Smart Contract AA Wallet Inventory: The "Future Wallet" Most Favored by Vitalik?

Author: defioasis, Colin Wu

Editor: Colin Wu, Wu Says

In August, the number of active multi-chain smart contract wallet accounts (ERC-4337) reached 443,600, continuously setting historical highs. Among them, Arbitrum reached 213,100, Optimism reached 153,500, Polygon reached 49,700, and Base reached 22,900; in August, the number of multi-chain smart contract wallet accounts cumulatively executed over 840,000 successful transactions (UserOps), a month-on-month increase of 45.6%. Unlike July, where 96% was concentrated on Polygon, in August, UserOps flourished across multiple chains including Optimism, Arbitrum, Polygon, Avalanche, and Base; multi-chain Paymasters represented user payments for UserOp gas fees exceeding $360,000, a month-on-month increase of 742%.

(Data Source: Dune)

The smart contract wallet was first introduced by Argent, and account abstraction ERC-4337 formally established this branch of smart accounts. Unlike the EOA addresses generated by general wallets, Argent deploys a smart contract to represent the user address; users can generate/recover Argent private keys through social means to sign transactions, which are then sent to the Argent relayer for submission using the private key. However, the Argent relayer is still an EOA address, calling the smart contract wallet with the signed transaction. Account abstraction ERC-4337 further deepens the split in the relayer structure, theoretically allowing anyone to create their own validation structure, enabling features such as transaction bundling (bundlers) and gas fee payments (Paymasters).

As of September 7, the number of multi-chain smart contract wallet accounts has exceeded 778,000, cumulatively executing over 1.6 million transactions, among which the number of Polygon smart accounts reached 372,000, accounting for 47.7%; Base reached 235,000, Arbitrum reached 215,000, and Optimism reached 163,000. This article will review the currently most widely used multi-chain smart contract wallets.

ZeroDev Kernel

ZeroDev Kernel is the most widely deployed smart contract wallet on major EVM networks, with over 580,000 accounts deployed across multiple chains. Users can create hosted and non-hosted smart contract wallets using ZeroDev or convert EOA wallets into smart contract wallets through wallet-as-a-service (WaaS) solution providers. ZeroDev features gas sponsorship, transaction batching, session keys, social recovery, automated transactions, and multi-signature capabilities. Additionally, ZeroDev allows developers to build DIY smart contract wallet plugins to extend wallet functionality.

ZeroDev Kernel is one of the 18 selected projects for the first Ethereum Foundation Account Abstraction Grant (AA Grant). Kernel has been open-sourced and completed an audit by Kalos (formerly Haechi Audit), and it promises to complete audits for all plugins developed before listing them.

Biconomy

Biconomy provides a modular SDK that introduces smart contract wallets (SCW) as a fundamental component of the system, specifically designed for building dApps with ERC-4337 account abstraction. Smart accounts using the Biconomy SDK have been deployed over 40,000 times across multiple chains, primarily concentrated on Polygon. The Biconomy SDK brings a Web2-like experience to dApps in a non-custodial manner, with currently implemented features including social account login, creation and recovery onboarding experiences; fiat on-ramp for buying or selling cryptocurrencies within dApps; users pay no gas fees, with sponsors covering costs for user interactions; gas fees can be paid with any ERC-20 token; and custom transaction bundling, allowing users to perform multiple actions in a single transaction, even across multiple chains.

Biconomy completed $10.5 million in funding in 2021, with investors including Coinbase Ventures, Binance Labs, Fenbushi Capital, and Huobi Ventures, and has issued the BICO Token, with a market cap of approximately $138 million. Biconomy has completed contract audits for smart accounts and Paymasters by Kawach io and Zellic.

CyberAccount

CyberAccount is a smart contract wallet launched by the decentralized social network CyberConnect. Due to its association with the CYBER airdrop, CyberAccount brought significant traffic to the deployment of smart contract wallet accounts on the Polygon and Optimism networks at the end of July and early August. CyberAccount uses the Zerodev architecture and has deployed over 490,000 smart contract wallet accounts. CYBER will be used for pricing and gas payments for CyberAccount. CyberAccount includes four key components: responsible for defining user authentication and authorization within the CyberConnect protocol; compatible with ERC-4337, having collaborated with StackUp and Pimlico to deploy internal bundling and payment solutions; complementary to CyberID, with part of the CyberID registration fee refunded to CyberAccount in the form of gas credits; and organizational accounts, providing advanced account management features such as multi-signature and customizable access control rules.

CyberConnect has raised a total of $30.4 million from 2021 to 2023 (including public sales), with investors including Animoca Brands, IOSG, Delphi Digital, and Protocol Labs, and has issued the CYBER Token, with a market cap of approximately $66 million. CyberAccount has open-sourced its code.

Alchemy Account Factory

Alchemy is a Web3 development platform that helps developers build and scale dApps, providing various APIs such as Bundler and Gas Manager to help developers create smart account wallets compliant with ERC-4337 standards. The smart account Account Factory (0x94…6454) deployed using Alchemy API is close to 250,000, with Arbitrum reaching 237,000, making it the largest Arbitrum smart contract wallet deployer.

Alchemy has raised a total of $545 million from 2019 to 2022, with investors including Coinbase Ventures, a16z, Pantera Capital, and Redpoint Ventures.

Echooo Wallet

Echooo is a smart contract wallet powered by ERC-4337 that combines MPC and AI, optimized for small screens, suitable for mobile users, gas optimization, and features MPC protection for EOA + smart contract account vault mixing. Through collaboration with zkSync, Echooo Wallet has become the largest smart contract wallet on zkSync Era, with over 10,000 smart accounts deployed on zkSync. Additionally, there are over 7,300 smart accounts deployed on Polygon, with multi-chain gas fees exceeding $13,000.

Echooo Wallet completed $15 million in funding in July this year, with investors including Skyview Capital and A&T Capital. Echooo has completed an audit by Coinspect.

Other smart contract wallets that received Ethereum Foundation grants (most are in early development stages with no finished products or closed testing status)

MynaWallet

MynaWallet focuses on the Japanese market, allowing users to integrate with their government-issued personal identification Myna Card. Through Myna Card, Japanese users will be able to seamlessly make cryptocurrency payments on MynaWallet.

QR Seal

QR Seal is a multi-signature wallet that achieves privacy protection and gas optimization through account abstraction and Schnorr signatures. With QR Seal, all signatures are performed off-chain, currently done in person by scanning QR codes between devices. Once everyone has signed the transaction, it will be broadcast on-chain.

ZKP-based Account Abstraction Wallet by IoTeX Team

Created by two senior researchers from the IoTeX team, this ZKP-based account abstraction wallet includes wallet operations through Web2 authentication, social recovery using Web2 social media status, and initialization operations using mainstream Web2 payment channels as zero-balance wallets.

Tokensight

An open-source WebAuthn wallet, based on a full-chain gas cost optimization WebAuthn signature verification solution, without using any type of MPC architecture, thus providing maximum security and decentralization.

Hexlink

Hexlink aims to provide all ENS domain name users with usable ERC-4337 compatible smart accounts through EIP-4972. Through Hexlink, ENS domain holders can export a unique smart account exclusively deployed by the domain owner, facilitating the migration of ENS users from EOA to smart accounts.

UniPass

UniPass has launched an account abstraction SDK for developers, providing a seedless, gasless user experience based on smart contract wallets, and has introduced on-chain signatures for verifiable ID Tokens in the OpenID Connect protocol for new user login and recovery solutions. In May of this year, UniPass and hardware wallet developer Keystone announced their formal merger to establish Account Labs.

Clave

Clave is a non-custodial smart contract wallet supported by account abstraction and hardware components (such as Apple Secure Enclave Hardware Elements, Android Trustzone, etc.).

References:

https://web3datadegens.substack.com/p/web3-sql-weekly-8-analyzing-account

https://mirror.xyz/erc4337official.eth/hRn_41cef8oKn44ZncN9pXvY3VID6LZOtpLlktXYtmA