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Alchemy’s Milestone: Over 1 Million Smart Accounts Deployed

A surge in app developers’ interest has led to the deployment of more than 1 million smart accounts, revealing a fervent push to address user experience hurdles, according to a report from Alchemy.

Will Hennessy, Alchemy’s account abstraction lead, expressed surprise at the swift adoption, crediting the Ethereum Foundation’s deployment and developers’ eagerness to tackle user experience challenges.

“The Ethereum Foundation’s deployment of ERC-4337 contracts in March 2023 has led to unexpectedly rapid adoption,” shared Hennessy through his personal X account. “It showcases developers’ eagerness to resolve issues like gas sponsorship, a crucial element in user experience.”

Smart accounts, distinct from traditional wallet accounts, enable the creation of ‘user operations’ beyond mere transactions. This innovation, as Hennessy highlights, addresses user experience hurdles, particularly in trading and gaming. ERC-4337 introduces sponsored transactions, allowing entities to cover users’ gas fees, departing from the conventional method of paying fees solely in the network’s native currency.

This standardization enhances security and convenience through features like multi-signature transactions and simplified account recovery, making web3 more user-friendly. Hennessy underscores that account abstraction plays a pivotal role in easing the adoption of web3 apps, attracting a broader user base.

“Account abstraction simplifies the entry into web3 apps for anyone,” he stated. “By reducing barriers with social login and gas sponsorship, apps can onboard a more diverse user base, including those with varying levels of intent.”

User operations managed by ‘bundlers’ observed a significant 194% surge in Q4, driven by popular apps like Grindery, FanTV, and Cyberconnect.

Hennessy notes that “ongoing user engagement heavily relies on the application’s utility,” hinting at ongoing efforts to introduce new features to sustain user involvement.

The integration of paymasters, enabling gas fee payment in ERC-20 tokens, has garnered popularity, covering an estimated $1.16 million in gas fees.

Hennessy emphasized that “user demand for flexibility in transaction fee payment remains high.” This reflects the community’s preference for versatile fee payment options within the ecosystem.

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