Crypto self-custody comes with significant challenges. Users face difficulties onboarding, setting up accounts, and managing crypto assets. There’s always the risk of losing funds if a seed phrase is lost. The prevalence of security threats and the fragmented blockchain landscape with multiple layers and gas management on different chains add to the complications.
Account abstraction made great strides to fix these issues and succeeded, but the wallet landscape remains fragmented. Users have to juggle between two or more wallets for different needs and use cases. Most users haven’t had a chance to play with Smart Accounts or are too afraid to do so. Meanwhile, they lack UX, performance, and security.
Ambire Wallet aims to solve this by implementing what we refer to as hybrid Account abstraction. By bringing Externally Owned Accounts (EOAs), e.g., Metamask accounts, and Smart Accounts (a.k.a. smart contract accounts) together, Ambire Wallet offers a more robust and user-friendly experience without compromising security.
The need for hybrid Account abstraction
Before we dive into the benefits of hybrid Account abstraction, let’s highlight the main challenges for crypto self-custody.
Complicated onboarding
Setting up wallets and managing digital assets is complex and laden with technical jargon, which can be daunting. Importing EOA accounts to new wallets can be particularly scary due to poor user experience and the steep learning curve associated with unfamiliar products. Smart Accounts are not transferable, meaning you are stuck with the wallet you created them with. Worst of all, having two types of accounts (EOAs and Smart Accounts) leaves you with no choice but to use multiple wallets, as there is no wallet (almost) that supports both of them.
No account recovery
With Externally Owned Accounts (EOAs), losing the seed phrase means permanently losing access to your funds. This lack of a recovery mechanism leads to irrecoverable asset loss, posing a significant user risk.
Security risks
Phishing scams and wallet drainers are becoming more prevalent and problematic each day. Even experienced DeFi users do not fully understand the transactions they are signing, increasing the risk of unauthorized transactions and losing funds. There is a clear need for better security features that offer transaction transparency and protection.
Cross-chain UX is a mess
The blockchain ecosystem's multi-layer nature adds confusion, with users needing to manage different native tokens for gas payments on each network. For example, bridging funds from Ethereum to an L2 network like Mantle requires both Ether (for initial transaction fees) and the chain native MNT token (for subsequent transactions) and ETH for the rollup fee, creating a confusing multi-step process. This complicates the user experience and makes asset management more challenging.
We can all agree and relate to these issues. It’s time to see how hybrid Account abstraction tackles these challenges.
What is hybrid Account abstraction?
Hybrid Account abstraction is an innovative approach introduced by Ambire Wallet that builds upon Account abstraction (AA) to offer users a more comprehensive, flexible, and secure experience. By integrating the best features of Externally Owned Accounts (EOAs) and Smart Accounts, hybrid Account abstraction addresses many of the limitations mentioned above. At the same time, it allows users to switch between both account types easily. In essence, you can make the most of both EOAs and Smart Accounts within the same wallet - something you can’t do with any other wallet.
Ambire Wallet is designed to stay ahead of the curve, supporting the latest advancements in the Ethereum ecosystem. We already support ERC-4337 natively, significantly improving transaction efficiency and user experience through features like gas abstraction and transaction batching.
Ambire wallet will support EIP-7702, too, when it becomes part of the Ethereum protocol. This proposal further enhances Account abstraction, making it easier for users to access Smart Account features with their EOAs.
Let's explore how hybrid Account abstraction sets itself apart from AA and EOAs, shall we?
Seamless integration between existing and Smart Accounts
As mentioned, Ambire Wallet supports your existing EOAs (like Metamask, Rabby, Zerion, Rainbow, etc.) along with Smart Accounts. You can import an account with its seed phrase or connect a hardware wallet in a couple of easy steps and continue using it as you would on the wallet it was created on, but with a much better UX. But here’s the kicker: During this process, you will be given the option to derive one or more Smart Accounts from your existing EOA. Picture this like an alias account that upgrades its functionality and improves security.
We are building the first hybrid account abstraction wallet extension to support EOAs and Smart Accounts with powerful features such as:
🔥 Gas Tank
🔥 Transaction batching
🔥 Account recovery https://t.co/LQGDIh3mvv pic.twitter.com/Dybdae9uft
— Ambire Wallet (@AmbireWallet) July 12, 2024
Unified address and custom networks support
Smart Account wallets typically have different addresses on every blockchain network due to factors like the nonce of the deploying account, the chain ID, and deployment parameters, which vary between networks. This can make managing multiple addresses cumbersome and increase the risk of sending funds to the wrong address.
Ambire is the first chain-agnostic smart contract wallet, which means you keep the same address on any EVM chain.
By 'any,' we really mean ANY EVM chain because the Ambire extension allows you to add custom networks independently from our dev team 👀 pic.twitter.com/go41nDGjlC
— Ambire Wallet (@AmbireWallet) July 3, 2024
Ambire Wallet handles this issue by allowing you to have the same account address across all EVM networks. This uniformity simplifies the user experience, making it as seamless as using an Externally Owned Account (EOA), and reduces the risk of errors. In Ambire Wallet, your Smart Account address remains the same across Ethereum, Arbitrum, Optimism, Base, and any other L2 network.
Additionally, Ambire Wallet supports intents, which streamline the execution of user actions across different chains, enhancing usability and reducing complexity. The wallet allows you to add and manage custom networks. You can easily integrate with other networks and get instant feedback from the wallet about the features supported by the network, like Smart Accounts, on-chain simulation, and token prices.
In the past year, our team has moved smart contract wallet decentralization forward in leaps and bounds.
For example, the Ambire browser extension allows you to add custom networks independently from the dev team 🔥
What's more, you keep the same address on any EVM chain 🔥🔥🔥 pic.twitter.com/OzOuH7NAxe
— Ambire Wallet (@AmbireWallet) June 12, 2024
Cross-chain gas payments
Ambire Wallet achieves gas abstraction thanks to the innovative Gas Tank feature, which lets you pay for gas across chains. With a single top-up (in stablecoins or other tokens), you can instantly use the funds to pay fees on any L2 or L3 network, thus removing the need to purchase that network’s native token. You can top up on cheaper L2 networks like Optimism or Base and use the funds on Ethereum for even better savings.
Available for Smart Accounts, the Gas Tank integrates nicely with your existing EOA, allowing you to cover transaction fees for your Smart accounts using funds on your EOA accounts. Furthermore, you get cashback on gas payments, receiving the difference between estimated and actual gas costs paid back to your account.
How to top up your Gas Tank in the Ambire extension in less than 30 seconds 👀
Remember, our cross-chain Gas Tank feature enables you to use any token on any chain to pay network fees on any other chain.
🫳🎤 pic.twitter.com/T14SOM9qlv
— Ambire Wallet (@AmbireWallet) June 7, 2024
Enhanced security with on-chain simulation and hardware wallets
Crypto self-custody comes at a cost. You own and control your assets but are also responsible for keeping them safe. Many users don’t understand what they are signing, often resulting in wallet drains. Ambire Wallet utilizes advanced on-chain simulation, a powerful feature that displays the outcome of your actions in a human-readable format. You see your future account balance before signing the transaction. This helps detect unauthorized contract actions, such as unexpected token transfers or access permissions, providing a proactive defense mechanism.
The Ambire extension gives you superior wallet security thanks to the implementation of onchain transaction simulation and the ability to connect your favorite hardware wallet 🛡️ @Trezor @Ledger @gridplus pic.twitter.com/WfVU9KCwQa
— Ambire Wallet (@AmbireWallet) August 1, 2024
Ambire Wallet supports industry-leading hardware wallets like Ledger, Trezor, and Grid for enhanced security. By importing an account from your hardware wallet into Ambire, you unlock Smart Accounts, which were there from the get-go, a feature only available to functionality exclusive to Ambire Wallet. This opens opportunities for powerful AA features like transaction batching and on-chain simulation without undermining the security model.
Comparing EOAs vs. AA vs. hybrid AA
Ambire Wallet offers a secure, user-friendly environment for experimenting with Smart Account features. You can explore and utilize advanced functionalities without risking assets, enhancing your overall experience and confidence. This safe space allows you to familiarize yourself with the capabilities of Smart Accounts without the fear of making irreversible mistakes.
In conclusion
Ambire Wallet is the first wallet to offer hybrid Account abstraction, representing a significant advancement in managing digital assets and addressing the major challenges and limitations of traditional crypto self-custody and existing Account abstraction methods. By integrating support for both EOAs and Smart Accounts, offering flexible network customization, enhanced security with hardware wallets, and a unified address across multiple chains, Ambire Wallet provides a robust, user-friendly, and future-proof solution. With native support for ERC-4337 and readiness for EIP-7702, Ambire Wallet ensures that users can navigate the complexities of the blockchain world with greater ease, security, and confidence and never need another wallet.
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