The next is a visitor publish and evaluation from Nanfeng Jie, Lead Product Supervisor at Belief Pockets.
Over the previous few years, we’ve seen a transparent shift in how folks work together with digital property. Extra customers are selecting self-custody as a deliberate transfer towards better management and accountability. This development is mirrored within the fast rise of instruments like Belief Pockets, one of the vital extensively used self-custodial wallets in Web3.
At Belief Pockets, we’ve seen firsthand how shortly expectations are evolving. Customers need greater than safety — they need simplicity. That perception guided our resolution to develop into one of many first wallets to assist EIP-7702, Ethereum’s newest proposal to make externally owned accounts (EOAs) behave like sensible contracts. It’s what led to the event of FlexGas, a function that permits customers to pay fuel charges with tokens they already maintain, akin to USDT, TWT, or BNB, instantly from their pockets.
Now, let’s take a step again and study the broader market context and the real-world ache factors that led us to rethink how fuel charges ought to work.
Latest market analysis values the non-custodial pockets sector at $1.5 billion in 2023, with projections reaching $3.5 billion by 2031, rising at a CAGR of 8% from 2024 to 2031.
However scale alone doesn’t inform the entire story, as a result of the consumer expertise hasn’t saved tempo. Individuals nonetheless juggle throughout chains, manually handle fuel balances, and abandon transactions when approvals don’t make sense.
One of the crucial frequent items of suggestions pockets groups hear from customers is easy: “I don’t need to take into consideration fuel — I simply need the transaction to undergo.” And it’s a good level. Fuel charges aren’t only a value; they’re a cognitive burden. Each failed or delayed transaction chips away at belief within the system.
The problem’s root lies within the structure we’ve relied on for over a decade: EOA, the default pockets kind for many customers. It’s light-weight and safe, however wasn’t designed for the programmable, dynamic interactions that outline at this time’s decentralized functions (DApps).
That’s why the Ethereum EIP-7702 proposal represents such a significant shift.
A Versatile New Layer for Pockets Habits
First proposed by Vitalik Buterin in Could 2024, EIP-7702 introduces a refined however important evolution in how Ethereum accounts work. It permits EOAs to briefly tackle sensible contract habits inside a single transaction, bringing the advantages of account abstraction (AA) with out forcing customers emigrate to new account varieties or hand over their seed phrase–based mostly management.
With EIP-7702, customers preserve full custody of their property whereas having access to extra versatile transaction logic. Meaning bundling approvals and actions right into a single faucet, enabling recurring funds, or supporting delegated session keys with out separate sensible contracts.
Merely put, EIP-7702 means fewer steps, much less confusion, and a smoother consumer expertise. Transactions are sooner and extra predictable, permitting fuel charges to be paid utilizing tokens already held with out the necessity for native property prematurely.
Technically talking, EIP-7702 acts as a modular extension to the EOA mannequin. The consumer indicators an intent, which can comprise customized logic, and the pockets executes that intent via a brief contract. As soon as the transaction is full, the account returns to its commonplace EOA state, unlocking a extra clever transaction layer for builders and infrastructure suppliers.
In flip, Web3 begins to behave extra like one thing constructed for actual folks, not protocols.
Constructing the Infrastructure Behind the Abstraction
Supporting EIP-7702 at scale requires greater than integrating a brand new transaction kind or making consumer interface (UI) updates. It calls for a strong, modular backend infrastructure able to deciphering consumer intent, dynamically routing fuel, and reliably executing complicated actions throughout chains.
At Belief Pockets, we selected to not depend on third-party abstractions or SDKs. As an alternative, we developed our personal account abstraction engine solely in-house, constructed to be safe, scalable, and chain-agnostic. This modular system consists of:
Paymaster – for dealing with customized fuel logic and token-based fuel paymentsBundler – for optimizing multi-step transactionsRelayer – for sturdy, quick submission of abstracted transactionsGas Provisioner – for managing fuel sources and routing throughout networks intelligently
This inside structure offers Belief Pockets a long-lasting edge in efficiency and reliability, whereas setting a brand new commonplace for EOA-based sensible pockets design. It additionally paved the way in which for FlexGas, the primary outstanding function we constructed on this basis. FlexGas permits customers to pay fuel charges with tokens akin to USDT or TWT on Ethereum and BNB Chain.
Crucially, all of those enhancements protect the essence of what makes self-custody interesting: customers retain full management of their personal keys, their seed phrases stay unchanged, and there’s no must improve to a contract-based pockets. This stability (between energy and autonomy) is what makes EIP-7702 such a major improve quite than a disruptive substitute.
Shifting Wallets into Clever Brokers
If extensively adopted, EIP-7702 may develop into a defining layer within the subsequent era of Web3 infrastructure. It permits a future the place wallets are responsive, clever brokers — automating complicated methods, onboarding customers, and unlocking frictionless interactions at scale.
The primary real-world functions are already in movement. Options permitting customers to pay for fuel with tokens they already maintain are almost right here. Gasless onboarding, automated execution methods, wallet-as-a-service fashions, and sensible transaction insurance policies for institutional-grade use are all inside attain.
The most important breakthroughs in crypto typically come not from radical overhauls, however from quiet upgrades that take away invisible frictions. EIP-7702 could also be precisely that. It doesn’t change the way in which we take into consideration Ethereum’s safety mannequin — it modifications what that mannequin can do for customers.
As a result of on the finish of the day, progress in Web3 doesn’t rely upon how sensible our contracts are. It is dependent upon how pure they really feel to make use of.
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