The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

OKX Wallet Launches Account Abstraction-Powered ‘Smart Account’ Feature, Enabling USDT and USDC Gas Fee Payments on Multiple Chains

by ChainWire
August 2, 2023
in Industry Announcements

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 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 the following.

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 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 blockchains – Ethereum, 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.

About OKX

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.

Disclaimer

The information displayed is strictly for educational and informational purposes only.

It does not constitute and shall not be considered as an offer, solicitation or recommendation to deal in any products – including any NFT or otherwise – or as financial or investment advice.

Both OKX Web 3.0 Wallet and OKX NFT Marketplace are subject to separate terms of service here.

Contact

OKX

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

 
Submit a Press Release

Industry Announcements

  • Ottochain Homage to EVMOS and Ethereum Layer Two
    September 21, 2023
  • Algorand Foundation Announces Build-a-Bull Hackathon in Collaboration With AWS
    September 20, 2023
  • OKX Achieves SOC 2 Type II Certification, Demonstrating Its Industry-Leading User Safety, Security and Compliance Standards
    September 20, 2023
  • Meme Fans Eye El Hippo (HIPP) As Floki Inu (FLOKI) Price Dips
    September 19, 2023
  • Dexalot Unveils SimpleSwap and SimpleView Features for Enhanced User Experience
    September 19, 2023
  • Xsolla Launches Mall, an Online Destination for Video Games
    September 18, 2023
  • BlockchainSpace Debuts Polygon-Based Community Rewards Platform, YEY, With Philippine Telco Giant at FIBA 2023
    September 14, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$26,613.13
$26,613.13
0.03%
Ethereum
$1,591.15
$1,591.15
0.15%
Cardano
$0.245669
$0.245669
0.13%
XRP
$0.509311
$0.509311
0.15%
Dogecoin
$0.061567
$0.061567
0.11%

Spotlight

  • Unexpected Explosive Bitcoin Rally in the Cards As BTC Rides Hot Inflation Data: Glassnode Founders
    September 17, 2023
  • Ethereum Layer-2s Witnessing Surge in Specialization as Key Protocols Carve Out Unique Paths: IntoTheBlock
    September 17, 2023
  • Bitcoin Gearing Up for Much Larger Move to the Upside, According to Crypto Analyst – Here’s His Outlook
    September 17, 2023
  • Billionaire Mark Cuban Suffers $870,000 in Losses to a Crypto Hack: Report
    September 17, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash • Financeflux •
Industry Announcements

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl