The momentum continues to build as we approach the public launch of the Ambire Wallet browser extension! Our community has already decided to stop early user incentives from the v1 web and mobile wallets and focus them on the extension after its official launch, and now it’s time for the next step. With over 155 million $WALLET tokens already distributed, we have 145 million left from the initial allocation.

In the latest governance vote, we ask the community to decide on the incentive budget! The question is whether to allocate 145 million $WALLET tokens for the extension launch or to add an additional 50 million $WALLET tokens from the WalletDAO reserve, making a total of 195 million tokens available for incentives. Exciting times are ahead, and early adopters of the extension might be in a prime position to reap the rewards!

Proposal motivation

Our goal with this proposal is to supercharge the Ambire extension launch, which is set to redefine what a Web3 wallet can do. The extension is the first of its kind to offer hybrid account abstraction, meaning it seamlessly supports Basic Accounts (EOAs) and Smart Accounts as equals on EVM networks, offering a superior experience that outshines any wallet on the market - account abstraction or not. By strategically allocating resources towards the extension, we aim to position it at the forefront of Web3 wallets in terms of user experience, security, functionalities, etc.

The introduction of extension incentives is helping to:

Attract attention: Establish the extension as our flagship product and the go-to wallet for degens (crypto natives), setting a new standard in Web3.

Preserve rewards: Ensure a significant and rewarding, community-centric extension launch campaign.

Boost engagement: Drive active participation and excitement around the extension launch.

Encourage migration: Entice more users from the Ethereum ecosystem to use the Ambire extension.

Proposal overview

This proposal asks the community to decide how many $WALLET tokens should be allocated for the upcoming extension launch incentives. You can choose to allocate the remaining 145 million $WALLET tokens from the initial user incentives allocation or add 50 million more from the WalletDAO treasury’s “Community reserve and DAO” allocation, bringing the total to 195 million $WALLET tokens. The additional tokens would bolster the incentives available, making the extension launch even more compelling and potentially attracting a broader user base.

Voting options

The community will decide on one of the following options:

Allocate 145 million $WALLET

Allocate 195 million $WALLET

Don’t allocate any $WALLET

VOTE NOW

Voting Eligibility

Anyone holding xWALLET tokens before the Sep 2nd, 2024 snapshot at 14:00 UTC will be eligible to participate in this governance vote. Please note that users who stake tokens after the snapshot cannot participate.

Timeline

The voting period opens on Monday, September 02, 2024, at 14:00 UTC and will continue for 14 days, concluding on Monday, September 16, 2024, at 14:00 UTC.

Voting Process

Participating in this governance vote is simple and follows the process of our previous votes.

Here’s how you can submit your vote:

Visit the proposal page on Snapshot.

Connect your crypto wallet holding xWALLET tokens.

Choose between the three options for allocating $WALLET tokens for the extension incentives.

VOTE NOW

Your participation in Ambire governance is crucial to shaping our platform's future and ensuring the success of our extension launch. Have ideas or feedback? Visit our Forum or connect with us on Discord or Telegram to share your thoughts.

FAQ

What will the incentives be used for?

Users will be rewarded continuously (similar to Ambire v1’s continuous airdrop) for actively using the extension. The more active users interact daily with dApps and sign transactions, the more funds they trust Ambire with and the more rewards they will receive.

When will users of the extension receive the incentives?

Rewards will be distributed continuously after the public launch, starting when you create or import a wallet that meets certain criteria, which will be announced soon.

When is the extension launch planned?

The public launch is planned for Q4 of 2024.

Will web and mobile wallet users be earning incentives?

As per the last governance vote, the early incentives for web and mobile users were already stopped. Those users can only benefit from $WALLET staking rewards, which are not subject to this vote.

Will this vote affect the $WALLET staking rewards?

The $WALLET staking rewards are not affected by the extension launch rewards vote.

I am currently using the extension. Does this make me eligible for launch incentives?

Yes, if you continue using the extension after the public launch.

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We are well into Q3 of 2024, so it’s time to share the latest from the Ambire kitchen! We practice the saying “No rest for the wicked,” so we’ve been busy once again preparing an amazing browser extension, attending events, etc. Read on to find out all the gossip!

Full speed ahead for hybrid account abstraction

The Ambire Wallet browser extension will blow your mind, no doubt! It is now open for testing to the existing Ambire community, so go on, claim your code from the web version of the wallet, and then join the conversation on Telegram or Discord, where we gather valuable feedback from our users - and fix any bugs discovered!
We’re super hyped for the upcoming release of the Ambire extension with hybrid account abstraction - the only wallet to put EOAs and Smart Accounts on an “equal” level, without hierarchy or dependency between them. Furthermore, Ambire’s Smart Accounts already follow the simple, tried, and secure security model of EOAs and hardware wallets. Hybrid account abstraction is the future of Ethereum, which is why we expanded on it on the blog:

Read now: Hybrid account abstraction explained

Our team introduced hybrid аccount abstraction, an innovative approach that builds upon аccount abstraction to offer users a more comprehensive, flexible, and secure experience.

In essence, you can make the most of both EOAs and Smart Accounts within the same wallet. pic.twitter.com/pLeCoYULAM

— Ambire Wallet (@AmbireWallet) August 15, 2024

Ambire attends EthCC7 in Brussels

The team spent a hectic but epic week in Brussels for EthCC in July 2024. Apart from attending the main event, where we met many old and new AA frens, Ambire also participated in multiple side events, where we had wonderful speaking opportunities!

Ivo, Co-Founder, and CEO of Ambire Wallet, took the stage first during Multichain Day, a one-day summit focusing on cross-chain expansion and interoperability. He participated in a panel on Web3 Tools for a Multichain Future, along with representatives from other prominent Web3 projects such as Alchemy, GasHawk, and Zerion.

Later that same day, Ivo was on stage twice during ux/acc day. Firstly, he joined a panel on user-centric wallets together with Argent, Coinbase Wallet, Walletconnect, and Dynamic, but the highlight was his keynote presentation on how on-chain transaction simulations help Web3 wallets achieve Web3 user experience. Check out a short video on Ambire’s amazing simulations from his talk:

.@Ivshti on stage during the ux/acc day at @EthCC

cc @0xOrbLabs pic.twitter.com/Gb8n93RzFp

— Ambire Wallet (@AmbireWallet) July 8, 2024

A few days later, Ivan, Head of Marketing at Ambire, participated in a panel discussion during a brunch for Web3 marketers organized by AdEx. Many important topics were touched upon, e.g., current trends in Web3 marketing, successful stunts, how to make meaningful announcements, etc:

"It is an opportunity, but also a challenge for us as marketers." 👀

🎙️Hear the thoughts of @vanzooeth from @AmbireWallet on using points as incentives in Web3 marketing strategies.

From @EthCC Web3 Marketers Brunch by AdEx#Ethcc2024 pic.twitter.com/Usbqb4go0m

— AdEx (@AdEx_Ads) July 12, 2024

You can find the full recap of EthCC7 on our blog - with a rare sighting of the entire attending team all in one photo!

Governance vote: Stop early user rewards for mobile and web wallets

The latest governance proposal was for strategically allocating resources to the extension launch campaign by temporarily stopping early user rewards for the web and mobile wallets. This was proposed to direct resources toward the extension, reserving rewards for its impactful launch and incentivizing users to migrate to the extension.

The vote passed, so on July 22nd, 2024, we stopped the early user rewards for the time being. These will resume in the browser extension once it has been officially launched. We are cooking something exciting for the launch, so stay tuned and grab your testing code!

P.S. Staking rewards are not affected and continue as usual.

Other news

There is always something new we are preparing! Check out what else is happening:

First community call

Join Ambire’s first community call, where we will chat about hybrid account abstraction, extension progress, launch campaign, WalletDAO, and governance. The call will take place on Friday, August 23rd, 2024, at 13:00 UTC in the Ambire Discord Server:

The first community call is happening on Ambire's Discord on August 23rd, 2024

Join us on Discord now so you don't miss the call

EIP-7702 explained

Account abstractions EIPs can be confusing, and it's often difficult to see their actual benefits. Worry no more - we take the time to explain in simple terms what the EIPs mean and how they impact the future of account abstraction, particularly smart contract wallets. Most recently, we looked into EIP-7702, which proposes a new transaction type that allows EOAs to act like Smart Accounts. This means the EOA only has a Smart Account code during the transaction and becomes a regular EOA afterward.

Learn more about EIP-7702

Outposts whitelists extension users

All Ambire Wallet extension users are whitelisted on Outposts now; check out their announcement below. What is Outposts, you may ask? It is a service that sends you a personalized Web3 digest straight to your email twice a week based on your preferences.

All @AmbireWallet extension users are now whitelisted on Outposts! 💌

Ambire is the first hybrid account abstraction wallet that makes your EVM life easy and secure.

Treats for Outpost fam in the 2nd tweet 😎

Get started: https://t.co/Up4s4wCpvy pic.twitter.com/1v7tbRxTRi

— Outposts (@outposts_io) July 18, 2024

Devcon prep is underway

Devcon7 SEA in Bangkok, Thailand (a.k.a. The Ethereum Event of the Year), is a mere three months away. We are already working full speed ahead to ensure we have the best swag, all the recommended vaccines, and amazing talks prepared well in advance. We will be announcing details about our participation at Devcon closer to the date—until then, join us in daydreaming about scrumptious pad thais and tuk-tuk adventures.

That’s all, folks

For now, only, don’t worry! The next development update will be here before you know it. Until then, we remain dedicated to shipping the best Web3 wallet extension and just being awesome in general.

​​Interested in Ambire? Follow us:
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It’s been a year and a half since one of the most famous Ethereum Request for Comment, ERC-4337, went live. You can say that it rekindled the account abstraction efforts, reminded the community of its benefits, and led to a myriad of improvements in terms of gas savings, user experience, etc. Smart Accounts (smart contract wallets) gained traction, and Externally Owned Account (EOA) wallets stepped up their game—the future was looking bright!

But has the adoption slowed down recently despite the account abstraction hype? It would seem so, but hope is not yet lost - after the rather controversial ERC-3074 from earlier this year, enter EIP-7702! Included in the upcoming Pectra Ethereum upgrade, this is (in short) a protocol change that will allow EOAs to benefit from account abstraction developments. In this article, we look into this EIP in detail, what the current challenges are and how it can open the door to account abstraction to the masses!

Аccount abstraction is stalling - but why

Despite major advancements in the account abstraction space, and for Smart Accounts in particular, we failed to see the next billion users enter the crypto space. People already in it are either stuck to their trusty EOA wallets or are still managing multiple wallets across devices. Why would that be?

Compatibility

We believe that one of the main reasons why AA adoption is slowing down is that users cannot migrate/import their existing accounts. As pioneers in the AA wallet space, we have been live since late 2021, and users have asked us multiple times, "Why can't I use my same address/account” since we launched the wallet.

Furthermore, to this day, not all dApps and/or protocols support smart contract signatures or accept message signing from non-deployed accounts (before any transactions have been made on a network). Ambire’s co-founder and CEO Ivo authored ERC-6492, a proposal for a standard way for dАpps to verify signatures from contracts that haven't been deployed yet (counterfactual contracts).

Force of habit and/or legacy

People tend to be creatures of habit. We’ve been building in the AA space since 2018 and see a natural resistance to change and trying new things. Users will complain about their current wallet but would still be reluctant to migrate all their funds to a new wallet. The reasons behind this are various: e.g., they have active staking positions, soul-bound tokens, why add yet another wallet to their portfolio when they’re used to their old one, they’ve heard of various scams and aren’t 100% trusting anything anymore, they’re still not convinced AA/Smart Accounts are better than EOAs, etc.

The solution: converting EOAs to Smart Accounts or enabling AA features for EOAs

Well, what if your trusty old EOA wallet could be converted to a Smart Account or certain Smart Account features enabled for it?

The first attempt: ERC-3074

We all had very high hopes for ERC-3074. In theory, it was the solution we were looking for, and overnight, it gained massive traction. It proposed delegating the control of an existing EOA to a smart contract (which would be able to control this EOA and make calls from its address but not initiate transactions). It was published with its sidekick ERC-5003, which allowed for an EOA to be fully converted into a smart contract account by revoking the original private key.

While this all sounded very promising, there were still a number of issues that caused community backlash for ERC-3074, e.g., lack of compatibility with 4337. It went back to square one and wasn’t quite what we needed.

A few weeks ago, EIP-3074 sent the AA world into shambles.

Initially it looked like it's synergetic with ERC-4337, since they do different things. One enables EOA migration, another enables decentralized mempools.

However, the nitty gritty details looked suboptimal: it's hard…

— Ivo e/acc (@Ivshti) May 7, 2024

The actual solution: EIP-7702

There is clearly a need for functionality improvements for EOAs. People want to batch operations into a single transaction, there is demand for meta transactions, and EOA users aren’t ready to fully convert their EOAs to Smart Accounts and want to give them specific permissions rather than global account control.

This is where EIP-7702 comes in, suggesting to add a new transaction type that sets the code for an EOA during execution. In essence, this proposed transaction type allows EOAs to act like Smart Accounts. This means that the EOA only has Smart Account code during the transaction, and becomes a regular EOA after the transaction.

Ethereum’s co-founder Vitalik Buterin co-wrote this proposal in a day. Unlike its predecessor 3074, it unlocks the full range of account abstraction features, is compatible with existing (and future) ERC-4337 infrastructure, is function-based for smoother integration, and only requires a single authorization, which enables Smart Account benefits for EOAs without the need for hard forks.

EIP-7702 doesn’t “convert” EOAs per se: accounts are still powered by a single private key, and while it’s possible to enable account recovery, you can’t revoke the “root” key. However, we think this makes the most sense from a technical perspective, and also in terms of UX, as most crypto natives are used to this security model already. Once you’ve dipped your feet into Smart Accounts, you can create a brand new Smart Account that doesn’t have a root key and is, for example, a multisig.

EIP-7702 is a huge leap forward for account abstraction. Replaces EIP-3074 and it solves many of its drawbacks.

Furthermore, it calmed down the tensions between the 4337 and 3074 camps.

Never seen the AA community so united 😍😍

There’s almost no downsides. One tiny thing is…

— Ivo e/acc (@Ivshti) May 8, 2024

The future: hybrid account abstraction

So, what does the future look like? It’s definitely bright, with so many efforts to remove friction from the crypto ecosystem, make it easier and more user-friendly, and bridge old and new technology. The beauty is that not just the Ethereum Foundation but many projects in the space are also working towards more native, more compatible, and more wide-spread AA.

Let’s look at hybrid account abstraction, e.g., an innovative approach introduced by Ambire Wallet that builds upon account abstraction to bring EOAs and Smart Contracts together and to offer users a more comprehensive, flexible, and secure experience. By integrating the best features of Externally Owned Accounts (EOAs), or what we refer to as Basic Accounts and Smart Accounts, hybrid account abstraction addresses many of the current challenges of crypto self-custody (e.g., complicated onboarding, lack of account recovery, etc). Ambire allows users to switch between account types easily and make the most of both Basic Accounts (EOAs) and Smart Accounts within the same wallet - something you currently cannot do with any other wallet.

How does hybrid account abstraction work in practice

Ambire Wallet supports existing EOAs (say your 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 that is not all: During this process, you will be given the option to derive one or more Smart Accounts from your existing Basic Account. Picture this like an alias account that upgrades its functionality and improves security. It’s done by adding a thin account abstraction layer on top of accounts already associated with your wallet, which you are importing, and you end up with a new set of addresses (which were already there but needed to be unlocked and revealed).

Furthermore, Ambire Wallet already has native support for ERC-4337 and will also support EIP-7702 once it becomes part of the Ethereum protocol.

Ambire is perfectly positioned for EIP-7702 because it’s the only wallet to put EOAs and Smart Accounts on an “equal” level, without hierarchy or dependency between them. Furthermore, Ambire’s Smart Accounts already follow the simple, tried, and secure security model of EOAs and hardware wallets.

Our team introduced hybrid аccount abstraction, an innovative approach that builds upon аccount abstraction to offer users a more comprehensive, flexible, and secure experience.

In essence, you can make the most of both EOAs and Smart Accounts within the same wallet. pic.twitter.com/pLeCoYULAM

— Ambire Wallet (@AmbireWallet) August 15, 2024

Final words

Each new EIP or ERC comes with a new set of excitement, hope, and even sometimes disappointment - being involved in the Ethereum ecosystem is a rollercoaster. But we shouldn’t lose sight of the goal: making self-custody easy and secure without further complications or new hurdles for the participants. EIP-7702 is a great start, even if it doesn’t solve all the issues AA has - we look forward to seeing what other improvements the future of Ethereum holds, and we are honored to be a part of the joint effort!

​​Interested in Ambire? Follow us:
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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.

​​Interested in Ambire? Follow us:
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This year, the Ambire team had the chance to attend EthCC[⁷], probably the most significant event in Europe for the crypto industry, this year held in Brussels.

This year's conference was huge, with almost every notable company in the crypto industry present in Brussels. Though we did not sponsor the main EthCC event, we made our mark by participating in two notable side events on July 8th.

Ambire's team at EthCC 2024 in Brussels

Multichain Day

Ambire's booth at Multichain Day

​​​Multichain Day was an amazing one-day summit dedicated to exploring cross-chain expansion and interoperability, with a full day of keynotes, panels, and networking. Ambire had a sponsors' booth and a chance to meet 100s of people and talk about wallets and interoperability.

Ambire's CEO, Ivo Georgiev, talking about Web3 tools

Ambire CEO Ivo Georgiev took the stage to join a panel called "Web3 Tools for a Multichain Future," which tackled some of the space's challenges and opportunities.

Our CEO @Ivshti talking about the challenges of delivering great Web3 UX to end users

cc @wrappedxyz @EthCC pic.twitter.com/XkfDxeuCxZ

— Ambire Wallet (@AmbireWallet) July 8, 2024

ux/acc day

Ivo Georgiev participating in the panel about wallet UX

It was a busy day for Ivo, who had to head off to another event shortly after his Multichain Day panel. ux/acc day was a one-day summit dedicated to the ux/acc movement - an effort to simplify the persistent pain points of UX in the ever-evolving crypto world.

At ux/acc, Ivo joined a wallet-dedicated panel followed by a keynote on how on-chain transaction simulations help Web3 wallets achieve Web3 user experience.

.@Ivshti on stage during the ux/acc day at @EthCC

cc @0xOrbLabs pic.twitter.com/Gb8n93RzFp

— Ambire Wallet (@AmbireWallet) July 8, 2024

At ux/acc day, we met wallet and UX enthusiasts and were happy to give out some limited Ambire merch. Attendees at both summits got early access to the Ambire extension closed Beta.

Ambire's booth at ux/acc day in Brussels 2024

Ambire's secret marketing sauce

Ivan on a panel at Web3 Marketers Brunch event by AdEx

Midweek, on Wednesday, our Head of Marketing, Ivan Manchev, took to the stage for a panel discussion at a side event specifically tailored for Web3 marketers. This event, organized by Adex Network, further showcased our involvement and influence within the industry.

hey web3 marketers 🔥

The best @EthCC side event for growth and marketing is starting any moment now

We’re overbooked, so hurry up! grab a coffee and roast your competitors’ acquisition strategy with fellow nerds pic.twitter.com/BIzWiaSAHQ

— AdEx (@AdEx_Ads) July 10, 2024

Check out this amazing summary of the key points discussed at the Web3 marketers' panel:

TL:DR from the EthCC Web3 Marketers Brunch by @AdEx_Ads at #Ethcc2024

🔸 A product that users want to use is essential.
🔸 You might not have a marketing problem but a product problem.
🔸 Gamification of marketing campaigns is THE trend.
🔸 Use separate channels for each user… pic.twitter.com/cGWa021PSi

— Vlad Dramaliev | IPOR Fusion ⚛️ (@vdramaliev) July 10, 2024

The rest of the conference was equally productive for our team. We engaged in numerous meetings with various friends and teams, attended a series of fascinating side events, and had the opportunity to meet our partners. Late-night hours were fun as well, thanks to cult status initiatives like rAAVE:

Imagine another finance-y industry conference ending like this. Web3 is culture. Feels nice @letsraave @EthCC pic.twitter.com/bnrU0hDdNL

— 🔥 vanzoo 🔥 (@vanzooeth) July 10, 2024

Vitalik was absolutely on top of the game in Brussels, holding numerous keynotes, joining a few panels, and always sharing big brain power and insights on the future of Ethereum:

Today I was at a crappy web3 conference north of Brussels. They said Vitalik was coming, and I thought it was a joke to fill the room since the event was weak. Then he actually arrives, by bus, in the rain. Gives his speech soaking wet, answers all the questions, talks with the… pic.twitter.com/sTks2JFtjS

— Mich.eth (@0xMichz) July 9, 2024

EthCC 2024 Brussels was not just a conference but a melting pot of ideas, innovations, and collaborations. The energy was palpable, and we are proud to have been part of such a significant gathering. We left Brussels inspired, with new insights and connections that will undoubtedly propel Ambire forward in the ever-evolving crypto landscape.

If you don’t feel like this, you haven’t done EthCC right this year pic.twitter.com/hCpPIEGlTY

— altan tutar (@mraltantutar) July 12, 2024

Stay tuned for more updates and insights as we prepare for the next events on the busy Ethereum calendar - updates coming soon 🤫

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Big things are on the horizon for Ambire Wallet! We're gearing up for our browser extension's highly anticipated public launch, which is currently in private beta testing. So far, it has received rave reviews, and we’re excited to release it to a wider audience. We believe it’s the game-changing hybrid Account abstraction wallet for Web3, bridging the gap between EOAs (Basic Accounts) and Smart Accounts and significantly improving user experience.

To ensure the success of this exciting launch campaign, we propose to halt early user incentive rewards for web and mobile wallets and shift them to extension adopters. So far, we have distributed over 155 million $WALLET tokens to our users, leaving us with 145 million to give away.

Proposal motivation

The reasons behind the decision to shift the user rewards to the extension are:

Focus on the extension: Directing our efforts and resources towards the extension as the flagship product.

Reserve rewards for extension launch: Saving more rewards for an impactful extension launch campaign.

Incentivize migration: Encouraging existing Ambire and other wallet users to adopt the extension.

While we see the extension as Ambire's future, we remain committed to developing the mobile app and plan to upgrade it soon.

This vote will not affect the staking rewards, and users will continue to receive them as before.

Voting options

The community will decide on the proposal: Should we stop early user incentives for Ambire’s web and mobile wallets in favor of the extension?

Yes: Stop user early user incentives for web and mobile wallets

No: Continue the early user incentives as they currently are

Voting Eligibility

Anyone holding xWALLET tokens before the Jun 27, 2024 snapshot at 14:00 UTC will be eligible to participate in this governance vote. Please note that users who stake tokens after the snapshot cannot participate.

Timeline

The voting period opens on Wednesday, Jun 27, 2024, at 14:00 UTC and will continue for 10 days, concluding on Wednesday, Jul 7, 2024, at 14:00 UTC.

Voting Process

Here’s how you can submit your vote:

Visit the proposal page on Snapshot.

Connect your crypto wallet holding xWALLET tokens.

Choose between "Yes" or "No" to halt early user incentives for web and mobile wallets.

VOTE NOW

Your participation in Ambire governance helps shape the future of our platform and strengthens our commitment to decentralization and community-led development. Have ideas or feedback? Visit our Forum and contribute your vision for Ambire's next steps, or give us feedback on this proposal on Discord or Telegram.

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Our last full update was in March 2024, and so much has happened since then! Another exciting quarter is near its end, which means a summary of recent developments is due. Find out what we have been up to and what is still in store!

Browser extension: hybrid account abstraction

You have heard us talk about the browser extension. But you may not have heard us mention hybrid account abstraction just yet. So what is it? It’s very simple: the Ambire Wallet browser extension simply supports all types of wallets: smart contract accounts, traditional EOAs, and enhanced EOAs via EIP-7702 (this proposal by Vitalik Buterin allows EOAs to temporarily act as smart contract wallets during a transaction and revert to their original state afterward). This means you can manage all your assets in one place and never need another crypto wallet again!

Furthermore, it comes with built-in support for Ethereum and all big layer 2s, but you can add any custom EVM network, too. Of course, it also brings all the amazing features that you know from Ambire Wallet as it is on web and mobile: it supports cross-chain gas payments via the unique Gas Tank, account recovery, transaction batching, transaction simulation, etc - just look at this beauty:

The Ambire browser extension allows you to do not one but multiple things (swap, stake, send, etc.) and batch them in one transaction, saving you gas fees 👌

What’s more, you can preview the results of your actions before signing. pic.twitter.com/U28WJfAfaz

— Ambire Wallet (@AmbireWallet) April 3, 2024

The browser extension is currently undergoing rigorous testing by a select group of early testers before we open it up to a wider audience. You still have a chance to sign up and give it a go, too, go for it:

We are looking for early testers of the Ambire browser extension.

👉 If you haven't already signed up,
go to https://t.co/1QrOF8mVw4 or https://t.co/EZAkPhtJ2C and join the party. pic.twitter.com/WYKGaJFYsU

— Ambire Wallet (@AmbireWallet) May 21, 2024

Scroll Network is now natively integrated into the Ambire extension, web, and mobile wallets

Following a recent governance vote, the Ambire community was all for natively integrating Scroll Network in all versions of the wallet: the upcoming browser extension, as well as the web and mobile wallets. Not only can Ambire users take advantage of Scroll’s benefits (e.g. lower gas fees, enhancing transaction throughput etc), but we are also giving 200 invite codes for early testing of the Ambire extension to Scroll Sessions participants, go grab yours before they’re all gone:

1/ 🎉 @Scroll_ZKP is natively integrated into the Ambire extension, web, and mobile wallet

To celebrate this, we're giving away 200 invite codes for our extension to Scroll Sessions participants 📜

First come, first served! Get your code here ⤵️https://t.co/GM5u08qeH2 pic.twitter.com/FRf8U8Vgvo

— Ambire Wallet (@AmbireWallet) June 11, 2024

Ambire Wallet attends Ethereum events

The Web3 events season is in full swing! We started Q2 strong with co-founder & CEO Ivo Georgiev on the EthereumZuri.ch stage in April 2024. He talked about the benefits of Account Abstraction and demystified AA EIPs to an engaged audience:

“Wen AA? NOW”@Ivshti at @EthereumZurich pic.twitter.com/drF2ykOkE7

— Ambire Wallet (@AmbireWallet) April 7, 2024

Then, in May 2024, we sponsored DappCon in Berlin. We had a booth with some brand-new swag that was once again a favorite amongst the attendees. We talked smart contract wallets, account abstraction and memecoins with the community and launched ‘Paper Hands’ vol. 2 (our own version of ‘Cards against humanity’ for crypto). Ivo delivered another captivating talk on account abstraction, smart contract wallets and EIPs shortly after Vitalik Buterin’s fireside chat. Learn more about our Berlin adventures here:

Now we are gearing up for the next big event in the Ethereum ecosystem: EthCC in Brussels in July 2024. We are cooking up some fun side events while also attending the main conference. Join us at Multichain Day if you’re also going to EthCC:

Are you going to EthCC 2024?

Join us at Multichain Day, and let's chat 🙌 https://t.co/BkZcsymju7

— Ambire Wallet (@AmbireWallet) June 12, 2024

WalletDAO and Governance updates

The last few months were very productive in terms of community governance. As a result of this, here’s what was implemented:

Bridged WALLET token to Base network and established a $WALLET/$ETH liquidity pool position on Uniswap V3.

Scroll Network was integrated into the Ambire web and mobile wallet.

0.2% of the total WALLET supply (20M WALLET) was allocated to forging a lasting relationship with an RPC provider incorporating a payment model that includes a portion of the annual fee payable in WALLET tokens.

Minted 50 million $WALLET tokens (out of a total of 355M allocated for the DAO) and further bought another 20 million from the market for a total of 70 million $WALLET tokens and created a deep liquidity position on Uniswap V3.

A vote passed to launch $stkWALLET to replace $xWALLET - will be done at the earliest convenience.

Check out the Ambire Wallet Snapshot page for all past and ongoing proposals, and let us know in our Forum what you think not only of our governance proposal but also give us product feedback.

In conclusion

While we’ve had an eventful first half of the year, there is still much more in store until the end of 2024—thank you for being a part of the Ambire Wallet journey in one way or another. We are excited to ship more exciting stuff!

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Ambire experienced a data breach on June 5, 2024, through its third-party email platform, GetResponse. As we take our users’ security very seriously, we want to provide an account of what happened and what you can do to protect yourself.

On June 5, 2024, an attacker compromised a GetResponse employee’s account, leading to a data breach. We received confirmation from the GetResponse team on June 6, 2024, at 11:34 AM UTC, that a data breach had occurred.

While no phishing emails were sent from Ambire’s domain, the attacker exported email contacts from Ambire’s GetResponse account. You are not affected if you use Ambire Wallet without email, or if you haven’t subscribed to any of our newsletters.

❗️Ambire Wallet user accounts remain secure, and no passwords were compromised. Ambire Wallet continues to be safe to use and its services are not affected by this breach❗️

What can you do to protect yourself?

Please stay vigilant and exercise caution when opening any emails, as there could be an increase in phishing or spam emails. Ambire is not the only crypto company impacted by this organized, targeted attack. To protect yourself:

Be cautious of emails from unfamiliar or misleading domains.

Avoid clicking on links or downloading attachments from unsolicited sources.

Be wary of emails that claim to offer token airdrops.

❗️Any emails claiming to offer token airdrops by Ambire are unauthorized emails sent by the attacker❗️

Should you receive any suspicious email from Ambire, please inform us immediately.

We deeply regret any inconvenience or distress this incident may cause. Your trust is of utmost importance to us, and we are dedicated to safeguarding your information.

We appreciate your understanding and cooperation in this matter.

The Ambire Wallet team just returned from Berlin, where we sponsored and exhibited at DappCon24, part of Berlin Blockchain Week in May 2024. We had an absolute blast and wanted to share our conference and ecosystem impressions with the Ambire community!

DappCon24 for Ambire Wallet

Ambire was amongst the sponsors of DappCon this year, so we had a booth in the Sponsor Hall. During our time in Berlin, we met so many Ambire and Account Abstraction fans, gathered valuable feedback from the Ethereum community, had some amazing chats, and attended very interesting talks and panels (including a surprise fireside chat with Vitalik Buterin, co-founder of Ethereum, himself).

As with other events, we quickly became famous for our strong swag game—both for Ambire Wallet and our recently rebranded weekly newsletter and podcast, Web3 On Fire.

Gm from @dappcon_berlin 🇩🇪

We're ready for another exciting day!

Stop by the Ambire booth for a chance to:

🤝 Meet the team
💻 Be the first to try the upcoming Ambire extension
👕 Get an amazing swag pic.twitter.com/DvmORLSbY1

— Ambire Wallet (@AmbireWallet) May 22, 2024

We were very excited to present Vol. 2 of “Paper Hands” in Berlin: our team’s rendition of the card game Cards Against Humanity, but for crypto (nerds). Since first publishing 2 years ago in 2022, it has become a firm favorite in the crypto community, and Vol. 2 was, not surprisingly, another huge success:

Leaving Berlin super bullish on Ethereum wallets UX in the upcoming years 🎉

Thanks to @dappcon_berlin, @safe con and @ETHBerlin for hosting amazing events 🙌

Also special kudos to the @AmbireWallet for the best merch by far 😄 pic.twitter.com/UzIMYsRQWs

— Pedro Gomes (@pedrouid) May 27, 2024

We also gave out a limited number of exclusive early tester invite codes to Ambire enthusiasts who are eager to try the upcoming Ambire Wallet browser extension! If you also cannot wait to get your hands on the extension, check this tweet for more info:

We are looking for early testers of the Ambire browser extension.

👉 If you haven't already signed up,
go to https://t.co/1QrOF8mVw4 or https://t.co/EZAkPhtJ2C and join the party. pic.twitter.com/WYKGaJFYsU

— Ambire Wallet (@AmbireWallet) May 21, 2024

Other worthy mentions

Aside from Ambire, there were other exhibitors and events worth mentioning. E.g. Gnosis, the host of DappCon24, took the opportunity to announce the launch of their on-chain self-custodial wallet Metri during the event. Built on Gnosis Chain, Metri plans to prioritize community engagement. While it is currently only accessible to a closed group of users, it is planned to release to a wider audience in Q3 2024.

Gnosis Pay, a self-custodial Visa Debit Card, linked to a Safe smart account, also took center stage. A special promotion for DappCon visitors allowed them to grab their card on-site and start spending crypto IRL. The Gnosis Pay card is a good alternative for off-ramping, albeit not yet supporting smart contract wallets.

Ambire in the spotlight: Demystifying Account Abstraction EIPs

On the last day of DappCon, shortly after Vitalik Buterin, Ambire’s co-founder and CEO Ivo Georgiev took to the main stage to deliver a much-anticipated talk aimed at demystifying Account Abstraction EIPs. While Ambire already has valuable content on RIP-7560, EIP-4337, as well as EIP-3074, there are so many EIPs and quite a bit of controversy out there.

Slide says it all@Ivshti on the stage of DAPPCON24, demystifying Account abstraction EIPs pic.twitter.com/7w3Q8gyZne

— Ambire Wallet (@AmbireWallet) May 23, 2024

Ivo’s talk touched on many important topics and questions. Are the EIPs competing? (Not really - they actually mostly compliment each other.) Is AA live? (Yes, and has been for a few years.) Are smart accounts still treated like secondhand citizens because smart contract signatures are not yet widely accepted, or accepted only for deployed accounts? (Yes, but Ambire is lobbying for equal rights and authored EIP-6492 to solve that).

Ivo demystifying Account Abstraction EIPs on DappCon24's main stage

Learnings & insights

Events IRL are always a great learning opportunity for the team. Not only do we find out about the latest trends, but also get to speak to crypto enthusiasts, find out what it is they need, get feedback on our product, plus have some fun! Here are just some of the things we found interesting this time:

Account Abstraction needs to be more famous

While many people have heard or know a bit about Account Abstraction and the benefits of smart contract wallets, sadly not everyone is aware of its full potential. Did you know that with account abstraction you can:

Hybrid Account Abstraction: What if we told you that you can have both EOAs as well as smart accounts in one place and manage both types? The upcoming Ambire Wallet browser extension offers exactly that so you no longer need another crypto wallet.

Batch multiple transactions into one: while it is very cool to be able to batch any combination of transactions on a particular network, possibly the biggest benefit of this is that you can combine token approvals with the actual action. The best part: these approvals are limited to that transaction so the rest of your tokens will stay safe even in the case of malicious activity. This is already the case for Ambire Wallet.

Gas management: Did you know that thanks to AA, you no longer need to have native tokens to transact on a network? Ambire Wallet’s unique Gas Tank e.g. allows you to top it up on one network and pay for transaction fees in stablecoins and other tokens across ALL supported networks!

Same address across networks + custom networks: Account Abstraction allows you to keep the same address across ALL supported EVM networks. Furthermore, it allows users to add custom networks and deploy them themselves - a feature coming to Ambire users in the wallet browser extension.

The Ambire Blog is a good place to start if you want to find out more information about Account Abstraction and its benefits.

The industry is as keen as ever to evolve and improve

We always come back with recharged batteries from Ethereum conferences and meetups. Being surrounded by like-minded individuals with the same goals, e.g. making Web3 more accessible to normies, improving the infrastructure and the image of Web3, constantly evolving, etc, is a great experience. It was great to see old ecosystem frens, make new ones and pave the way for wider crypto adoption and more actual use cases. Until next time (at EthCC Brussels)!

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There’s a new governance vote up as part of our ongoing efforts to enhance user experience and streamline our ecosystem. This latest proposal seeks to introduce a new wrapper token, $stkWALLET, to replace our current staking token, $xWALLET. The objective is to make it easier for users to differentiate between the $WALLET token and its staked version by adopting the widely recognized "stk" prefix and simpler value accrual model than the current $xWALLET token.

Why a new token?

Currently, the way $xWALLET works is that $WALLET holders can stake their tokens on a single staking pool, and in return, they get $xWALLET, which represents their share of this pool. In the beginning, 1 $xWALLET was equal to 1 $WALLET. As the pool started receiving staking rewards, 1 $xWALLET accrued in value, reaching more than 1 $WALLET.

Currently, for example, 1 $xWALLET equals 18,6 $WALLET.

This is confusing; users don’t understand how their staked $WALLET accrues value.

Proposal Overview

We propose introducing a “stk” $WALLET—a much more user-friendly wrapper on top of $xWALLET. When a user stakes $WALLET, the user receives an equivalent amount of dynamically rebasing $stkWALLET in return and starts accruing more rewards in $WALLET.

For example, if you stake 1 $WALLET, you will receive 1$stkWALLET. If annual staking rewards are 20%, you will have 1,2 $stkWALLET in one year.

If the proposal passes, both $stkWALLET and $xWALLET will be valid for governance votes in the future.

Voting options

The community will decide on the following proposal:

Replace $xWALLET with $stkWALLET

Do not launch $stkWALLET

Voting Eligibility

Anyone holding $xWALLET tokens before the snapshot on May 23, 2024, at 14:00 UTC will be eligible to participate in this governance vote. Please note that users who stake tokens after the snapshot cannot participate.

Timeline

The voting period opens on Wednesday, May 23, 2024, at 14:00 UTC and will continue for two weeks, concluding on Wednesday, June 6, 2024, at 14:00 UTC.

Voting Process

Participating in this governance vote is simple and follows the process of our previous votes. Here's how you can submit your vote.:

Visit the proposal page on Snapshot.

Connect your crypto wallet holding $xWALLET tokens.

Choose between "Replace $xWALLET with $stkWALLET" or "Do not launch stkWALLET."

Vote Now

Your involvement in Ambire governance influences our project's trajectory and strengthens our commitment to decentralization and community-led development. Have ideas or feedback? Visit our Forum and contribute your vision for Ambire's next steps, or give us feedback on this proposal on Discord or Telegram.

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As the Ambire Wallet community grows, we remain committed to expanding the platform's capabilities and reach. As part of our efforts to ensure our users have access to the most advanced and efficient networks, we're excited to introduce a new governance proposal: integrating Scroll zkEVM into Ambire Wallet.

Proposal Overview

This governance proposal aims to add Scroll zkEVM to the supported networks on both the web and mobile versions of Ambire Wallet. With Scroll zkEVM's cutting-edge Layer 2 solutions, we anticipate Ambire becoming the premier Account abstraction wallet for Scroll users.

Benefits of incorporating Scroll zkEVM to Ambire Wallet

Significantly lower gas fees for our users, ensuring cost-effective transactions.

Enhance transaction throughput without sacrificing security, leveraging Scroll's zk-Rollups.

Provide seamless access to a rapidly growing ecosystem, opening new avenues for user engagement and financial opportunities.

Voting Options

The community will decide on the following proposal: Add Scroll zkEVM into Ambire Wallet. Users

Token holders are presented with two voting options and can choose between them:

Integrate Scroll zkEVM

Don’t integrate Scorll ZkEVM

Voting Eligibility

All holders of xWALLET tokens are invited to participate in this decision. Your vote is valuable as we chart Ambire Wallet's future direction and ensure it remains a user-centric platform.

Timeline

The voting period is one week, commencing on Tuesday, April 23, 2024, at 18:00 UTC and concluding on Tuesday, April 30, 2024. This timeframe allows our community to deliberate and cast their votes.

Voting Process

The process of the current vote is simple and similar to our previous ones. Here's how you can make your voice heard:

Navigate to the proposal page on Snapshot.

Connect the crypto wallet that holds your xWALLET tokens.

Select one of the two options and cast your vote.

Vote Now

Do you have additional ideas or feedback? The Ambire Forum is a platform for you to share your ideas and suggestions for future updates.

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EIP-3074 became the hottest topic overnight, as it got cleared for inclusion on the next Ethereum hard fork (Pectra/Petra). However, what is all the hype about, and how will it impact Ethereum and the EVM ecosystem? In this article, we will explore this proposal, answer frequently asked questions, and dispel some myths and misunderstandings. Let’s dive in, shall we?

Account abstraction EIP/ERCs overview

To strengthen your understanding of Account аbstraction, you need to know that 99% of the time, when someone says "Account abstraction," they mean "smart (contract) accounts," which is when the account is based on contract code rather than a single private key. It can still be authenticated by a single private key, as is the case most of the time (this is important later on), but it can also be a multi-signature wallet, as is the case with Safe.

The original meaning of "account abstraction" was "to allow smart contracts to initiate transactions," but this has since changed to "all features that smart contract accounts enable."

Smart contract accounts enable these features and more

Gas abstraction: dApps sponsoring gas, the user paying gas in different ERC20 tokens, or even pre-paying for gas, which is great for cross-chain onboarding.

This is excellent for privacy and OpSec because it eliminates doxxing yourself by asking friends to fund your account with ETH MATIC, whatever the native currency of the chain/rollup, or worse, withdrawing from exchanges.

Transaction batching: Or bundling multiple actions in a single transaction. This is fantastic for both security and gas efficiency.

Security: Solving ERC-20 approvals. As a side effect of batching, we can do an exact amount approval together with each action that requires one, therefore making the approval problem disappear. Why? Because we do not need infinite/leftover approvals, and we don't need a second signature for the approval.

Custom cryptography: Enabling new cryptographic curves, WebAuthn, iOS secure enclave, quantum safety, and more.

Key rotation & account recovery: Changing the private keys for an existing account or recovering an account via schemes like Argent's social recovery

Notice anything? All of those help security in some way.

Back to ERCs.

Generally, all ERCs related to Account abstraction claim those features as their motivation, but they do not necessarily provide them; they just help pave the way for making those features mainstream.

Let's break it down. The large ERCs solve distinct problems:

Transaction initiation: The ability for contracts to initiate transactions.

Native: in-protocol special transaction type that can originate from a smart contract. Includes ERC-2938, later replaced by RIP-7560

Emulated: ERC-4337 is "emulated" in the sense that transactions are actually still initiated by an EOA. This doesn't mean the user must be aware of this EOA. This EOA is controlled and operated by the bundler.

Converting existing users: this is where EIP-3074 (and its smaller sidekick, ERC-5003) come in

EIP-3074 allows delegating the control of an EXISTING EOA to a smart contract. The smart contract can control this EOA and make calls from it's address, but it cannot initiate transactions. This is important because we still need to solve the transaction initiation problem.

ERC-5003 allows an EOA to be "fully" converted into a smart contract account, thanks to revoking the original private key that acts like a master key to this EOA.

Signatures: Contracts normally can't sign signatures. But they sort of can - they can define logic that defines what is a valid signature for that contract. For example, a smart contract wallet that's a multisig between Bob and Alice will define a valid signature as isValidSignature = isValid(bobsSignature) AND isValid(alicesSignature). This needs to be defined in the contract code.

ERC-1271 defines an interface to make this happen.

ERC-6492 extends it to support not-yet-deployed smart contract accounts: this enables the same address on all chains seamlessly, while still allowing the user to sign messages.

Both need to be implemented by dApps to work.

To truly create an AA experience, you must solve all of the above simultaneously. This is why EIP-3074 doesn't compete with ERC-4337, RIP-7560, or any other account abstraction ERC.

If you want to see all this visually, we suggest this slide from a talk on demystifying AA ERCs.

Mythbusting common EIP-3074 FUD

Let's start with the elephant in the room. There have been three pieces of FUD related to EIP-3074:

Allows malicious dApps to drain existing wallets in one transaction: It is true that such a signature can be produced, but there's no reason or use case for a wallet provider to ever allow dApps to get you to sign such requests. Securing this from the wallet side is much easier than securing your private key itself, and leaking a private key has the same effect.

The account retains a single master key (the original EOA key) There's an additional ERC that solves this, EIP-5003, otherwise known as AUTHUSURP, which allows the original private key to be revoked

EIP-3074 is a band-aid that doesn't bring the benefits of native AA: EIP-3074 was never meant to compete with actual AA proposals like RIP-7560. It's not a band-aid to AA; it's a migration path. We still need native AA because, as we remember earlier, it doesn't solve the transaction initiation problem.

EIP-3074 pros and cons

Pro: It creates a very easy migration path for existing users of MetaMask, Trezor, Ledger, etc., to experience the features of account abstraction on their existing accounts.

Con: It sacrifices key rotation. While all AA features mentioned above can be enabled, key rotation becomes slightly elusive because the original private key retains control over the account on all networks that have never been used, even with EIP-5003.

Mental exercise

Here's a mental exercise that will help you understand the moving pieces:

There exists an EOA, аlice.eth (0x696969..69), on the Ethereum mainnet. This EOA is cross-chain by definition, so it also exists on all rollups and EVM chains.

This EOA is solely controlled by a private key A, owned by Alice.

EIP-3074 goes live.

A malicious dApp tries to rug Alice and asks her to sign an EIP-3074 AUTH signature, authorizing a malicious contract. The wallet ignores this request and disconnects the dApp because it's well implemented, and there's no use case for ever allowing this from a dApp.

Alice clicks a button "enable Account abstraction" on their wallet provider (say MetaMask, via a Snap or Ambire, nattively). The wallet does sign an EIP-3074 AUTH signature, authorizing a contract that the wallet provider created that helps do batching, gas sponsorship, etc.

This contract is solely controlled via private key A.

alice.eth is now separately controlled by two entities: private key A (in EOA mode) and the new contract, which in itself is also solely controlled by private key A.

Alice can now do batching, but to do gas sponsorship, Alice's wallet provider needs to implement either ERC-4337 or RIP-7560 (if the network supports it), or a proprietary relayer so that Alice doesn't have to use her ETH (which is a hard requirement of the network if you want to initiate a transaction).

Alice decides to convert alice.eth to a multisig, and the wallet provider instructs the contract to revoke private key A and authorize a 2/2 multi-sig of private keys BMobilePhone and BLaptop.

However, this doesn't work because private key A still controls Alice.eth: As per EIP-3074, the original private key retains control despite being delegated to a contract.

EIP-5003 goes live on Ethereum, and it allows alice.eth to send a special instruction to the network via her wallet provider to revoke the control for private key A.

alice.eth is now successfully converted to a multi-sig, but only on Ethereum. Private key A (owned by Alice) still retains control over alice.eth on all other networks.

Ultimately, we've learned a few things:

We have done something amazing because, without EIP-3074, Alice would probably never have adopted Account abstraction.

EIP-3074 doesn't solve everything; we still need ERC-4337 and RIP-7560 as much as we needed yesterday.

EIP-3074 does not play nice with key rotation, even if we have EIP-5003. This is why we still need actual smart accounts to facilitate use cases like multi-sigs and key rotation.

As a side note, we believe that key rotation is way too new for most and a bit convoluted in a cross-chain world where you don't have the same state between all rollups and chains. Most users seem to be sticking to the one key = one account paradigm, especially with hardware wallets, which are sufficiently secure for most use cases.

FAQ

The rest of this article will be in a FAQ-esque format so we can better address some of the most common questions people have.

Does it help MetaMask get ahead?

We believe that Account abstraction companies will gain much greater value from easier onboarding UX than incumbents will from being able to offer AA features to their existing audience.

In other words, it "unleashes" the power of AA wallets over the whole addressable market, not only the early adopters willing to move their funds to a new address.

Thanks to MetaMask Snaps, many AA companies will pivot to building AA on MetaMask, which is the galaxy brain positioning that nobody except the most astute observers saw coming.

Is batching itself unsafe?

Absolutely not. You still see what you're signing. This, combined with transaction simulation, means that signing multiple actions is just as safe, and in most practical cases safer, than signing a single action.

Transaction batching is one of the most praised features of Account Abstraction

Does this help dApps adopt AA? Does it solve compatibility issues?

dApps do work with any form of Account abstraction with some exceptions:

Some dApps discriminate against smart (contract) accounts

Some dApps do not support ERC-1271

EIP-3074 magically solves both issues: accounts appear as EOAs (they have no code), so they cannot be discriminated against. As for signatures, AA-enabled (via 3074) EOAs will still sign as EOAs, so there is no drama. It will magically work with all dApps at the expense of losing key rotation.

However, if most people choose AA-enabled EOAs over pure smart accounts, it disincentivizes dApps from supporting ERC-1271 and ERC-6492, but ERC-4337 already helped raise a lot of awareness for the signature proposals.

What about revoking the original key?

You can revoke the key via EIP-5003 (which isn't planned in the hard fork yet).

One nuance to this is that this isn't a perfect solution in a cross-chain world. The EOA will always start as an EOA on every new chain you start to use, meaning that the original key can never be truly revoked. But this applies to every form of AA because the original permissions/privileges you created the account with are always what the account starts with on any new network.

EIP-3074 works better in bringing all AA features except key rotation to existing EOAs. In other words, if you choose to enable AA for an EOA, you are forever stuck with the original private key behind this EOA.

Does it kill native AA (RIP-7560)?

No, because you still need a solution to initiate the transaction, at least if you want to pay gas in a token different than the native one (or you need gas sponsorship).

ERC-4337 is one such solution that doesn't require protocol upgrades (it isn't native), but native, protocol-enshrined AA is immensely valuable, as it solves the gas overhead and complexity of ERC-4337.

But ser, what about EIP-7377

EIP-7377 allows converting an EOA to a smart account. Rather than allowing a smart contract to control the EOA alongside the original PK, this EIP allows a contract to take over the EOA in one transaction.

It can be considered an alternative to the EIP-3074 + EIP-5003, but it didn't gain as much momentum.

Closing thoughts

EIP-3074 is not a band-aid. It's extremely bullish for the future of Ethereum and the EVM ecosystem because asking users to suddenly abandon their existing accounts and transfer all their funds, staking positions, etc., to a new account (smart contract account) significantly raises the barrier to entry.

EIP-3074 will provide a new middle ground and gradual onboarding, which is exactly what we need to improve UX dramatically.

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As the Ambire Wallet community grows, so does the demand for trading and acquisition opportunities for our native $WALLET token. Recognizing the potential to enhance our ecosystem, we propose an exciting new direction for our next governance vote: introducing $WALLET to Layer 2 solution, specifically Optimism or Base.

Proposal overview

This governance proposal seeks to mint 10 million $WALLET tokens to establish a $WALLET/$ETH liquidity pool position on Uniswap V3 on Optimism or Base.

The three voting options are as follows:

Mint and bridge 10M $WALLET on Optimism

Mint and bridge 10M $WALLET on Base

Don’t bridge $WALLET

If the community supports the bridging proposal, the token will be added to the Superchain token list and bridged via the Optimism Bridge or Base Bridge.

Voting eligibility

All holders of xWALLET tokens are eligible to participate in this crucial vote. We encourage every stakeholder to review the proposal's specifics and engage in shaping the future of Ambire Wallet.

Timeline

The voting window opens today and lasts two weeks between Thursday, April 4, 2024, and Thursday, April 18, 2024.

Voting process

The voting process mirrors our previous governance votes and is pretty straightforward. Here’s how you can cast your vote:

Visit the proposal page on Snapshot.

Connect your crypto wallet holding xWALLET tokens.

Choose between one of three options.

Your voice matters in guiding the direction of Ambire Wallet and the $WALLET ecosystem. Review the details, weigh the options, and let your vote shape our collective future.

Vote now

Do you have ideas or feedback? Visit our Forum and contribute your vision for Ambire's next steps, or give us suggestions/feedback on this proposal.

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🗳 Time for another chance for the Ambire Wallet community to have an active say in the project's future!

We invite xWALLET token holders to participate in the next governance vote, which is to decide whether to:

Mint 50 million $WALLET tokens (out of a total of 350M allocated for the DAO) and further buy another 20 million from the market for a total of 70 million $WALLET tokens in order to create a deep liquidity position on Uniswap V3.

What does this proposal mean?

We want to ensure that the $WALLET token is easily obtainable so everyone can participate in the Ambire governance. We want to achieve liquidity deep enough to sustain a favorable price and fulfill the demand for the token, so we would like to create another decentralized pool.

Uniswap V3 was chosen because it's the most capital-effective solution, allowing for the least slippage with a relatively small amount of funds. Plus, it's the default DEX used in Ambire Wallet at the moment.

To achieve this, we will need to mint 50 million $WALLET tokens (out of a total of 350M allocated for the DAO) and buy another 20 million from the market.

We will pair those 70 million $WALLET tokens with $100k worth of $ETH and add a position that's going to be covering a price range that's from -35% to +35% from the current price at the time of adding liquidity.

The liquidity will be added on Ethereum on this pool, and the LP NFT will be held in our (the company's) Ambire Wallet account, secured via a hardware wallet key.

The liquidity provision will be executed at an undisclosed time up to 2 weeks after the governance vote commences.

When does the vote take place?

Voting will last for а week, and it will take place between Tuesday, March 19th, 2024, and Tuesday, March 26th, 2024. All xWALLET token holders are encouraged to review the proposal's details and participate in the governance process!

How can I vote?

You can vote if you are an xWALLET holder (xWALLET are tokens received for staking $WALLET). Anyone who owns xWALLET staking tokens has the right to cast their opinion in this governance vote.

To vote, all you need to do is connect a crypto-wallet where you have xWALLET tokens and choose your answer — it’s a simple Yes/No choice.

VOTE NOW

Do you have improvement proposals for Ambire? Visit our Forum and add your idea for the community to vote on next, or give us suggestions/feedback on this proposal.

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In December 2023, Ambire Wallet launched a Request For Proposal (RFP) to secure new, enduring partnerships with infrastructure providers for blockchain accesses (known as RPCs). The request targeted 17 potential providers, eliciting 13 detailed proposals in response. We aim to forge a lasting relationship with an RPC provider, incorporating a payment model that includes a portion of the annual fee payable in $WALLET tokens. The goal of the proposed payment model is to align incentives.

For the upcoming 12 months, we propose allocating a percentage of the total $WALLET token supply from the DAO's reserves as part of our compensation plan to the selected RPC provider. This strategy further highlights our dedication to nurturing a sustainable partnership while capitalizing on the $WALLET token ecosystem to create an advantageous framework for all parties involved.

The exact payment model will be negotiated with the RPC provider selected by the Ambire Wallet team. Whether or not the provider agrees to such a model will undoubtedly influence the selection process. However, if no provider agrees to such a model (unlikely, given the current talks with potential partners), we will return the allocation to the DAO.

The voting options

Stakeholders are presented with three options to choose from:

Allocate 0.2% of the total $WALLET token supply (equivalent to 2mio. $WALLET) as compensation for the selected RPC

Allocate 0.1% of the total $WALLET token supply (equivalent to 1mio. $WALLET) as compensation for the selected RPC

No $WALLET tokens are to be allocated as compensation for the selected RPC

Who is eligible to vote

All holders of xWALLET tokens (tokens received for staking $WALLET) are eligible to participate in this vote - we invite all stakeholders to vote!

When does the vote take place

Voting will last for 2 weeks, and it will take place between Thursday, March 7th, 2024, and Thursday, March 21st, 2024. Token holders are encouraged to review the proposal's details and participate in the governance process!

How to vote

To cast your vote, follow the 'Vote now" button below. You will have to connect your wallet where you hold your xWALLET tokens and select one of three choices from the proposal.

VOTE NOW

Do you have improvement proposals for Ambire? Visit our Forum and add your idea for the community to vote on next.

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It is time for another development update! We have been busy building since we last shared an update in November 2023.

Here are just some of the highlights of the past couple of months:

Ambire’s 2nd birthday

Ambire Wallet celebrated its second birthday in December 2023. After only 2 years of existence, Ambire Wallet has more than 117,000 registered wallets, and its users have saved more than $27,000 in gas fees thanks to transaction batching!

Some significant new features were also introduced to the wallet to elevate the user experience, too. Check it all out:

Ambire Wallet’s 2024 Roadmap

It is no surprise that the focus for 2024 will be on the much anticipated Ambire Wallet browser extension. Its development is in full swing (and early testing has begun - more on that later).

Have a look at what we have in store for this year:

2024 events

We have started planning the 2024 events calendar for Ambire. The first event where you will be able to hear our co-founder and CEO speak and meet the team will be at EthereumZuri.ch in Switzerland between the 5th and 7th of April:

🤓 We've got more scoop on #AccountAbstraction!
Join @Ivshti, CEO of @AmbireWallet, to demystify AA EIPs at #EthereumZurich!

🗓 April 5-7, 2024
Get involved or grab your ticket!🎟️
🔗https://t.co/CzxynlFOon pic.twitter.com/Yt5kf0H41a

— EthereumZuri.ch (@EthereumZurich) February 23, 2024

We will be announcing more events on our X (Twitter) account and in our communities for the year, so stay tuned!

DeFi Bull Camp

We at Ambire geared up for the upcoming bull run with our DeFi Bull Camp. This community promotion helped users explore the wallet’s amazing features together with partner DeFi protocols Lido & GMX. The best part is that there were rewards for the most active users who dived into token swaps, liquid staking, and perpetual swaps. You can read more about it here:

What else happened

Ambire’s co-founder and CEO, Ivo, also joined Bankless for a great Spaces on X (Twitter) session, discussing why Account abstraction is the future of Ethereum. You can listen to the recording here if you missed it.

Ambire Wallet added liquidity to $WALLET trading pairs to meet higher demand - the $WALLET token has gained almost 300% in the last three months!

We started a waitlist for the closed beta of the upcoming browser extension. Over 1,500 people are queuing up to get their hands on Ambire V2.

Ambire Wallet’s community voted on extending the xWallet staking with an additional 4% (of the total supply) for the next year. This is a result of the success of the staking initiative so far - more than 64% of the circulating WALLET supply is currently staked.

And now for the star of the show…

The Ambire Wallet browser extension

Ambire Wallet is already one of the best AA smart contract wallets out there. But what if you could use just one wallet to store, manage, and invest ALL of your crypto assets? Meet the Ambire Wallet browser extension - a secure, self-custodial hybrid solution for all your Web3 needs. How do we achieve this? Thanks to key features (currently being vigorously tested while we prepare for the public launch), such as:

EOA & smart account support

The browser extension comes with a major upgrade of what you may already know in Ambire Wallet: currently, you can use a Basic Account, a.k.a Externally Owned Account (EOA), to sign transactions. In the extension, you will be able to import Basic Accounts or connect with a hardware wallet. This functionality allows you to send transactions from them and sign messages. Both Basic and Smart Accounts can be managed with hot and hardware wallets too!

What does this mean in a nutshell? Ambire Wallet does everything that Rabby, Metamask, etc, do - but combined with the power of Smart Accounts!

You can now import Basic Accounts (EOAs, or existing hot wallets) in the Ambire Wallet browser extension

Add any EVM network

Extension users will be able to add any EVM network themselves (zkEVM networks, too, but they will only be supported by Basic Accounts). And the best part? Users could deploy Ambire Wallet on the new networks - something that traditionally has to be done by the wallet team. This further enforces the principles of Web3 - user empowerment, ownership, and decentralization, just to name a few.

Ambire Wallet browser extension users will be able to add any EVM network

Transaction batching & transaction simulation on any chain

When using a smart account, you can batch transactions and sign as one to save on gas fees as you have done in the Ambire Wallet web & mobile app.

Additionally, the browser extension equips power users with advanced transaction simulation on any chain! This way, you can see how your balance will be impacted and the transaction's outcome before you even sign it - a superb security feature to prevent malicious dApps.

You can queue multiple transactions and sign later (for smart accounts), and you can preview the outcome of the transaction

That’s not all, of course

The Ambire wallet browser extension brings much more than we just showcased. The much beloved Gas Tank is, naturally, there (with automatic cashback). You can pay for transactions in stablecoins and other tokens - simply select which currency you’d like to pay with upon signing the transaction. The best thing is that the Gas Tank is network agnostic, and you can top it up on one chain but use it on all available ones.

The extension also comes with native ERC-4337 support, which will be enabled by default (using Pimlico as the bundler solution).

Furthermore, you can personalize accounts added to the extension - this way, you won’t have to guess which account is which.

Final words

We cannot wait to share the extension with you. The unique combination of features, e.g., native ERC-4337 support, smart account + EOA support, the ability to add any EVM network, etc., makes the Ambire Wallet browser extension your all-in-one tool to participate in any aspect of the Web3 ecosystem.

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We’re thrilled to announce the on-chain launch of our Web3 on Fire Season 1 back catalog on PODS.media. In celebration of this milestone, we're offering an exclusive opportunity for our dedicated community: a free mint of our Season 1 episode featuring Ambire’s CEO, Ivo Georgiev. In partnership with Rehash, we're launching a JokeRace contest, presenting a unique chance for you to influence the "Web3 on Fire" future guest lineup. You can vote for the guests and topics you want to hear in Season 2, shaping the content to your interests and likings.

Free mint for our community

As part of our launch, we're providing free mints of our back catalog available exclusively to our community members on Guild.xyz. This is your chance to collect and own a piece of the "Web3 on Fire" legacy. As a free public mint, we're also releasing S01E13 with our founder, Ivo Georgiev.

Why join us?

Minting our S01 catalog is just the beginning. Becoming a collector will unlock new avenues to engage with our platform and influence the future of "Web3 on Fire."

Here's what's in store for you:

Selecting new guests: Have a say in who you listen to next. Your voice can bring your favorite thought leaders onto our show.
Picking Topics: Influence the conversation. Suggest and vote on topics you're passionate about.
Exclusive Benefits: Enjoy direct interactions and other unique perks designed just for our community.

Here’s how to mint

It's easy to start your collection. Just follow this instructions:

Visit our page on PODS.media.

Connect your wallet by selecting ‘Connect Wallet’ in the upper right corner. Switch the network to Optimism.

Select an episode you want to collect. For example, Episode 0x013. On the episode page, click ‘Collect’ and sign the transaction.

Congrats! You have collected the episode!

If you're using Warpcast, look for a special frame on our channel and mint from there. Keep an eye out for the pinned message for instructions.

A new collaboration: Rehash JokeRace contest

In an exciting partnership with Rehash, we're introducing a Jokerace contest to vote for nominated guests for Season 2 of "Web3 on Fire." This is your opportunity to help shape the future of our podcast.

Voting results for Season 07 of Rehash

The votes for Season 07 of Rehash have been tallied. We’re focusing on the top 10 nominees who didn't quite cut last time. This round, we're broadening our voting base to include eligible voters from previous Rehash seasons and the Ambire Wallet community, creating a larger pool of voters to select their favorite topics and guests.

Contest duration and votes

The contest will last for 7 days and feature a wide array of guests and topics available for voting. Cast your vote for your preferred guests, and the top 5 will be featured in an upcoming episode of the Ambire Wallet's “Web3 on Fire” podcast. Each qualified wallet can enter a maximum of 500 votes. Those votes can be spread across any number of submissions.

Join us now

This is more than a podcast; it's a movement. By engaging with our back catalog and participating in our community-driven initiatives, you're not just listening to a podcast but shaping the future of Web3 content.

Don't miss out on this unique opportunity. Start minting, voting, and becoming a part of something bigger. We can't wait to see where you take "Web3 on Fire" next.

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