OKX Launches Smart Account with Account Abstraction for Multi-Chain Transactions on OKX Wallet

OKX Launches Smart Account with Account Abstraction for Multi-Chain Transactions on OKX Wallet

OKX, a prominent Web3 technology company, has just unveiled an innovative feature on its OKX Wallet known as Smart Account. This new feature is powered by account abstraction and allows users to conduct transactions on multiple blockchains using stablecoins like USDC or USDT.

In addition to Smart Account, OKX Wallet plans to introduce more account-abstraction powered features in the near future, including social recovery functionality. This feature will enable users to designate trusted individuals from their social network as “guardians” who can assist them in recovering their Smart Account if they ever lose their keys.

OKX Wallet is at the forefront of Web3 wallets, being one of the first to support multi-chain account abstraction. With the Smart Account, users can now interact with multiple contracts in a single transaction, making it more user-friendly for beginners and enhancing composability for advanced users.

Jason Lau, the Chief Innovation Officer of OKX, expressed their commitment to providing users with an accessible, secure, and powerful Web3 gateway. He highlighted that account abstraction technology is a game-changer for the broader adoption of Web3, enabling new use cases and better user experiences.

The implementation of account abstraction simplifies crypto transactions by hiding the technical complexities of on-chain interactions behind a more user-centric interface. It merges users’ smart contracts and Externally Owned Accounts (EOAs) into a single “smart” account, creating a more unified Web3 experience.

One of the main pain points for users in blockchain transactions is dealing with gas fees and technical terms like ‘Gwei.’ The Smart Account addresses this issue by reducing the number of steps required for token swaps or trades to just one click.

Haider Rafique, the Chief Marketing Officer of OKX, emphasized the company’s commitment to security and interoperability in their Web3 wallet and apps. He mentioned that with Smart Account, OKX now offers a stablecoin account that can interact with transactions on multiple blockchains without requiring a specific blockchain’s native token. Additionally, a social recovery feature is in the pipeline, further improving the seamless transactions between chains.

Some additional benefits of OKX Wallet’s Smart Account include the ability to pay for gas on supported chains using stablecoins like USDC and USDT. Users can also enjoy gasless transactions if third-party dApps sponsor their on-chain interactions. Moreover, Smart Account simplifies token swaps and staking processes, enabling users to exchange tokens and earn interest with just one click.

OKX Wallet currently supports account abstraction on seven blockchains, including Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and OKT Chain. It is also the first Web3 wallet to utilize multi-party computation (MPC) technology across 37 blockchains. This innovative technology enhances security by splitting a user’s private key into three parts, eliminating the need for traditional written down keys and seed phrases, and eliminating a single point of failure.

As a leading global technology company driving the future of Web3, OKX offers a comprehensive suite of products catering to both beginners and experts. This includes the powerful and secure OKX Wallet, providing access to over 50 blockchains while allowing users to take custody of their own funds. The wallet also includes MPC technology, enabling easy wallet recovery without the need for traditional seed phrases.

Furthermore, OKX offers a cross-chain decentralized exchange (DEX) that aggregates nearly 200 other DEXs, with access to over 200,000 coins on more than 10 blockchains. The platform also features a multi-chain, zero-fee NFT marketplace, giving users access to NFT listings across seven top-tier marketplaces, including OpenSea, MagicEden, LooksRare, and Blur. Additionally, OKX provides a powerful Web3 DeFi platform supporting earning and staking on 80 protocols across 15 chains.

The company has partnered with renowned brands and athletes, such as English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

OKX stands as a leader in building innovative technology products and advocates for a new paradigm led by Web3 self-managed technology, as reflected in their recent global brand campaign entitled “The System Needs a Rewrite.”