Key Notes

• The Ethereum network recorded 11,000 smart wallet authorizations after Pectra went live on the mainnet.
• The EIP 7702 feature allows EOAs to act as smart wallets temporarily.
• Top crypto exchanges WhiteBIT and OKX lead EIP 7702 authorization trends.

Current ecosystem data shows a dramatic rise in Ethereum

ETH
$1 845

24h volatility:
2.6%

Market cap:
$222.72 B

Vol. 24h:
$14.22 B

smart wallet activity. This trend comes after the long-awaited Pectra upgrade went live on May 7. According to current figures, over 11,000 authorizations linked to the new EIP 7702 feature were recorded within a week. This shows growing interest from both users and decentralized apps.

Ethereum EIP-7702 Draws Swift Response From Wallet Providers

It is worth noting that the Pectra upgrade introduced several changes to Ethereum, but one of its most unique features is EIP 7702. This feature lets regular Ethereum wallets, known as externally owned accounts (EOAs), temporarily hand over control to a smart contract. It allows standard wallets to act like smart wallets when needed.

This is important as it will grant users access to smart functionalities, a move they can initiate without moving funds or switching to a new wallet entirely.

Likewise, with EIP 7702, the network users can batch multiple actions and schedule future transactions. They can also send transactions without paying gas fees. This would help them maintain full control and allow them to disconnect from the smart contract at any time.

Dune data from blockchain research firm Entropy Advisors shows early adoption is underway. For example, WhiteBIT, a crypto exchange, leads with nearly 5,300 wallets delegating control to its smart contract. This accounts for almost half of all authorizations recorded so far.

Based on general perception, the ability to add new features to existing wallets is expected to draw more users. These features include multi-signature approvals, spending limits, and combined transactions. They offer better security and greater convenience. Most importantly, users do not need to create a new wallet or change their setup to use them.

For developers and platforms, this marks an important step in improving user experience while maintaining security. As EIP 7702 adoption grows, Ethereum could become more flexible and user-friendly, encouraging more users to explore what is possible.

It is also important to note that this development adds to the growing wave of positive news from the Ethereum Foundation. As reported by Coinspeaker, the Foundation recently launched a new security initiative to ensure the Ethereum network can securely support trillions of dollars in on-chain value.

Adoption Trend Not Slowing Down

As noted, WhiteBIT leads the authorization chart. The exchange is likely using this feature to support batch transactions, pay gas fees for users, or facilitate onboarding.

OKX is also on the leaderboard, recording over 3,100 authorizations for individual wallets. MetaMask has fewer delegations, around 1,300, but holds more Ethereum in its delegated smart contracts. Judging by this trend, MetaMask users may handle larger transactions or hold more value in their wallets.

It is essential to state that EIP 7702 is just one part of the broader Pectra upgrade. While it focuses on improving the end-user experience, other parts aim to enhance Ethereum’s scalability and validator performance.

Related article: XRP and Ethereum Long Trades Closed by Hyperliquid Whale, Here’s Why

While the Pectra upgrade has spurred a fresh narrative for the Ethereum network and contributed to a substantial price rally, the tide has slowed recently. With the 50% ETH price rally now paused, investor focus is shifting.

When writing, the Ethereum price is down 0.92% and has pulled back to $2,564.58. Notably, some see this shift as a temporary correction as the Pectra effect is bound to manifest in the long term.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Author
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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