Ever since the introduction of Account Abstraction (EIP-4337) in 2021 by Ethereum co-founder Vitalik Buterin and other Ethereum Foundation developers, it has opened a new window for the Ethereum and whole crypto ecosystem to grow further.
It has been said that Account Abstraction, or also called Smart Accounts, will bring the GUI (graphical user interface) era into the Web3 space, where all transactions will take place without much interaction from users.
This will help onboard millions of users onchain as it will not require them to have such a technical understanding of transactions.
A Dune dashboard displays that the number of total Smart Accounts is reaching 1 million. These accounts have processed more than 2.6 million bundled transactions, and they are primarily dominated by Polygon.
DeFi analyst Stacy Muur states that smart account transactions have risen over 100%, growing from 7k to a record-breaking 892k within just 6 months of the period from April 2023 to September 2023.
Rapid innovations and advancements have always been at the forefront of decentralized finance, which frequently changes primitives in a short span of time.
While Account Abstraction is quite a new narrative in this industry, it is already widespread among developers, and it has been magnified to stack newer solutions like ‘Intents’ on top of it.
Smart Accounts are quietly becoming popular within the crypto community with their current little dominance, which is expected to grow further in the coming years.