TL;DR
Product enhancements: The Ambire Wallet extension gets a new account creation/import flow, with DeFi position tracking and built-in swap and bridge features coming soon.
Account abstraction adoption: Ivo, Ambire’s CEO, addressed aa adoption challenges and talked about hybrid account abstraction, which allows us to support EOAs (Basic Accounts) and Smart Accounts within the same wallet, greatly improving the Web3 UX.
Governance votes: 195M $WALLET tokens will be allocated as incentives for early extension users, and a new vote underway will decide the incentive distribution structure.
Ambire at Devcon7 SEA: The team heads to Bangkok to co-host the Web3 Marketers Summit, participate in Abstract Bangkok, and hand out cool swag.
Did you join our second community call on Discord? If not, don’t worry! We've got you covered. Soon, we will upload the full video from the call to YouTube and, meanwhile, decided to post a recap of all the important points discussed.
Hosted by Aljaž Kanalec, Ambire’s Community Manager, the call featured Ivo Georgiev (Co-Founder and CEO of Ambire) and Ivan Manchev (Head of Marketing at Ambire). It was packed with fresh product updates, governance news, and a few hot takes on account abstraction—plus some teasers for Devcon7 SEA in Bangkok, Thailand.
This session was about keeping the community up-to-speed on Ambire Wallet’s public launch, new security features, and the team’s approach to solving chain fragmentation. If you missed the live event, here’s the full rundown on what’s coming to your favorite wallet.
Major product updates for Ambire Wallet
Kicking off the product updates, Ivo shared thoughtful changes to the Ambire extension’s user experience, highlighting a more intuitive layout. Users can now easily differentiate between account types, whether using a Smart Account, an EOA, a.k.a Basic Account, or an account linked to a hardware wallet. For those with ENS addresses, these are now easier to spot within the wallet interface.
Distinguishing accounts and signer keys in the extension got better
Ambire’s refined sign-up and account import flow has streamlined the process for users migrating from wallets like MetaMask or Rabby. By improving these steps, Ambire reduces friction, particularly for those already familiar with other wallet setups, making it quicker and easier to get started on Ambire.
Creating or importing an account into the extension is more straightforward and intuitive
Innovative features to power user experience
Ivo dove into the upcoming built-in swap and bridge feature, describing it as a “next-level convenience” for users moving assets across networks. This built-in functionality lets users swap tokens on the same network or bridge to other networks in a few clicks while the extension handles the rest. This feature, built to be as intuitive as possible, aims to simplify cross-chain transactions and reduce the hassle of using separate tools.
Another major update is Ambire’s ability to show users’ DeFi holdings within the dashboard, pulling positions from platforms like Uniswap and Compound. Now, users can see a comprehensive view of their net worth in one place without checking DeFi balances elsewhere. Ivo highlighted this feature as designed for those heavily involved in DeFi, saying it “takes the friction out of tracking everything.”
One of Ambire’s standout features is its Gas Tank, which allows users to pay for gas using any token on any network. Ivo underlined this feature’s privacy benefits, as users no longer need to transfer native tokens from centralized exchanges each time they use a new network. This functionality is especially valuable for those who interact across chains, as it not only improves ease of use but also helps maintain privacy.
The Gas Tank modal shows you the total savings and cashback you received by paying gas with the Gas Tank
Empowering users with Smart Accounts
Ivo further explained how Ambire sets a new standard by enabling users to “unlock” Smart Accounts directly from their existing hardware or software wallets—like Trezor or Ledger—without requiring extra steps. This is something unique to Ambire, and no other wallet has it, removing the barrier of additional account creation. This makes integrating Smart Accounts straightforward and intuitive for users coming from EOAs on MetaMask or similar.
Ivo pointed out that Ambire’s Smart Accounts combine familiar security with the perks of account abstraction. Ambire’s approach, he said, is about allowing users to use existing devices while adding functionality like transaction batching and limited token approvals. This way, users benefit from Ambire’s advanced features without leaving their comfort zone.
Ambire is the first smart contract wallet to make transaction batching accessible.
The benefits are undisputed:
➡️ Reducing transaction costs on Ethereum a lot
➡️ Bundling many transactions and submitting them all together
➡️ No infinite approvals - no token approval risk pic.twitter.com/JGfRo0pi1E
— Ambire Wallet (@AmbireWallet) May 1, 2024
Ambire security enhancements you can count on
Ivo shared that one of the most significant security enhancements is transaction simulation, allowing users to preview transactions on any supported network. It’s a feature he sees as essential for confidence, particularly because of its ability to flag transactions that would significantly reduce an account’s balance. “It’s all about providing an extra layer of assurance without complicating the process,” he said.
On-chain transaction simulation shows your future portfolio balances before you sign the transaction
Ivo also highlighted Ambire’s approach to token approvals as a valuable security layer. Using transaction batching, Smart Accounts can limit approvals to specific amounts rather than setting infinite permissions, which can be risky and resulted in $470M in stolen assets since 2020. This way, users can make swaps and bridge transactions without exposing their tokens to unnecessary vulnerabilities.
For users managing assets across networks, Ambire’s new balance alert adds an extra layer of control. If a transaction would result in a significant balance decrease, users receive a prompt to review and confirm. This straightforward feature enhances oversight, which is especially helpful for users juggling multiple accounts or complex assets.
I hear you like security features ☂️
🆕 Ambire alerts you about significant asset outflows before signing the transaction.
Curious, what's your thought process before signing transactions? pic.twitter.com/bfXLj545aV
— Ambire Wallet (@AmbireWallet) September 30, 2024
Advancing cross-chain usability
Ambire is pushing the boundaries on cross-chain usability by offering a unified dashboard that displays all balances across networks. Ivo explained that with this setup, users no longer need to manually switch between networks. Instead, they get a clear view of their entire portfolio at a glance, reducing complexity and simplifying multi-chain management.
Ambire's unified portfolio dashboard shows all your tokens on any chain
Another cross-chain feature Ivo emphasized was the built-in swap and bridge functionality. By letting users swap tokens and move assets seamlessly across networks, Ambire is tackling chain fragmentation with convenience. “We’re aiming for true chain abstraction,” Ivo said, describing how Ambire enables users to act across chains without juggling multiple tools or accounts.
Ivo shared his thoughts on what makes Ambire unique in cross-chain support. He described Ambire as one of the few wallets that combine the flexibility of EOAs with the programmability of Smart Accounts, effectively preparing for any future chain developments. According to Ivo, this “real chain abstraction” vision will allow Ambire to support both current and future networks seamlessly, maintaining a consistent user experience.
Account abstraction: addressing the real challenges
During the call, Aljaž brought up a provocative opinion circulating on Twitter: Has account abstraction failed? The tweet argued that despite being live for over a year, most power users still prefer EOAs (Externally Owned Accounts) over Smart Accounts. This sparked a deeper conversation from Ivo, who tackled why account abstraction hasn’t gained mass traction and how Ambire addresses these challenges.
He acknowledged that while account abstraction offers powerful features, its adoption has been slower than expected. He pointed out that much of the industry has focused on onboarding retail users, often overlooking the needs of crypto-native users who would benefit most from these functionalities. In Ivo’s view, this retail-first approach has somewhat “over-optimized” the onboarding experience while leaving advanced crypto users underserved.
Most AA wallets have been trying to jump over crypto natives and existing users and jump directly to “the next billion” and retail which simply doesn’t exist atm, plus they can’t match CEX UX due to chain fragmentation.
We need an AA wallet built for crypto natives (we’re…
— Ivo e/acc (@Ivshti) September 19, 2024
Part of the issue, Ivo explained, is the developer experience with ERC-4337. This standard, while revolutionary, can be daunting for newer developers due to the number of competing EIPs (Ethereum Improvement Proposals) around account abstraction, all of which require specialized knowledge. Ivo suggested that clearer documentation and simpler onboarding for developers would help speed up the adoption of these features, making account abstraction more accessible.
He stressed the importance of building account abstraction with crypto-native users in mind, saying they are more experienced with self-custody and multi-chain environments. Crypto natives, he believes, will eventually drive wider adoption as these advanced features mature. “Retail adoption will come later,” he said, noting that today’s crypto natives are more equipped to embrace self-custodial features than retail users, who still often prefer centralized exchanges for ease of use.
Ivo is optimistic about EIP-7702, which is expected to bring more compatibility and ease of use for Smart Accounts across dApps. This proposal addresses friction points like message signing and transaction batching, simplifying the use of Smart Accounts within the ecosystem. He sees EIP-7702 as a potential catalyst that will make account abstraction more accessible, particularly for developers, and improve the overall user experience when it goes live next year.
Community-driven governance and voting
Ivan took the community through recent governance updates, specifically regarding incentives for early adopters of the extension. A recent vote saw the allocation of nearly 195 million $WALLET tokens to encourage early engagement, with prior votes shifting rewards from web and mobile to the browser extension launch. This incentive strategy, Ivan noted, concentrates rewards where the Ambire team sees the most potential impact.
The latest governance vote, now live, invites the community to weigh in on how these incentives should be distributed, specifically deciding if EOAs and v1 account Smart Accounts should get an allocation.
Governance vote asking the community to decide if imported accounts into the extension get incentives
Ivan shared insights into Ambire’s evolving governance model, which now involves community feedback in proposal drafts before they go live for voting. By sharing drafts on Discord, the team allows community members to shape proposals before they’re finalized. This approach, Ivan believes, has led to more relevant and community-aligned governance decisions, with active discussions that help prioritize what matters most to users.
Ambire at Devcon7 SEA: What to expect
Ivan shared the team’s excitement for Devcon7, where they’ll connect with the Ethereum community in Bangkok. Ambire is attending with a focus on account abstraction and chain abstraction, both key themes for the wallet’s development. Devcon7 is expected to draw over 12,000 attendees, making it a prime opportunity for Ambire to showcase its latest features and vision.
Ivo will speak on two panels at Abstract Bangkok, a major side event organized by Argent. The first panel, “Smart accounts vs. smarter EOAs,” will cover the latest developments in account abstraction, with hints at EIP-7702. In the second panel, Ivo will discuss the challenges and opportunities for builders in the account abstraction space—a topic close to Ambire’s mission.
Account Abstractooors unite at Abstract Bangkok 🫂 See ya! https://t.co/VbNaYPLwgL
— Ambire Wallet (@AmbireWallet) October 11, 2024
Besides the panels, the Ambire team is co-hosting the Web3 Marketers Summit, an event organized by AdEx. Ivan noted that while the team won’t have a booth at the main event, they’ll be available to connect with the community, answer questions, and discuss everything Ambire. This will allow attendees to meet the team informally and potentially get early access to the Ambire browser extension.
Wrap-up and what’s next for Ambire
With product development in full swing and a community-centric extension launch campaign, Ambire is preparing for its next big steps. The team’s focus on Smart Accounts, cross-chain usability, and an evolving governance model empowering DAO users set a clear direction for the wallet’s future.
If you’d like to participate in shaping the future of Ambire Wallet, join the conversation on Discord and Telegram, and follow Ambire on X (Twitter) and Farcatser for the latest updates.
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