Ethereum Smart Wallet Authorizations Exceed 11,000 After Pectra Upgrade
Ethereum's smart wallet activity surged following the Pectra upgrade launched on May 7, with over 11,000 authorizations linked to EIP 7702 within a week. This indicates increased interest from users and decentralized applications.
Key Features of EIP-7702
- EIP 7702 allows externally owned accounts (EOAs) to temporarily delegate control to smart contracts.
- Users can access smart functionalities without transferring funds or changing wallets.
- Features include batch actions, scheduled transactions, and gas-free transactions.
- Users maintain full control and can disconnect from the smart contract at any time.
Data from Entropy Advisors shows WhiteBIT leads with nearly 5,300 wallet delegations, accounting for almost half of all authorizations. OKX has over 3,100, while MetaMask records around 1,300 but holds more Ethereum in delegated contracts.
Impact on User Experience
The introduction of new features like multi-signature approvals and spending limits is expected to attract more users without requiring new wallet setups. This enhances security and convenience while improving user experience.
The broader Pectra upgrade aims to enhance scalability and validator performance. Although Ethereum experienced a recent price rally, it has paused, currently down 0.92% at $2,564.58. Some investors view this as a temporary correction, anticipating long-term effects from the upgrade.