OKX Wallet Launches Account Abstraction-Powered 'Smart Account' Feature, Enabling USDT and USDC Gas Fee Payments on Multiple Chains
Singapore, Singapore, August 2nd, 2023, Chainwire
Additional account abstraction capabilities, including a social recovery feature, will be rolled out later.
OKX, a leading Web3 technology company, today announced the launch of a new account abstraction-powered Smart Account feature on its OKX Wallet, enabling users to pay for transactions on multiple blockchains using USDC or USDT.
OKX Wallet will launch additional account-abstraction-powered features, including social recovery functionality. This will enable users to select trusted "guardians" from their social network to help them recover their Smart Account if they lose their keys.
OKX Wallet is one of the first wallets in Web3 with multi-chain account abstraction support. With Smart Account, users can now interact with multiple contracts in a transaction. This enhances composability for advanced users and adds convenient features for beginners, creating a more user-friendly and intuitive wallet experience.
OKX Chief Innovation Officer Jason Lau said: "Our aim is 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 to build on top of 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 account abstraction-powered Smart Account simplifies some of the complexities of blockchain transactions; for example, one of the most significant pain points users face is navigating the complex transaction process and deciphering technical terms such as 'gas fees' and 'Gwei.' Smart Account addresses this pain point by reducing the steps required to complete a token swap or trade to 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 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 the need for a specific blockchain's native token, with a social recovery feature coming soon. This is a game-changer, and we believe it has the ability to 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: The world's most powerful, secure, and versatile crypto wallet gives users access to over 50 blockchains while allowing them to take custody of their funds. The wallet Includes MPC technology 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.