We are welcoming you to our weekly digest! Here, we discuss the latest trends and advancements in account abstraction, chain abstraction and everything related, as well as bring some insights from Etherspot’s kitchen.
The latest news we’ll cover:
*Trust Wallet Highlights AA Trends at Devcon
*Bleap Raises $2.3M to Build Blockchain-Based Bank Accounts
*Getting Smart Accounts EIP-7702 Ready: Rhinestone’s Upgrade
*Chain Abstraction Innovations at L2Con Panel
Please fasten your belts!
Trust Wallet Highlights AA Trends at Devcon
Trust Wallet’s Senior Smart Contract Engineer, David Kim, shared insights from Devcon, emphasizing Account Abstraction and Chain Abstraction as key trends for 2025.
AA advancements like EIP-7702 and the launch of decentralized P2P mempools are reshaping smart wallets by enhancing security and functionality. Trust Wallet’s innovative offerings, including the SWIFT and Barzan wallets, highlight its commitment to integrating these technologies.
Chain abstraction’s ability to unify interactions across blockchains also featured prominently. Trust Wallet aims to simplify user experiences by enabling seamless, cross-chain DApp interactions. The company’s development of ERC-7779 further reinforces its leadership in creating interoperable, secure delegated accounts.
Looking ahead, Trust Wallet envisions innovations such as Web2 integration, automated transactions, and gas sponsorship to redefine user experiences in Web3. The company remains focused on building a robust and user-friendly ecosystem to meet evolving demands in the decentralized space.
🚀 Etherspot’s Upgraded Developer Portal is LIVE! 🧑💻
Existing users can log in with their credentials, while new developers can sign up to explore the platform designed for building with Account Abstraction. Access all the AA tools you need to create a seamless Web3 user experience: Etherspot Modular SDK, Skandha ERC-4337 Bundler, Arka Paymaster, and multi-chain APIs.
👉 Get your API keys here.
Bleap Raises $2.3M to Build Blockchain-Based Bank Accounts
Bleap, a blockchain-based payments app founded by ex-Revolut employees Joao Alves and Guilherme Gomes, has secured $2.3 million in pre-seed funding led by Ethereal Ventures. The app aims to offer a “bank account on the blockchain” with self-custodial smart wallets and seamless stablecoin payments.
Built on the Ethereum Layer 2 network Arbitrum, Bleap enables fast, gasless transactions while eliminating seed phrases through secure cloud-based recovery methods using Multi-Party Computation (MPC). Users can manage stablecoins like USDC and EURA, make instant global payments with a linked Mastercard debit card, and earn up to 2% cashback without conversion fees.
The funding will support Bleap’s beta rollout in Europe, with a full public launch scheduled for Q1 2025. Future plans include expansion into Latin America and a token launch in 2026. The app’s DeFi integrations provide savings rates significantly higher than traditional banks, with current rates reaching 13.2% APY on USD-denominated stablecoins.
Bleap aims to simplify blockchain interactions by bridging the gap between public blockchains and centralized payment systems like Mastercard. The app’s infrastructure supports on/off-ramping across networks like Ethereum, Polygon, and Solana, while maintaining self-custody for users.
Aligned with Europe’s MiCA regulations, Bleap seeks to transform stablecoin payments and broaden crypto adoption, leveraging its founders’ fintech expertise to redefine financial interactions.
Getting Smart Accounts EIP-7702 Ready: Rhinestone’s Upgrade
Rhinestone has upgraded its ERC-7579 reference implementation to align with EIP-7702, a key feature of Ethereum’s upcoming Pectra upgrade for Q1 2025. EIP-7702 enables externally owned accounts (EOAs) to adopt smart account functionalities without fully transitioning, streamlining the shift toward account abstraction.
The modifications address two primary challenges: storage namespacing and initialization protection. Storage namespacing ensures account configurations remain secure and unaffected by redelegation. The initialization process has been restructured to guard against front-running, with new access controls integrated into the account setup.
These changes enhance compatibility with EIP-7702 while maintaining interoperability with existing smart account flows. By preserving the delegate address as a singleton and incorporating features like gas abstraction and modularity, Rhinestone’s update supports a seamless and secure user transition to smart accounts.
The revised implementation provides a robust framework for developers to safely integrate EIP-7702, fostering adoption and ensuring modular smart account security. Rhinestone invites developers to collaborate and adopt its enhanced solutions.
Chain Abstraction Innovations at L2Con Panel
At L2Con in Bangkok, leading innovators gathered for a panel on chain abstraction, exploring practical pathways and technical insights to simplify blockchain interactions. The discussion featured Jaemin Jin (Co-Founder & CPO at Magic), Roy Hui (Co-Founder at LightLink), Tigran Bolshoi (Co-Founder at Kinetex), and Michael Messele (Co-Founder & CEO at Etherspot), moderated by Arjun Bhuptani (Founder at Everclear).
Speakers shared advancements in intent-based solutions, modular accounts, and advanced interfaces to overcome blockchain complexity. Jaemin Jin introduced Magic’s “Magic Passport,” aimed at resolving identity and asset fragmentation, offering seamless multi-chain experiences. Roy Hui emphasized the importance of bridging Web2 and Web3, enabling non-crypto-native developers and users to benefit from blockchain’s potential.
Tigran Bolshoi highlighted Kinetex’s work on automated DeFi processes to minimize user friction. Michael Messele discussed Etherspot’s integration of chain abstraction and account abstraction to create intuitive, interoperable blockchain applications.
The panel underscored the need for infrastructure enabling developers to build user-friendly applications that integrate Web2 convenience with Web3 technologies. By addressing current barriers like gas abstraction and multi-chain asset management, chain abstraction is poised to drive mainstream adoption and reimagine global digital interactions.
Start exploring Account Abstraction with Etherspot!
*Learn more about account abstraction here.
*Head to our docs and read all about Etherspot Prime.
*Skandha — developer-friendly Typescript ERC4337 Bundler.
*Arka — an open-source Paymaster Service for gasless & sponsored transactions.
*Explore our TransactionKit, a React library for fast & simple Web3 development.
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❓Is your dApp ready for Account Abstraction? Check it out here: https://eip1271.io/
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