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Vitalik Buterin, co-founder of Ethereum, has proposed a new method to improve account abstraction on the Ethereum network.
The EIP-7702 proposal, co-authored by Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, introduces a new transaction type that would allow ordinary Ethereum transactions to temporarily function as smart contract wallets during a transaction. Wallets would then revert to their original state after the transaction.
Designed as an alternative to the EIP-3074 proposal, EIP-7702 is also more compatible with EIP-4337, a more comprehensive account abstraction design.
Currently under review by the Ethereum community, EIP-7702 is considered significant for the future of account abstraction on the network.
Account abstraction methods allow ordinary wallets on Ethereum to function as smart contract wallets, enabling features such as wallet recovery, paying others’ transaction fees, and executing multiple transactions in a single batch.