How everyone in Ethereum will migrate to smart accounts: Safe co-founder
EIP-7702 aims to enhance the adoption of smart accounts by simplifying wallet upgrades for existing users. It introduces a new transaction type that allows externally owned accounts (EOAs) to utilize smart features without altering their structure. This proposal could lead to every Ethereum account becoming a smart account within five years. Smart accounts address the "wallet trilemma" by balancing non-custodial control, convenience, and security. Initial adoption will occur through opt-in settings in current wallets, progressing towards widespread use. Future developments may include unified balances across chains, integration with traditional finance, and improved interoperability among networks like Ethereum, Bitcoin, and Solana. Smart accounts offer advantages similar to traditional bank accounts while maintaining decentralized control and an exit option for users. Safe Wallet has $60 billion in total value locked and 10 million accounts.
