1. Introduction

2. Blockchain's UX Issues and the Emergence of Account Abstraction (AA)

2-1. Poor UI/UX and the onus of self-custody hinder mainstream Web3 adoption

2-2. AA introduced as a solution

3. ERC4337: A Simplified Solution for AA

3-1. ERC4337 offers AA without the need for a hard fork

3-2. Key components of ERC4337: UserOperations, Bundler, Entrypoint, SCW, Paymasters, Aggregator

4. Rollups Forecasted as the Prime Beneficiary of ERC4337

4-1. UserOperations are most active within rollups

4-2. The primary reason for heightened on-chain ERC4337 activity on rollups is high gas fees

4-3. Blockchain UX is expected to rapidly improve, centered around the rollup ecosystem

5. Conclusion

 

 

 

 

1. Introduction

Following the EthCC event, a debate has surfaced regarding which sector, between infrastructure and dApps, must evolve for blockchain to achieve mainstream acceptance. It is undeniable that the present Web3 market is wanting in sustainable dApp services with genuine users, and there has been a comparatively lesser emphasis on service areas vis-à-vis infrastructure. Viewing it from this perspective, the argument for pivoting the focus from infrastructure to services certainly carries weight.

However, independent of this viewpoint, it's the author's conviction that blockchain technology still has numerous areas necessitating advancements. It's only with the maturity of such infrastructural development that a killer service, capable of serving hundreds of millions of users, can emerge. The current priorities in the Web3 market are scalability and improvement in the developmental environment. Nonetheless, from a user's standpoint, the UI/UX of blockchain services is equally pivotal. To address such challenges, the Ethereum community has turned its attention to Account Abstraction (AA). After extensive discussions and trial and error, the ERC4337 proposal has been adopted and integrated in the roadmap. This report delves into the concept of AA, explores the structure and significance of ERC4337, and scopes out its potential applications.

2. Blockchain's UX Issues and the Emergence of Account Abstraction (AA)

2-1. Poor UI/UX and the onus of self-custody hinder mainstream Web3 adoption

Two primary factors contribute to the perception of Web3 services as cumbersome and challenging from the user’s standpoint: 1) Suboptimal UI/UX, and 2) The inherent burdens associated with self-custody. The limited user experience in blockchain services isn't solely attributed to scalability constraints but fundamentally stems from the way blockchain mandates users to employ Externally Owned Accounts (EOA).

EOAs are non-programmable, restricted to a predefined mode of usage. This not only poses significant constraints but also necessitates users to possess an understanding of blockchain for seamless use. For instance, EOAs require transactions to be executed individually and necessitate personal key signatures for each transaction (instead of batching the transactions and signing it all at once). Consequently, even straightforward processes like NFT purchases can be time-consuming (refer to the provided illustration). Furthermore, without holding ETH in the wallet for gas fees, even basic transactions like transfers become infeasible. This stands in stark contrast to the Web2 environment, where users can effortlessly register with a single click through platforms like Kakao, Naver, or Google, and subsequently integrate with various apps to enjoy a plethora of services. Thus, for users accustomed to the Web2 service modality, the perceived intricacy and cumbersome nature of Web3 services are unsurprising.