0xKofi

Metamask have added a button to the UI that makes it easy to upgrade to a smart account (using EIP-7702)

The smart account revolution is just getting started. Ethereum UX is about to get really good really fast.

"State of Smart Accounts 📊✨"

I gave this talk at @zuberlin yesterday. Shared the latest trends in smart account adoption data and predictions on what comes next.

Link in next tweet 🔗
15 min runtime 🕐

Last week, 150,853 EIP-7702 smart accounts made an onchain action.

~67% of these accounts were authorizing a criminal contract designed to drain their funds at time of txn. Huge thanks to the @wintermute_t research team for their work labelling criminal contracts.

The four types of actions a 7702 account can make are
- ERC-4337 UserOps: Actions done using ERC-4337 UserOperations
- Self-initiated txns: Transactions where the smart account runs its own code
- Relayed actions: Actions initiated by a third-party wallet that calls the smart account's code (without using 4337)
- EOA txns: Regular transactions where the smart account didn't use its code

Follow @Adam_Tehc and @JDHyper for data-driven insights into the degen trenches

In the past week, every time I've searched for a launchpad or trading platform on @Dune their names have popped up first. Hard workers.

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

This weekend, more than a million wallets authorised these contracts using EIP-7702. Does anyone know who they belong to? They are not verified on etherscan

0x1ee8e3b6ca95606e21be70cff6a0bd24c134b96f
- on Base

0xcefd060da801a3f004d6b307f4cab943d1c9b45b
- on Optimism

|@0xbbbb_eth has built a beautiful L2Beat-for-EIP7702 dashboard

Lots of great insight into different EIP7702 smart account implementations:
- TVL
- Features (eg. Batch calls)
- Method of transacting (eg. ERC4337 bundles)
And more!

Link in next tweet

EIP-7702 launched last week. More than 25,000 wallets are currently upgraded to EIP-7702 smart accounts.

- 13,013 on Ethereum
- 5,588 on OP Mainnet
- 5,261 on BSC
- 2,851 on Base
- 229 on Gnosis

EIP-7702 launched last week. More than 25,000 EIP-7702 smart accounts are live right now.

(1) 6.9k are @WhiteBit accounts
(2) 4.8k are @MetaMask accounts
(3) 4k use an unknown account implementation [0x497...268]
(4) 3.4k are @okx accounts

If one EOA
- authorizes the Metamask Delegator account implementation on one chain
- authorizes the Ambire account implementation on another chain would you count that as two EIP-7702 smart accounts or one?

Only a few EOAs have upgraded to smart accounts since EIP-7702 launched last week.

Within the next quarter, I predict most major wallets will add a 7702 auth button. Then millions will upgrade.

More than 14,000 wallets are currently upgraded to EIP-7702 smart accounts
(not sure how best way to phrase that. "currently upgraded"? "live"? "enabled"? what do you think?)

- 5,114 on Ethereum
- 4,192 on OP Mainnet
- 4,163 on BSC
- 556 on Base
- 152 on Gnosis
- 4 crosschain

Around 4pm UTC today EIP-7702 will be enabled on all the Superchain L2s

Fixing Ethereum UX doesn't end with Pectra. Pectra was just the beginning.

𝟳𝟳𝟬𝟮 𝗶𝘀𝗻'𝘁 𝗮 𝘄𝗶𝗻 𝘂𝗻𝗹𝗲𝘀𝘀 𝘄𝗲 𝘂𝘀𝗲 𝗶𝘁.

(1) Wallets like Metamask need to make it easy to upgrade your EOA to a smart wallet. Add an "upgrade" button.

(2) Apps need to be smart wallet compatible. For example, DEX interfaces should detect if you have a smart wallet and automatically enable single transaction approve+swap.

Fixing Ethereum UX doesn't end with Pectra. Pectra was just the beginning.

7702 isn't a win unless we use it.

(1) Wallets like Metamask need to make it easy to upgrade your EOA to a smart wallet. Add an "upgrade" button.

(2) Apps need to be smart wallet compatible. For example, DEX interfaces should detect if you have a smart wallet and automatically enable single transaction approve+swap.

Ethereum EIP-7702 metrics for 2025-05-07
✨Authorizations: 1,103
⚡️Set Code Transactions: 377
📜Authorized Contracts: 29

EIP-7702 launched on Ethereum 24 hours ago. Here are the top Authorized Contracts so far:

1. @WhiteBit Account -> 864 Authorizations
2. 0x802...c2bb -> 562 Authorizations
3. @Metamask Delegator -> 168 Authorizations

Authorization = Upgrading a regular EOA wallet to a smart wallet by authorizing a contract. Depending on the contract, the smart wallet will have features like transaction batching.

Authorized Contract = This is the contract whose code is used to upgrade your wallet.

The upgraded wallet has a "delegation designator" that points to this smart contract. When a transaction is sent to the EOA, it executes the code at the designated address.

EIP-7702 misconceptions I've seen on the timeline today:

> All Ethereum wallets are now smart wallets
Not true. An EOA wallet has to sign an EIP-7702 authorization to get upgraded into a smart wallet.

For safety reasons, wallet apps will be restrictive about which smart wallet implementations you can authorise.

There isn't yet a button you can click in Metamask, Coinbase wallet .etc to upgrade your EOA. We should see more developments re making it easy to upgrade soon.

If you want to try out 7702 today, you can do so using the Metamask 7702 playground (linked in next tweet) or Ambire wallet

> Authorizations only last one transaction and then the wallet becomes a regular EOA again
You're confusing 7702 with the older 3074 proposal. The authorization lasts until the user revokes it.

Its been about 12 hours since EIP-7702 launched on Ethereum mainnet. In that time, there have been:

- 1,034 Authorizations ✨
- 308 Set Code Transactions ✨
- 29 Authorized Contracts ✨

Authorization => Upgrading an EOA wallet to a smart wallet by authorizing a contract. Depending on the contract, the smart wallet will have features like transaction batching.

Set Code => In this new type of transaction, EOAs are upgraded to smart wallets. A set code txn can contain multiple Authorizations

Authorized Contract => This is the contract whose code is used to upgrade the wallet. The upgraded wallet has a "delegation indicator" that points to this smart contract. When a transaction is sent to the EOA, it executes the code at the designated address.

We just hit 1,000 EIP-7702 Authorizations on Ethereum mainnet! 🥳🥳🥳

Authorization = Upgrading an EOA to a smart wallet by authorizing a contract. Depending on the contract, the smart wallet will have features like transaction batching.