware wallet, biometrics, etc.
④SDK: Provides a developer-friendly toolkit to facilitate the expansion of your own DApp
The most exciting thing is that it has just announced the launch of DAN (Delegated Authorisation Network), which has the following functions:
① Delegate to AI: Enable the AI agent to perform operations on behalf of the user without the need for the user’s signature
② Programmable authorization: Allow AI agents to operate within the constraints of user-defined rules and permissions
③AVS protection: protect user keys and permissions through EigenLayer AVS node validator
With DAN, the limitations of existing AI agents can be properly addressed! Users can safely delegate on-chain activities to AI agents and strictly define which operations the AI is allowed to sign and which operations it is not authorized to sign. In terms of security, the project is working with @silencelabs_sl and @eigenlayer to enhance the utility of re-staked ETH through Eigenlayer AVS, the Active Verification Service, to achieve security consistent with Ethereum.
It is worth mentioning that Biconomy is also actively launching airdrop activities this year, including airdrops of#ARBand#BLASTGold to#BICOstakers, and is expected to cooperate with Base chain and more Biconomy ecological partners in the future.
When the DAN network is launched, if#BICOis also used as the pledge token of the DAN network, it will benefit the long-term holders of #BICO, the token economy is expected to improve significantly, and#BICOwill be greatly deflated!
Biconomy’s team members also have extensive experience. Ahmed is the CEO of the project. He has served as MD at Viewfin for several years and is also the founder of Encrypted podcast, the largest blog in the Middle East and North Africa.
Aniket has worked at Binance and is an MBA graduate from Fudan University/MIT Sloan School of Management.
Sachin has over 8 years of experience in full-stack software development, having worked at Samsung and Make My Trip.
Biconomy's financing lineup is also very luxurious. It has received financing from Binance and Coinbase in the past, and in March this year, it also joined the strong market makers Jump and Consensys. Combined with the coin price listed in 2021, it is obviously at an extremely low level. The participation of two giant institutions gives sufficient room for imagination for subsequent pull-ups.
BICO is the native token of Biconomy. Node operators must hold $BICO to participate in the network. The token can also be used to settle and verify all transactions on the chain supported by the Biconomy network. Holders also have voting rights. The total number is 1 billion, and the current circulation is 720 million, accounting for nearly 80%. The market selling pressure is relatively small, and it has been launched on well-known exchanges such as Binance, Coinbase, Bitget, OKX, and THX.
Summary: Biconomy is a 21-year-old project, a leader in the field of account abstraction, and the only one on Binance. It is extremely scarce and undervalued. The product it built, which combines AA smart accounts with AI agents, has a huge positive effect on its own valuation system and the entire account abstraction track. Coupled with the strong participation of Jump and Consensys, we have reason to look forward to the future price trend of #BICO.
