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:
*Etherspot Pulse: Chain Abstraction Solution Demo
*The Future of - Abstraction by Hedgehog Protocol
*Portal Launches Hub and Wallet to Solve Web3 Fragmentation
*Union Labs Raises $12M to Drive Cross-Chain Interoperability
*Starknet Launches StarkGate v2.0 for Seamless Multi-Chain Bridging
Please fasten your belts!
Etherspot Pulse: Chain Abstraction Solution Demo
Etherspot has showcased its innovative chain abstraction solution, as featured at Devcon 2024. The demo highlights Etherspot’s modular smart wallet and its seamless integration with EIP-7579, enabling a unified, cross-chain user experience.
Using a simple React app interface, the demo enables token swaps across Sepolia and Base Sepolia, showcasing the platform’s ability to manage complex transactions securely and efficiently.
Key features of the demo include:
*Unified Balances: Modular smart wallets displaying chain-abstracted balances for simplified asset management.
*Session Key Security: Tokens are locked within smart wallets during swaps, accessible only via session keys for enhanced security.
*Intent-Based Swaps: Users can express swap intents across chains, using assets like USDC and USDT on one chain to acquire MANA tokens on another.
*Solver Integration: A single integrated solver listens to user intents, processes transactions, and ensures accurate and secure fund transfers.
In the demo, $10 worth of USDC and USDT were seamlessly exchanged for 12 MANA tokens, illustrating how session keys and Etherspot’s secure architecture facilitate efficient cross-chain swaps. This approach ensures locked funds remain within smart wallets until successfully executed.
The demonstration concludes with a successful bid execution, highlighting Etherspot’s capability to manage complex multi-chain transactions without compromising on security or usability.
The Future of — Abstraction by Hedgehog Protocol
Hedgehog Protocol delves deep into the transformative potential of Account Abstraction in an insightful article, exploring its evolution, current applications, and future impact on blockchain usability.
Traditionally, Ethereum users relied on Externally Owned Accounts (EOAs), which offered limited flexibility and security. AA replaces EOAs with customizable Smart Contract Accounts (SCAs), enabling features like gas fee abstraction, multi-signature security, and automation.
The introduction of ERC-4337 has accelerated AA adoption by enabling smart wallets without requiring changes to Ethereum’s core protocol. It offers features like paymasters, allowing users to transact without ETH, and transaction batching, streamlining multi-step processes. Layer 2 networks such as Base and zkRollups are adopting these tools to enhance user experience and interoperability across chains.
This innovation is making decentralized applications more accessible. DeFi users, for example, can interact with protocols without holding native tokens, while gamers benefit from frictionless in-game transactions. With over 90% of ERC-4337 activity handled by projects like Safe and Base, the ecosystem is rapidly expanding its capabilities.
Emerging technologies like Chain Abstraction, which unifies user accounts across chains, are addressing challenges like fragmented liquidity and cross-chain inefficiencies. This enables seamless transactions without bridging or switching networks, reducing barriers for newcomers and experienced users.
The article finishes by reflecting on AA’s growing influence and framing it as a cornerstone of blockchain’s future. By addressing barriers like fragmented liquidity and cross-chain inefficiencies, AA is poised to drive mainstream adoption across sectors such as gaming and DeFi.
Portal Launches Hub and Wallet to Solve Web3 Fragmentation
Portal has unveiled Portal Hub and Portal Wallet, a combined marketplace and wallet designed to solve Web3’s challenges of fragmentation and gaming discovery. The new tools simplify user engagement and liquidity flows across blockchains, offering a unified experience for developers and users alike.
Portal Hub, the discovery platform, addresses the scattered nature of crypto games, which are spread across multiple networks and face onboarding issues due to bans on major platforms like Steam. Portal’s solution aggregates over 200 curated games into one starting point for players.
Portal Wallet, compatible with 20 EVM chains — including gaming networks like Immutable, Ronin, and Xai — eliminates cross-chain friction for users. Leveraging account abstraction and social login, it simplifies asset management across blockchains, combining security with ease of use.
Powered by the Hyperway, a cross-chain liquidity network, Portal’s ecosystem enables seamless movement of assets, better liquidity, and improved user engagement.
This launch follows the fifth-largest gaming token release of 2024, cementing Portal’s position as a leader in Web3 gaming. By addressing critical issues like fragmented liquidity, gaming discoverability, and user accessibility, Portal is paving the way for a more cohesive and accessible Web3 experience.
Union Labs Raises $12M to Drive Cross-Chain Interoperability
Union Labs, a blockchain interoperability firm, has raised $12 million in a Series A funding round co-led by Gumi Cryptos Capital and Longhash Ventures. The investment aims to enhance Union’s core team, advance partner integrations, and foster ecosystem growth. This follows a $4 million seed round last year, bringing total funding to $16 million.
Union’s primary interoperability layer aims to streamline asset transfers between Ethereum and Cosmos using zero-knowledge proofs, with plans to link Bitcoin L2s and expand to ecosystems like Solana, Berachain, and Avalanche. Earlier this year, Union Labs integrated Polygon’s AggLayer and Cosmos’ IBC protocol to advance cross-chain operations.
Union Labs founder Karel Kubat highlighted the team’s mission to reduce fragmentation in Web3, emphasizing secure and seamless interoperability. The mainnet launch is expected in early 2025, marking a significant step toward simplifying multichain asset transfers and boosting DeFi on Bitcoin.
Starknet Launches StarkGate v2.0 for Seamless Multi-Chain Bridging
Starknet, the Ethereum L2 known for its zero-knowledge rollup technology, has launched StarkGate v2.0 on its mainnet.
StarkGate is Starknet’s canonical bridge, designed to connect Ethereum users with DeFi protocols in the Starknet ecosystem, offering faster and low-cost asset bridging.
Key features of StarkGate v2.0 include improved user experience, expanded token support, and a streamlined design for Web3 users. With over $1 billion in deposits since its 2022 launch, StarkGate plays a vital role in Starknet’s push for DeFi adoption. The network supports major DeFi platforms like Nostra, Ekubo DEX, and zkLend Finance and has grown its total value locked (TVL) to over $294 million.
The StarkGate v2.0 rollout is expected to significantly accelerate Starknet’s influence in the DeFi space, bolstering its position as a leading Layer 2 solution within the Ethereum ecosystem.
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.
*Follow us on X (Twitter) and join our Discord.
❓Is your dApp ready for Account Abstraction? Check it out here: https://eip1271.io/
Top comments (0)