More than 1,000,000 wallets upgraded to smart accounts using EIP-7702 last month. We hit that milestone way faster than I expected.

Sadly, 99% of those upgrades were hackers converting wallets with previously leaked private keys. They programmed these accounts to automatically transfer stolen funds to them.

I still believe millions of regular users will upgrade their wallets this year.

Hackers jumped on 7702 quickly because smart account features like automatic actions and bundled txns help them steal faster. But wallet companies are moving slowly because:

- They have to be absolutely perfect with security. If the 7702 account code of a major wallet gets hacked, it would be devastating

- Adding 7702 upgrades would make their apps 10X better for users, but it won't directly increase revenue