EIP-4337: Account Abstraction for Ethereum
Published: 2023-09-18 13:17:35

EIP-4337: Account Abstraction for Ethereum

EIP-4337, also known as ERC-4337, is an Ethereum standard that achieves account abstraction on the protocol without any consensus-layer changes. Account abstraction allows smart contracts to act as wallets and execute transactions on behalf of users. This allows users to interact with the Ethereum network without the need for their own private keys or the need to hold Ether for gas fees.

EIP-4337 was proposed by Ethereum co-founder Vitalik Buterin and other developers in 2021. It was deployed on the Ethereum mainnet in March 2023.

How EIP-4337 works

EIP-4337 introduces a new type of transaction called a UserOperation. UserOperations are signed by users and contain all the information necessary to execute a transaction, including the recipient address, the amount to be transferred, and the gas price and limit.

Users send UserOperations to a special contract called the EntryPoint. The EntryPoint is responsible for validating UserOperations and bundling them into regular Ethereum transactions. Bundlers are incentivized to bundle UserOperations because they receive a portion of the gas fees paid by users.

Once a UserOperation is bundled into a regular Ethereum transaction, it is processed by the network and included in a block. When a UserOperation is included in a block, it is executed by the EntryPoint contract.

Benefits of EIP-4337

EIP-4337 offers a number of benefits to users and developers, including:

Improved user experience: EIP-4337 makes it easier for users to interact with the Ethereum network by removing the need for them to manage their own private keys and hold Ether for gas fees.
Increased security: EIP-4337 can help to improve the security of the Ethereum network by making it more difficult for attackers to steal user funds.
New features and functionality: EIP-4337 enables developers to build new features and functionality for Ethereum wallets, such as gasless transactions, account recovery, and social recovery.
Use cases for EIP-4337


EIP-4337 has a number of potential use cases, including:

Self-custodial wallets: EIP-4337 can be used to build self-custodial wallets that are more user-friendly and secure.
Institutional wallets: EIP-4337 can be used to build institutional wallets that meet the compliance needs of financial institutions.
Social recovery: EIP-4337 can be used to build social recovery features for wallets, which would allow users to recover their accounts if they lose their private keys.
Gasless transactions: EIP-4337 can be used to build wallets that support gasless transactions, which would allow users to interact with the Ethereum network without having to hold Ether.
Conclusion

EIP-4337 is a significant development for the Ethereum ecosystem. It has the potential to make the network more user-friendly, secure, and accessible to a wider range of users.

Additional benefits of EIP-4337

Reduced transaction costs: EIP-4337 can help to reduce transaction costs by allowing bundlers to aggregate UserOperations into a single transaction.
Increased scalability: EIP-4337 can help to improve the scalability of the Ethereum network by reducing the number of transactions that need to be processed by the network.
Enhanced privacy: EIP-4337 can help to improve the privacy of users by making it more difficult to track their transactions.
EIP-4337 is still under development, but it has the potential to revolutionize the way that people interact with the Ethereum network.