Everything About Account Abstraction: ZKsync’s Elastic Chain, Safe7579 Adapter, Layer 3 Networks Explained, Baanx’s Crypto Debit Cards and Anoma’s Vision
We are welcoming you to our weekly digest! Here, we discuss the latest trends and advancements in account abstraction, as well as bring some insights from Etherspot’s kitchen.
The latest news we’ll cover:
· ZKsync Unveils the Elastic Chain: A Seamless Network of ZK Rollups
· Safe7579: Expanding ERC-7579 Module Ecosystem Compatibility
· Understanding Layer 3 Networks: Enhancing Interoperability
· Baanx Addresses Crypto Debit Card Adoption Challenges
· Exploring Anoma’s Innovative Vision and Technical Concepts
Please fasten your belts!
ZKsync Unveils the Elastic Chain: A Seamless Network of ZK Rollups
ZKsync introduces the Elastic Chain, an ever-expanding network of ZK rollups that offers native, trustless, low-cost interoperability under a uniform and intuitive user experience. The recent ZKsync 3.0 upgrade, released on June 7, 2024, transforms ZKsync from a single Ethereum L2 into the Elastic Chain, addressing issues of fragmented liquidity and user experience.
This upgrade reconfigures the ZKsync L1 bridge into a shared router contract, supporting the growing network of interoperable ZK Chains. ZKsync Era, the first chain of this ecosystem, will soon be joined by over 20 new ZK Chains built on the ZK Stack, launching throughout 2024.
The Elastic Chain vision, initially introduced as “Bridgeless Hyperchains” at SmartCon 2022, emphasizes easy-to-use, low-cost, and math-secured transactions. Users can utilize one address across multiple chains, with transaction fees payable in any liquid token or sponsored by dApps.
A key component of this architecture is the ZK Gateway, which facilitates seamless interoperability between ZK Chains and Ethereum. It offers proof composition, state diff compression, faster finality, and enhanced censorship resistance. Validators operating the ZK Gateway will ensure resilience and charge fees for bridging and state data posting.
The Elastic Chain promises to deliver a cohesive blockchain experience, enabling users to interact with any smart contract across ZK Chains without the need for bridging. This transformation aims to make blockchain technology more accessible, efficient, and secure.
Safe7579: Expanding ERC-7579 Module Ecosystem Compatibility
Rhinestone, known for its infrastructure for modular smart accounts and seamless UX, has announced that Safe is now compatible with the growing ERC-7579 module ecosystem, marking a significant step forward for modular smart accounts.
This integration enables developers to build on Safe and other ERC-7579 smart accounts while accessing a variety of modules, tools, and services.
Modules are self-contained smart contracts that extend smart accounts’ functionality, allowing developers to create powerful onchain products with seamless user experiences.
Rhinestone has been actively pushing for interoperability, security, and simple tooling for module distribution, discovery, and monetization, leading to the development of the ERC-7579 standard.
Rhinestone and Safe co-developed the Safe7579 Adapter, an interoperability layer connecting Safe to the ERC-7579 ecosystem. This integration allows Safe to incorporate modules built for ERC-7579 accounts, enhancing functionality and user experiences. The adapter leverages Safe’s existing mechanisms, making it fully compliant with the ERC-7579 standard.
The Safe7579 Adapter offers numerous benefits, including module interoperability, modular validation, expanded total addressable market (TAM) for developers, increased portability for users, and access to ERC-7579 tooling.
Safe developers can now build with the Safe7579 adapter, benefiting from a broader set of smart account first dapps and tools like ModuleKit and ModuleSDK.
Developers can start using Safe7579 by visiting permissionless.js. The adapter can replace the existing Safe4337 module or launch new Safe accounts compliant with ERC-7579. Pre-built modules are available through the ModuleSDK, making it easier for developers to integrate and innovate.
Understanding Layer 3 Networks: Enhancing Interoperability
An insightful article was recently published, providing a high-level overview of layer 3 networks and their impact on blockchain infrastructure.
According to the article, layer 3 networks sit atop the existing L1 and L2 blockchains, aiming to enhance functionality and interoperability. While layer 1 networks like Ethereum and Bitcoin form the foundational blockchain infrastructure, they often face scalability issues.
Layer 2 networks, such as Arbitrum and Optimism, mitigate these problems by providing scaling solutions like bundling transactions and processing off-chain.
However, layer 3 networks introduce an additional layer to host dApps more efficiently, addressing user-friendliness and functionality. These networks can host complex applications that layer 1 and layer 2 networks struggle to support due to scalability and cost constraints.
Examples of layer 3 networks include Degen Chain, built using Arbitrum’s Orbit architecture, and Xai, an Arbitrum layer 3 designed for gaming applications. These networks offer reduced fees, enhanced account abstraction, and a more flexible environment for dApp developers.
Account abstraction is crucial for consumer-facing dApps as it smooths the onboarding process for mainstream users by removing the complicated steps often associated with blockchain-based products. This feature is highlighted as a significant advantage of layer 3 networks.
Baanx Addresses Crypto Debit Card Adoption Challenges
In a recent interview with Cointelegraph, Simon Jones, chief commercial officer of Baanx, discussed the role of crypto debit cards in broader crypto adoption.
Founded in 2018, Baanx has partnered with Web3 and Web2 heavyweights like Ledger, 1inch, and Mastercard. Their flagship product, the Crypto Life Card, allows users to spend crypto at over 90 million merchants worldwide and is available in 32 countries, with expansion plans.
Jones highlights that 2024 marks a pivotal moment as fintech and crypto converge, driven by developments like ERC-4337 and eased App Store restrictions. This creates a market where crypto cards can drive the next generation of wallets and the creator economy.
He also emphasizes the importance of self-custody awareness among users, allowing them to choose the custody mix that best suits their needs. Products like the CL Card enable users to connect various Web3 wallets, offering freedom and instant access to funds.
The interview further explores account abstraction, which allows users to link their preferred custody source to their on-ramp/off-ramp, enhancing crypto payments and debit card functionality by providing multiple transfer options and keeping funds until they are ready to be spent.
Jones also introduces dual-asset cards, enabling the storage and spending of both crypto and fiat assets with complete flexibility. The primary barrier is liquidity, but as the market grows, spending any tradeable asset in-store becomes feasible.
The Crypto Life Card addresses key challenges by ensuring seamless functionality and offering lending services, allowing users to borrow fiat against crypto holdings.
Finally, Jones envisions a future where crypto and TradFi coexist, leveraging the strengths of partners like Mastercard to embed Web3 into the lives of billions, removing barriers to financial services for many people worldwide.
Exploring Anoma’s Innovative Vision and Technical Concepts
A recent Intents Discussions event revealed the founding story and vision behind Anoma, the universal intent machine, which introduces a new era of applications where users define the outcomes they want. The project was initiated in mid-2020 to address dissatisfaction with the current state of blockchain technology.
Anoma’s core ideas focus on intents rather than transactions, enabling decentralized coordination and counterparty discovery while providing granular information flow control for enhanced privacy.
Described as an “intent-centric distributed operating system,” Anoma can operate across various blockchains and execution environments. Intents in Anoma describe what you want without specifying how to achieve it, similar to a child saying, “I want candy,” without detailing where it comes from. Privacy and information flow control are seen as crucial for long-term security and data protection.
The founders faced significant challenges, including the need to educate others about the new paradigm and concepts. Despite these hurdles, Anoma is designed to be compatible with existing ecosystems like Ethereum while offering the benefits of an intent-centric design.
Potential use cases for Anoma include privacy-preserving decentralized exchanges and public signaling systems, such as an inverse Kickstarter.
The Intents Discussions event, held on July 7 in Brussels, provided deeper insights into Anoma’s vision, technical concepts, and potential applications. The event featured talks on intent-centric architectures, privacy, and the comparison with monolithic chains. Notable speakers included Anoma’s co-founders and other key figures in the blockchain space such as Vitalik Buterin.
For those who missed it, the full recordings of the discussions can be found here.
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