- Ethereum’s new protocol is aimed at further Account Abstraction
- New addresses have been added to the network. However, the TVL has also increased.
A major part of Ethereum‘s future roadmap is Account Abstraction(AA). AA focuses on the UI/UX (User Interface/User Experience) elements of Ethereum’s ecosystem. The goal of AA is to make it easier for end users to interact with wallet developers and application developers. It is also designed to make smart contract wallets natively supported on Ethereum.
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In the past few days, there have been ERC-4337 contract It was deployed on Ethereum. The deployment of this contract brought Ethereum’s goal of Account Abstraction much closer.
The contract was deployed to improve the user experience for developers who work on Ethereum wallets. In comparison to smart contract developers wallet developers didn’t have ERC-20 standards that they could use.
The ERC-4337 has the EntryPoint contract. This fixes this issue. The EntryPoint contract is a standard similar to the ERC-20 that wallet developers can use.
It would allow users to move from EOA wallets (externally owned accounts), to smart contract wallets. Users would have to pay more for the switch from EOA wallets to smart contract wallets, as these wallets are more expensive than EOAs. This could lead to problems for future users.
The current state Ethereum
If Ethereum‘s developments continue to head towards AA, it will make the Ethereum ecosystem more user-friendly in the long run. It will also result in more addresses joining the Ethereum network.
Now, while Ethereum hasn’t reached its AA goals just yet, that hasn’t stopped addresses from increasingly joining the network.
Glassnode reports that the number of addresses with more than 0.01 coin has increased over the past month. It actually reached a seven month high of 23.20million.
The network’s dominance in DeFi was also maintained by this surge of Ethereum addresses. According to data from Defi Lama, Ethereum still holds a dominant position on the TVL front at 58%-60%.
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In spite of many L2 solutions reporting growth in the sector, Ethereum has managed its dominance.
Ergo, it remains to be seen how the Ethereum network’s landscape changes. Particularly as it gets closer to the goals set forth in its roadmap.