EOA as Smart Wallet: Notes on Vitalik & EIP-7702

Overview

The Ethereum community has proposed the recent EIP-7702 to improve the user experience, simplify the system, and lower the barrier to entry for new users. Mass adoption is a reality, indeed.

EIP-7702 enhances forthcoming account abstraction frameworks such as EIP-4337, which was put into effect in March 2023. In order to reduce redundancy and disruption, it employs wallet codes and transaction structures. (Quote from Coinbase)

Background: ERC-4337 & EIP-3074

EIP-7702 was proposed back in early May. This proposal came shortly after EIP-3074, which was considered to be included in the upcoming Pectra upgrade. It aimed to improve the user experience and lower gas costs by enhancing ERC-4337 account abstraction.

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EIP-3074 has not fully received the welcome of the Ethereum community, mainly because It proposed the introduction of new opcodesto the EVM.

So, EIP-7702 achieves the same purpose as EIP-3072, removing opcodes to reduce complexity, compatibility issues, development resources, and possible security risks associated with these new opcodes.

Implementation details

EIP-7702 offers a new way for externally owned accounts (EOAs) to interact on the Ethereum network. This proposal allows EOAs to temporarily function as smart contract wallets during transactions, reverting to their original state afterward.

However, the standard is highly generic It does not guarantee a separation between validation and execution, which might be essential for bundlers to protect themselves from being griefed by an un-trusted Smart Account implementation.

Final thoughts

Although the EIP is still in development (It is still in draft statein the EIP process), It is widely regarded as the most promising alternative to EIP-3074.

We are one step closer to mass adoption. EIP-7702 is undoubtedly the path to follow.