OKX adds account abstraction support to proprietary cryptocurrency wallet

  • The OKX wallet now has a Smart Account feature, based on the EIP-4337 concept. 
  • This account format brings a number of benefits, including social recovery, delegation of gas fees and the ability to redeem fees with stablecoins, the firm said. 

The OKX cryptocurrency exchange announced that it has added a new feature to its cryptocurrency wallet, Smart Account. Among other things, it allows you to pay for gas in USDT and USDC. 

Smart Account gives you the ability to combine a user’s smart contracts and their external accounts into a single system. The function is based on the concept of account abstraction (EIP-4337). 

The main advantage of this standard is social recovery. The user can select “guardians” from among contacts who will receive a snippet of the account access code. 

Smart Account also has other benefits, OKX emphasized. These include batch transactions, the ability to delegate gas fees, automating commission subsidies and more. 

Users of Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche and OKTC will initially have access to Smart Account, the exchange said. The company promises to expand this list at a later date. 

“Our goal is to provide users with the most reliable, secure and powerful Web3 gateway,” emphasized the exchange’s Chief Innovation Officer Jason Lau. 

Remember, the co-founder of the Ethereum project spoke at length about account abstraction at both EDCON 2023 and the Ethereum Community Conference (EthCC6). ConsenSys actually believes that this is the concept that will bring the next billion users into the cryptocurrency sphere.