Ethereum ‘smart account’ adoption is low — the first rollup proposal wants to change that

The introduction of Ethereum Foundation’s ERC-4337 account abstraction standard earlier this year drew much attention, but adoption and retention are off to a slow start.

Existing hardware wallets rely on a pair of keys. If those keys are compromised, so are tokens in the wallet. The ERC-4337 standard was instead intended as a new baseline for how users interact with crypto wallets services, including social recovery mechanisms and other multisig options.

The standard turns Ethereum accounts into “smart accounts,” which are much more flexible to suit the needs of wallet holders.

According to data on BundleBear:

Weekly retention for ERC-4337 smart wallets drops as low as 1% for… Read more on Blockworks

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