OKX wallet launches account abstraction-powered ‘smart account’ feature

Singapore, Singapore, Aug. 2, 2023, Chainwire

OKX, a web3 technology company, has introduced a new Smart Account feature on its OKX Wallet. It utilizes account abstraction and allows users to use USDC or USDT to pay for transactions on various blockchains.

OKX Wallet plans to introduce more account-abstraction-powered features, such as social recovery functionality. This will allow users to designate trusted individuals from their social network as “guardians” who can assist in recovering their Smart Account if they lose their keys.

OKX Wallet stands out as an early adopter of multi-chain account abstraction in the web3 space. Their Smart Account feature enables users to engage with multiple contracts within a single transaction. This benefits experienced users by enhancing composability and provides user-friendly features for beginners, resulting in an intuitive and user-friendly wallet experience.

OKX chief innovation officer Jason Lau said:

 “We aim to provide our users with the most accessible, secure, and powerful Web3 gateway. The Smart Account feature will play a significant role in achieving this goal. Account abstraction technology is a game-changer for the broader adoption of web3 and enables new use cases and user experiences. We are excited to share more as we continue building on this feature.”

Account abstraction simplifies crypto transactions by enabling the creation of Web3 wallet accounts that conceal the technical details of their on-chain interactions behind a more accessible and user-centric interface. This is achieved by combining users’ smart contracts and Externally Owned Accounts (EOAs) into a single “smart” account, providing a more unified web3 experience.

The Smart Account, powered by account abstraction, simplifies blockchain transactions. Users often struggle to navigate the complicated process and understand technical terms like “gas fees” and “gwei.” Smart Account reduces these complexities by enabling token swaps or trades with just one click.

OKX chief marketing officer Haider Rafique said: 

“We promised our customers and the larger DeFi community that we would prioritize security and interoperability as we build our web3 wallet and apps. We support over 60 cross-chains, Multi-Party Computation (MPC), and now with Smart Account. We offer a stablecoin account that can interact with transactions on multiple blockchains without needing a specific blockchain’s native token, with a social recovery feature coming soon. This is a game-changer, and it can make transactions between chains a lot more seamless.”

Additional benefits of OKX Wallet’s Smart Account feature include:

Gas fee-related

• The option to pay for gas on any of the supported chains using stablecoins USDC and USDT.
•  Users can also conduct gasless transactions if third-party dApps choose to sponsor their on-chain interactions.
•  Elimination of the need for users to pay gas fees with each chain’s native token.

Simplified token swaps and staking 

• Smart Account combines multiple stages of the swap and staking process into a single step. Users can exchange tokens and earn interest by staking crypto with just one click.

OKX Wallet supports account abstraction technology on seven blockchains: Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and OKT Chain. 

It is also the first web3 wallet to utilize multi-party computation (MPC) technology across 37 blockchains. It eliminates the need for traditional written-down keys and seed phrases by splitting a user’s private key into three parts, significantly improving security and eliminating a single point of failure.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

• OKX Wallet: a powerful, secure, and versatile crypto wallet that gives users access to over 50 blockchains while allowing them to take custody of their funds. The wallet Includes MPC technology, enabling users to quickly recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases.
•  DEX: a cross-chain decentralized exchange that aggregates nearly 200 other DEXs, with 200,000+ coins on more than ten blockchains available.
•  NFT Marketplace: a multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces, including OpenSea, MagicEden, LooksRare, and Blur.
•  Web3 DeFi: a powerful DeFi platform that supports earning and staking on 80 protocols across 15 chains.

OKX partners with several world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader in building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

The information displayed is strictly for educational and informational purposes only. It does not constitute and shall not be considered an offer, solicitation, or recommendation to deal in any products (including any NFT or otherwise) or as financial or investment advice. OKX web3 wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.

Contact

OKX

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