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:
- Biconomy Launches PREP Accounts with Enhanced EIP-7702 Integration
- Hemi Labs Launches Mainnet Uniting Bitcoin and Ethereum
- Alchemy Announces $5M Fund to Support Smart Wallets and Rollup Development
- Superchain Set to Capture 80% of Ethereum L2 Transactions by Year-End *Chain Abstraction Explained by Etherspot
Please fasten your belts!
Biconomy Launches PREP Accounts with Enhanced EIP-7702 Integration
Biconomy has announced the launch of PREP (Provably Rootless EIP-7702 Proxy) accounts, a novel account standard that leverages the benefits of both EOAs and smart accounts.
The initiative introduces an enhanced account creation process by integrating Nicks’ method — initially inspired by Vitalik Buterin and Nick Johnson — with EIP-7702, enabling transactions from accounts without a known private key.
The technology allows developers to generate valid EIP-7702 authorization messages and then create transactions using randomly generated ECDSA signatures. By recovering the signer address from these signatures, the method ensures that the smart account’s delegation cannot be overridden by traditional EOA techniques.
This approach dramatically reduces deployment costs, by up to 80%, and supports advanced functionalities such as multichain execution, scheduled transactions, and resource locks. Moreover, through this system, users can benefit from portable smart accounts that facilitate account migration via seed phrases or similar mechanisms.
By deploying accounts with proof that the private key remains unknown, PREP accounts effectively mitigate inherent risks posed by traditional EOAs. The approach signals a significant step towards a universal account standard in Ethereum and EVM chains, with potential long‐term benefits for chain abstraction, interop efficiencies, and enhanced security measures.
Hemi Labs Launches Mainnet Uniting Bitcoin and Ethereum
Hemi Labs has announced its mainnet launch on March 12, 2025, marking a significant step in developing a modular blockchain network that unifies Bitcoin and Ethereum into a single supernetwork. The launch follows a record-breaking testnet phase that secured over $300 million in total value locked, positioning Hemi as a new infrastructure layer for decentralized finance.
The modular network is designed to enhance scalability, security, and interoperability. At launch, over fifty protocols, including decentralized exchanges, lending protocols, vaults, oracles, and decentralized applications, are set to be deployed on the platform. This initiative allows developers to build applications interacting with both Bitcoin and Ethereum, providing new opportunities to access liquidity, yield, and programmable asset management through features like the hVM and the Hemi Bitcoin Kit.
The company aims to resolve the challenges of fragmented blockchain ecosystems by integrating the two major networks. “Just over six months after introducing our incentivized testnet, Hemi has demonstrated its resilience and capability as a powerful network for advancing blockchain applications across Bitcoin and Ethereum,” stated co-founder Jeff Garzik.
Alchemy Announces $5M Fund to Support Smart Wallets and Rollup Development
Alchemy has announced a $5 million fund to support developers focused on smart wallets and rollup solutions.
Observing significant growth in layer-2 usage and user-friendly wallet experiences, the company believes these tools will help usher in broader adoption. Developers can apply for support if they integrate Alchemy’s Account Kit, receiving up to $25,000 in gas and compute credits to cover user onboarding and transaction costs.
Projects choosing to deploy their own rollups using Arbitrum Orbit or the OP Stack become eligible for Alchemy’s full suite of developer tools, including two years of free smart wallet integration. Alchemy’s Rollups-as-a-Service platform promises reliable infrastructure and around-the-clock technical support, allowing teams to customize their networks and capture transaction revenue without compromising stability.
The fund aims to reduce friction and cost, thus enabling a broader shift toward onchain activity.
Superchain Set to Capture 80% of Ethereum L2 Transactions by Year-End
Optimism’s chief growth officer, Ryan Wyatt, announced that the Superchain collective, built on the OP Stack, now accounts for 60% of Ethereum layer-2 transactions and is expected to reach 80% by year-end. Optimism announced this as part of its efforts to scale Ethereum through enhanced layer-2 networks.
The Superchain has already locked over $4 billion in value and currently processes 11.5 million daily transactions. Major companies, including Coinbase, Kraken, Sony, Uniswap, and Sam Altman’s World, have joined the collective, which is designed to create a flywheel effect by driving revenue back into Optimism’s ecosystem, supporting governance and the continued development of the OP Stack.
This move is part of a broader trend within Ethereum’s layer-2 space, where overall secured value peaked at approximately $55.5 billion in December and has grown by more than 30% over the past year.
The rapid increase of layer-2 networks enhances Ethereum’s DeFi capabilities, with stablecoins on these networks reaching significant levels. Ethereum L2s held $13.5 billion in stablecoins by December, outperforming competitors such as BNB Smart Chain, Solana, and Avalanche.
This growth underscores the pivotal role of layer-2 solutions in extending Ethereum’s scalability and efficiency, paving the way for broader adoption across the blockchain industry.
Chain Abstraction Explained by Etherspot
Etherspot has published an educational article on Chain Abstraction explaining how this new approach provides a unified interface to interact with multiple blockchains, reducing the need for users to manage separate wallets or bridge tokens manually.
The article outlines the CAKE (Chain Abstraction Key Elements) framework, which consists of four layers designed to streamline the user experience. The Application Layer provides the interface for accessing blockchain services, while the Permission Layer automates transaction signing without compromising security. The Solver Layer optimizes transactions by matching user intents with the most efficient execution paths, and the Settlement Layer confirms and records transactions on the blockchain.
Etherspot views Chain Abstraction as a key step toward a more accessible Web3 ecosystem that addresses the current fragmentation in Web3 by handling complexities such as gas fees, token bridging, and cross-chain transactions behind the scenes.
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.
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