The recent Ethereum Pectra upgrade has ushered in a groundbreaking transformation in account abstraction accessibility, with various wallet providers swiftly adopting these enhancements. This upgrade incorporates Ethereum Improvement Proposal (EIP) 7702, a modification hailed by Ivo Georgiev, founder and CEO of self-custodial smart wallet Ambire, as “the single greatest UX upgrade to Ethereum so far.” Since Pectra went live, Ambire has been at the forefront, integrating support for these new features into their platform.
EIP-7702 redefines the landscape of Ethereum wallets by enabling smart account functionality for existing user accounts. This allows these accounts to temporarily operate as smart contracts, thereby granting users the advantages of account abstraction without necessitating the creation of new on-chain addresses. As Ambire elaborates, this functionality offers a seamless transition for users, ensuring continuity while unlocking innovative features.
Another key player, Trust Wallet, has launched new capabilities that allow users to pay gas fees in alternative tokens, such as stablecoins, rather than relying solely on Ether (ETH). The newly developed wallets are also programmable, maintaining the essential self-custody feature that users have come to expect.
Insights from Ambire on the Pectra Update
Ambire has asserted that users will now experience a cross-chain architecture by default, accessible via a singular dashboard that displays balances across all connected chains. This approach facilitates the use of one wallet across multiple blockchains while abstracting gas fees, integrating a decentralized finance (DeFi) aggregator, Li.Fi, to handle swaps and bridging functionalities efficiently.
Moreover, Ambire’s wallet offers transaction simulation across supported chains, scam application detection, and minimal token approvals. However, it is worth noting that some developers have expressed concerns about EIP-7702 potentially introducing new vulnerabilities, such as phishing attacks capable of depleting entire wallets.
Ambire emphasizes its commitment to privacy and reliability by not depending on third-party services, thereby mitigating risks associated with external outages. In the future, Ambire also describes how account programmability will enable AI agents to enhance users’ portfolio yields, save DeFi positions, and automate airdrop claims.
Trust Wallet’s New Offerings
Trust Wallet characterizes the Pectra upgrade as its most significant advancement since Ethereum’s transition to proof-of-stake during the merge event. CEO Eowyn Chen asserts, “EIP-7702 changes the game,” signaling a new era for wallet functionality.
Among the promising features, Trust Wallet enables users to pay gas fees using non-Ether tokens while bundling multiple actions—such as approval, swapping, and signing—into a single transaction. Furthermore, the introduction of sponsored transactions allows third parties to cover gas fees, facilitating easier onboarding for new users, along with automating features like subscriptions and dollar-cost averaging.
Crucially, both Ambire and Trust Wallet emphasize that these upgrades will be available to existing users without the need for new accounts or seed phrases, representing a significant stride toward enhancing user experience in the Ethereum ecosystem.
As these innovations take hold, it is clear that Ethereum is paving the way for a more user-friendly and functional blockchain experience, moving wallets beyond mere key holders into intuitive, intelligent agents.
