Ethereum Account Abstraction Struggles
John Rising, a proponent of Ethereum account abstraction, recently shared concerning data about the adoption of ERC-4437. He revealed that smart accounts using this standard have experienced a decline in users, low transaction activity, and high operational costs. The ERC-4337 standard was announced in March 1 at WalletCon, with high hopes for rapid adoption due to its potential to improve user experience on Ethereum Virtual Machine-compatible blockchains.
Rising cited data from BundleBear, showing that only 6.89% of initial smart accounts remained active after six months. Additionally, bundlers, essential components for smart accounts, were largely unprofitable despite some projects overpaying gas fees. On average, smart accounts only executed five user operations.
Mixed Reactions to Adoption Figures
Some like Jesse Pollak pushed back against Rising’s assessment, believing that adoption will increase gradually over time. Dune analytics data showed a peak of 420,000 active smart accounts in August across seven blockchains but dropped to 143,000 in October.
Hot Take: The Future of ERC-4437
The figures presented by John Rising indicate that the adoption of ERC-4437 has not met expectations. However, proponents like Jesse Pollak remain optimistic about the slow but steady growth and increasing standardization of this technology.
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