Introduction
After the Ethereum mainnet Pectra hard fork upgrade on May 7, 2025, discussions triggered by EIP - 7702 as an account abstraction 'solution' quickly became the focus of the industry. Currently, the Ethereum network and BSC network support the EIP - 7702 upgrade, and users can complete the 7702 upgrade for Ethereum and BSC accounts through the TokenPocket wallet. In the future, we will continue to pay attention to the latest developments of EIP - 7702 and keep track of support from new networks.
What exactly is EIP - 7702, known as Ethereum's 'iPhone' moment? Do ordinary users like me need to upgrade? How do I upgrade and what should I pay attention to after the upgrade?
If you are still unsure about the answers to these questions, let us delve into this standard together to help everyone understand EIP - 7702 more objectively.
The history of EIP - 7702: The evolution of account abstraction
Concept of account abstraction
The essence of account abstraction is to solve the problem of property rights separation. In the early blockchain world, the ownership and signing rights of external accounts (EOAs) heavily depended on private keys, which led to many inconveniences. With the development of blockchain technology and the expansion of application scenarios, developers began to explore how to break this limitation and achieve flexibility and convenience in accounts, leading to the gradual formation and continuous development of the concept of account abstraction.
EIP - 7702: The Innovation of Ethereum Account Abstraction
Pain points of the traditional Ethereum account system
In the traditional Ethereum account system, external accounts (EOAs) face many usage limitations:
Ownership and signing rights heavily depend on private keys. Once the private key is lost, stolen, or faces quantum cracking risks in the future, users will lose all their assets.
Transaction fees can only be paid with ETH, and the basic fees are relatively high, skyrocketing during network congestion.
In addition, concepts such as gas price and gas limit make it daunting for ordinary users.
Core functions and advantages of EIP - 7702
EIP - 7702 introduces new transaction types that allow ordinary EOAs to set a contract address as a proxy contract for the current address, achieving account abstraction. Based on the set contract functions, it can implement features such as batch operations, gas payment, customized permissions, and so on.
Impact of EIP - 7702
After upgrading the Ethereum or BSC network wallet to EIP - 7702, the following key functions can be achieved:
Batch transactions: Support executing multiple operations in a single transaction, reducing gas fees and user interaction times.
Gas payment (sponsored transactions): Allows third parties (such as DApps or Paymasters) to pay gas fees, and further supports extending to ERC-20 tokens (such as USDC) for gas fee payment.
Permission downgrade: Supports subkeys, which can restrict access permissions for specific DApps (e.g., only allowing this DApp to spend 1% of the balance).
Social recovery: Supports account recovery through smart contract logic, reducing the risk of losing private keys.
Through the above features, EOA addresses can gain greater freedom in transactions within the blockchain, simplifying operational complexity in specific scenarios:
Taking the common Swap transaction as an example, before the upgrade, the approve and transfer operations required sending two transactions, consuming double gas. After the upgrade, users can complete multiple operations at once by setting logical contracts, reducing average costs by about 40%.
In diversified scenarios such as Web3 games and Web3 payments, the advantages of EIP - 7702 are even more evident, especially in complex operations involving the consumption of multiple currencies.
Although the mechanism design of EIP - 7702 brings many advantages in specific scenarios, there are also potential risks.
For example, there is a strong phishing risk: if users hastily sign messages, they may unknowingly set malicious contracts, leading to security vulnerabilities. In addition, mistakenly upgrading risky contracts may result in asset loss. To address these risks, users should enhance their security awareness, upgrade in reputable wallets like TokenPocket, and avoid signing unknown messages indiscriminately.
Should I upgrade my account to 7702?
Whether to upgrade to EIP - 7702 should be judged based on each user's specific needs.
For deep blockchain users who frequently participate in DApp interactions, Web3 games, or DeFi transactions, and have an understanding and pursuit of cutting-edge blockchain technology, the advantages brought by EIP - 7702, such as simplified account management, reduced transaction costs, and increased efficiency, can significantly optimize the user experience.
For ordinary users who only perform simple asset storage and transfers, the current traditional account system can meet basic needs, and since upgrading involves a certain learning cost, the upgrade can be postponed.
As innovative applications based on EIP - 7702 continue to emerge in the Ethereum ecosystem, in the long run, users can decide whether to take the step to upgrade after making sufficient security preparations and becoming familiar with the operational process.
TokenPocket wallet supports EIP - 7702, detailed upgrade tutorial
TokenPocket wallet actively responds to the EIP - 7702 standard, providing upgrade support for users.
Upgrade entry: Open the assets page -> Click on the account to enter account management -> Select advanced mode -> Smart wallet management
Upgrade Wallet to 7702
Currently, we support the 7702 upgrade for ETH and BSC network wallets.
If you encounter any issues or questions during the upgrade process, users can refer to the help documentation on the TokenPocket wallet official website or contact wallet customer service for professional support and assistance.
EIP - 7702 will have a profound impact on the entire blockchain industry. On one hand, it will attract more developers to innovate based on the new account abstraction features, promoting the richness and development of Ethereum ecosystem applications; on the other hand, the development of EIP - 7702 also faces many challenges. In practical applications, different implementation solutions vary in user experience, interface standards, and behavioral expectations, facing issues such as a lack of unified standards and inconsistent execution standards.
