More than 26,000 Ethereum wallets adopt Pectra upgrade features, boosting smart wallet usage.

The recent Pectra upgrade for Ethereum is driving an increase in the usage of smart accounts, transforming how users engage with the network.

Analysis by Base expert 0xKofi indicates that over 26,000 wallets have adopted the new smart account structure enabled by the EIP-7702 standard introduced in the Pectra upgrade.

Understanding Smart Accounts

EIP-7702 establishes a framework allowing standard Ethereum wallets to function similarly to smart contracts, retaining their original addresses and adaptability.

Previously, Ethereum wallets were mainly categorized as Externally Owned Accounts (EOAs), which could execute transactions but lacked programmable capabilities, or Smart Contract accounts that could perform automated tasks but couldn’t initiate their own transactions.

EIP-7702 merges these functionalities by permitting EOAs to delegate authority to smart contracts, thus enabling an array of new capabilities such as automated spending, scheduled payments, and the execution of multi-step actions within a single transaction.

Notably, the update also allows Ethereum users to cover fees with tokens other than ETH, enhancing user convenience.

Users of Ethereum’s EOAs can enable these advanced features by granting permission to a smart contract that regulates their wallet interactions. This contract acts as the logic engine behind transactions.

For those wanting to revert to a simple wallet setup, it is possible to direct their address to a burn contract, removing programmable features.

Rapid Adoption of EIP-7702

Evidence from Base analyst 0xKofi illustrates that smart accounts are gaining popularity beyond Ethereum, with significant adoption on layer-2 solutions such as Base and Optimism.

Currently, there are 13,013 smart accounts operational on Ethereum’s mainnet. The second layer solution Optimism has 5,588, followed by Binance Smart Chain with 5,261, Coinbase-supported Base with 2,851, and Gnosis with 229.

These smart accounts have collectively executed nearly 124,000 authorizations since the upgrade was implemented. The Binance Smart Chain leads with 69 active contracts, just ahead of Ethereum with 66. Base, Optimism, and Gnosis report 37, 9, and 6 active contracts, respectively.

Furthermore, the data suggests that both exchange platforms and wallet providers are adapting to this evolution.

The statistics indicate that WhiteBIT has recorded the highest number of smart account authorizations at 6,922, followed by MetaMask with 5,188. OKX Wallet contributes 3,452, while other sources account for an additional 3,988.