Account abstraction (AA) will change how users interact with decentralized applications (dapps). Timeless, Pimlico, Web3 Analytic and Linea have joined forces to power the AA wave of Linea’s DeFi Voyage to pave the way for wider adoption.
Account abstraction increases flexibility in the management and behavior of Ethereum accounts by introducing account contracts: special-purpose smart contracts that define and manage a user’s Ethereum account, also known as smart accounts (SA).
User experience (UX) challenges in web3 come in the form of problematic account recovery and transaction fees that prevent widespread adoption. Account abstraction and smart accounts (SA) enable better UX, but are still early in their adoption cycles. One of their key features is enabling dapps to pay for users’ transaction fees (gas) to make using on-chain products simpler.
While this improves UX, it also transfers the cost of transaction fees from users to applications. This is a significant change. While the cost of each transaction is low, they can become high, very quickly, if dapps sponsor all transactions. For example, in 2023 YTD, transaction fees on Ethereum alone were $2.2B.
Gas sponsorship could become the next version of untargeted airdrops - an out-of-control user acquisition cost with terrible payback. In the Linea Voyage, we evaluate how it can be used as an ROI-based user acquisition cost.
Timeless, Linea, Web3 Analytic and Pimlico are working together to demonstrate the potential of account abstraction. This collaboration spans the entire spectrum, from the underlying Linea network to user-facing applications (Timeless X), infrastructure (Pimlico), and user targeting (Web3 Analytic). This unified approach is set to ignite account abstraction usage, fostering sustainable growth of smart accounts and gas sponsorship.
Timeless: User Interface and Experience
Developed through a strategic partnership, Timeless introduces Timeless X (iOS; Android), a social account abstraction wallet that combines self-custodial security with convenient social features. Its goal is to enhance user experience by making web3 invisible – so integrated and smooth that the underlying technology is not even noticed. Timeless X emulates the ease and familiarity of web2 applications, making web3 more accessible for all.
Pimlico: Infrastructure Powerhouse
Pimlico is the backbone, providing infrastructure components like bundlers and paymasters, powering the fast and reliable relaying and sponsoring of transactions originating from smart accounts. Its role is pivotal in enhancing the functionality of ERC-4337 compatible wallets, thereby smoothing the user journey in this new AA paradigm.
Web3 Analytic: User Targeting for Gas Sponsorship
Web3 Analytic is the targeting engine for gas sponsorship. They turn gas sponsorship into a marketing tool using on-chain data and adaptive algorithms for precise user targeting and ROI analysis. Their tools have other applications like DDOS prevention in gas sponsorship.
Account abstraction and gas sponsorship allow us to improve web3 user experience by orders of magnitude. Join us on our journey to make smart accounts the dominant wallet type, creating a virtuous cycle of reduced transaction complexity and user costs, and new marketing tools, attracting more users, increasing retention and nurturing sustainable ecosystem growth.