Ethereum account abstraction advocate John Rising has shared some “sobering” data showing that overall adoption of ERC-4437 is far from ideal.
On a November day. 14 postal On X (formerly Twitter), Rising shared data points showing a decline in the number of users of ERC-4337-enabled smart accounts, sluggish trading activity and low operating costs for core infrastructure providers.
The ERC-4337 standard was unexpectedly released on March 1 at WalletCon in Denver. At the time, many were optimistic that “smart accounts” would be rapidly adopted, as the technology would allow users to bypass the use of seed phrases and signing of certain transactions, and would generally increase the user experience on Ethereum Virtual Machine-compatible blockchains. .
use figure Rising claims monthly account retention rates are “abysmal,” with only 6.89% of all initial Smart accounts staying longer than six months, according to account abstraction data platform BundleBear.
Reservations are terrible.
CyberConnect is the only exception, with many users returning to claim their airdrops.
data: @0xBundleBear pic.twitter.com/TUzQQJYcp8
— John Rising (@johnrising_) November 13, 2023
Rising also emphasized that although some projects accidentally paid “too much” gas to bundlers, bundlers (the core infrastructure components that allow smart accounts to run on EVM-compatible chains) are largely unprofitable.
Additionally, we found that the average smart account sent only five user actions—the execution of transactions or activities from the account.
related: Fireblocks and UniPass Wallet solve Ethereum ERC-4337 account abstraction vulnerability
However, Jesse Pollak, head of protocol at Coinbase and founder of Base, disputed Rising’s characterization of the numbers, calling them “sobering” — claiming instead that adoption of the new technology will happen “slowly and then suddenly.”
“It seems very early. Growth seems healthy, standardization seems to be happening,” Pollack said. “More and more teams I talk to are taking the first steps.”
fwiw, it’s not sobering to me – it just seems early. Growth seems healthy, standardization seems to be happening, and more and more teams I talk to are making the leap.
Slowly and then suddenly 🙂https://t.co/F7sU4xUqbD
— Jesse Pollak (jesse.xyz) ️ (@jessepollak) November 13, 2023
Dune analysis data August is shown to be the month with the highest number of active account abstraction wallets, with over 420,000 active smart accounts across the seven blockchains.
The number of active smart accounts has declined steadily, with the number of monthly active accounts in October reaching 143,000.
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