- The new Ethereum protocol aims to further abstract the account
- As new addresses joined the network, TVL also rose
Main part of EthereumThe future roadmap of is Account Abstraction (AA). AA focuses on the UI/UX (User Interface/User Experience) elements of the Ethereum ecosystem. AA’s goal is to enable more user-friendly interactions between wallet developers, application developers, and end users. It is also aimed at creating smart contract wallets that are hosted on Ethereum.
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Viewing abstractions
Over the past few days, Contract ERC-4337 was implemented on the Ethereum network. The deployment of this contract brought Ethereum’s goal of account abstraction much closer.
The implementation of the contract aims to improve the developer experience working with Ethereum wallets and infrastructure. Compared to smart contract developers, wallet developers did not have ERC-20 standards to work with.
One of the features of ERC-4337 is the introduction of the EntryPoint contract, which corrects this problem. The EntryPoint contract provides a similar standard to ERC-20 for wallet developers.
It would also help users transition from EOA (Externally Owned Accounts) wallets to smart contract wallets. However, switching from EOA to smart contract wallets would cost users more, as these wallets are inherently more expensive than EOA. This may cause some problems for users in the future.
Source: Messari
The current state of Ethereum
If EthereumThe developments of continue to move towards AA, this will make the Ethereum ecosystem more user-friendly in the long run. It will also eventually attract more addresses to the Ethereum network.
Now, while Ethereum still hasn’t met its AA goals, that hasn’t stopped addresses from joining the network more and more.
According to Glassnode, the number of addresses holding more than 0.01 coins has increased in value over the past month. In fact, it hit a 7-month high of 23.20 million.
Source: glassnode
This influx of new addresses on the Ethereum network has also helped the network maintain its dominance in the DeFi sector. According to data provided by Defi Llama, Ethereum’s dominance on the TVL front remains between 58%-60%.
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Moreover, Ethereum has managed to maintain its dominance even though many L2 solutions have seen growth in this sector in the last few months.
Source: DefiLlama
Therefore, it remains to be seen how the landscape of the Ethereum network changes. Especially as he gets closer to his roadmap goals.
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