August 2, 2023 – Singapore, Singapore
Additional account abstraction capabilities, including a social recovery feature, will be rolled out at a later date.
OKX, a leading Web 3.0 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 soon 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 Web 3.0 with multi-chain account abstraction support.
With Smart Account, users can now interact with multiple contracts in a single transaction.
This enhances composability for advanced users and adds convenient features for beginners, creating a more user-friendly and intuitive wallet experience.
Jason Lau, chief innovation officer at OKX, said,
“Our aim is to provide our users with the most accessible, secure and powerful Web 3.0 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 Web 3.0 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 Web 3.0 wallet accounts that conceal the more technical details of their on-chain interactions behind a more accessible and user-centric interface.
This is achieved by combining users’ smart contracts and EOAs (externally owned accounts) into a single ‘smart’ account, providing a more unified Web 3.0 experience.
The account abstraction-powered Smart Account simplifies some of the complexities of blockchain transactions.
For example, one of the biggest painpoints that users face is the need to navigate the complex transaction process and decipher technical terms such as ‘gas fees’ and ‘Gwei.’
Smart Account addresses this painpoint by reducing the number of steps required to complete a token swap or trade to just one click.
Haider Rafique, chief marketing officer at OKX, said,
“We promised our customers and the larger DeFi community that we would prioritize security and interoperability as we build our Web 3.0 wallet and apps.
“We support [over] 60 cross-chains, MPC (multi-party computation) 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 tokenwith 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 the following.
- 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 individual 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 currently supports account abstraction technology on seven blockchainsEthereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche and OKT Chain.
It is also the first Web 3.0 wallet to utilize MPC technology across 37 blockchains, eliminating the need for traditional written down keys and seed phrases by splitting a user’s private key into three parts, greatly improving security and eliminating a single point of failure.
A leading global technology company driving the future of Web 3.0, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including the following.
- OKX Wallet The world’s most powerful, secure and versatile crypto wallet that gives users access to over 50 blockchains while allowing them to take custody of their own funds. The wallet Includes MPC technology, which allows users to easily 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 over 200,000 coins on more than 10 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 a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula One, The Tribeca Festival, Olympian Scotty James and F1 driver Daniel Ricciardo.
As a leader 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 Web 3.0 self-managed technology.
To learn more about OKX, download our app or visit the website.
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