OKX officially launches AA smart contract wallet

Author: OKX

On August 2, 2023, global leading Web3 technology company OKX announced the official launch of the OKX Web3 wallet, which now features an AA smart contract wallet that will support users in paying Gas fees with stablecoins USDT/USDC across multiple chains. Additionally, in future development iterations, the AA smart contract wallet will soon support more new features such as social recovery, allowing users to recover their accounts through trusted individuals in their social networks even if they lose their private keys.

The OKX Web3 wallet is one of the first wallets to support multi-chain account abstraction. With the AA smart contract wallet, users can interact with multiple contracts in a single transaction, greatly enhancing the multi-layered needs of advanced users while also increasing convenience for novice users, thus creating a more user-friendly and intuitive wallet experience.

OKX Chief Innovation Officer Jason Lau stated, "Our goal is to provide users with the most convenient, secure, and powerful Web3 platform, and the OKX AA smart contract wallet will play a crucial role in achieving this goal. Account abstraction technology will facilitate the widespread application of Web3 and bring new use cases and user experiences. We will continue to develop based on this technology to provide users with more new functional services."

Account abstraction simplifies cryptocurrency asset transactions by supporting the creation of Web3 wallet accounts and hiding more technical details of on-chain interactions behind a more accessible and user-centered interface. This is achieved by merging the user's smart contract and externally owned accounts (EOA) into a single "smart account," providing a more unified Web3 experience.

The AA smart contract wallet built on account abstraction technology simplifies the complexities of blockchain transactions. For example, one of the biggest pain points users face is the need to navigate complex transaction processes and understand technical terms such as "Gas Fees" and "Gwei." The AA smart contract wallet addresses this pain point by reducing the steps required for token swaps or exchanges to just a single click.

OKX Chief Marketing Officer Haider Rafique stated, "We are committed to prioritizing security and interoperability when building our Web3 wallet and applications for our customers and the broader DeFi community. The OKX Web3 wallet now supports over 60 public chains, and in addition to features like MPC wallets, we have officially launched the AA smart contract wallet, which not only allows users to transact across multiple blockchains without using their specific native tokens but also soon to launch social recovery features. This is a significant change, and we believe the AA smart contract wallet will make transactions between different chains smoother."

Advantages of the OKX AA Smart Contract Wallet:

Gas Related

• Users do not need to use native tokens of public chains to pay Gas fees

• Use stablecoins USDT/USDC to pay Gas

• When interacting with DApps via the Discover browser and web interface, the AA wallet can also enable third-party Gas payment.

Simplified Token Swaps and Staking

• The AA smart contract wallet merges multiple stages of on-chain DEX, DeFi swaps, and staking processes into a single step, allowing users to complete token swaps and earn interest with just one click.

The OKX Web3 wallet is not only the first AA smart contract wallet to support the seven major public chains including Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and OKT Chain, but also the first wallet to support MPC technology across 37 public chains. By splitting the user's private key into three parts, it eliminates the need for traditional written records of private keys and mnemonic phrases, greatly enhancing security and eliminating single points of failure.

About OKX

As a global leading Web3 technology company, OKX offers a one-stop Web3 product suite to meet the needs of both beginners and professionals, including:

• OKX Wallet: The world's most powerful, secure, and versatile crypto wallet, supporting over 60 public chains, with a unified app, plugin, and web interface covering five major areas: wallet, DEX, DeFi, NFT marketplace, and DApp exploration. It also supports features like Ordinals market, creating MPC wallets, exchanging Gas, iCloud/Google Drive backup for mnemonic phrases, custom networks, and connecting hardware wallets.

• DEX: The most powerful DEX and cross-chain aggregator, aggregating over 10 cross-chains, 20+ public chains, 300+ DEXs, and over 3 million tokens. It achieves optimal pricing with zero transaction service fees through X Routing smart routing, allowing users to execute a single transaction across multiple DEXs. It also features a DEX market section, limit orders, and KYT security checks for convenience.

• Marketplace: The OKX Web3 marketplace, featuring two major trading markets: Ordinals and NFT markets. The Ordinals market supports one-stop trading, inscribing BRC-20 assets, and BTC NFTs. The NFT market is a zero-fee multi-chain aggregation platform that integrates creation, collection, and trading functions, supporting both primary and secondary market transactions. It provides real-time access to orders from mainstream NFT platforms such as OpenSea, MagicEden, Looksrare, IMX Official, Element, and Blur, allowing one-click listing across multiple platforms. It supports 13 popular public chains including ETH, SOL, BSC, and OKTC.

• DeFi: A one-stop on-chain investment platform that aggregates over 10 public chains, 60+ projects, and 200+ protocols, supporting one-click cross-coin investments, automatic yield calculations, and more gas savings, making DeFi investment extremely simple.

OKX collaborates closely with many world-class brands and athletes, including Premier League champions Manchester City F.C., McLaren F1 Team, Olympic snowboarder Scotty James, F1 driver Daniel Ricciardo, and the Tribeca Festival, aiming to enhance fan experiences through innovative interactions.

As a leader in building innovative technology products, OKX dares to challenge the status quo and recently launched a global brand campaign called The System Needs a Rewrite, advocating for a new paradigm led by Web3 self-management technology. For more information about OKX, please download our app or visit: okx.com

Disclaimer

This article is for educational and learning purposes only and does not constitute, nor should it be construed as, an offer, solicitation, or recommendation of any trading products (including NFTs, etc.) as financial or investment advice. The OKX Web3 wallet and OKX NFT marketplace are both subject to the separate terms of service at www.okx.com.