On August 2, 2023, OKX, a leading Web3 technology company, announced the official launch of the OKX Web3 wallet, which now supports the AA smart contract wallet, allowing users to pay Gas using stablecoins USDT/USDC on multiple chains. In addition, in subsequent development iterations, the AA smart contract wallet will also support social recovery and more new features, enabling users to recover their accounts through trusted individuals in their social network even in the event of losing their private keys.
The OKX Web3 wallet is one of the first wallets to support multi-chain account abstraction. Through the AA smart contract wallet, users can interact with multiple contracts in a single transaction, greatly enhancing the multi-layered needs of advanced users while also increasing the convenience for novice users, thus creating a more user-friendly and intuitive wallet experience.
Jason Lau, Chief Innovation Officer of OKX, stated: "Our goal is to provide users with the most convenient, secure, and powerful Web3 platform, and the OKX AA smart contract wallet will play a crucial role in achieving this goal. Account abstraction technology will drive the widespread application of Web3 and bring new use cases and user experiences. We will continue to develop more new features and services based on this technology for our users."
Account abstraction simplifies cryptocurrency transactions by supporting the creation of Web3 wallet accounts and hiding more technical details of their on-chain interactions behind a more accessible and user-centric interface, thus streamlining the process of trading encrypted assets. This is achieved by merging the user's smart contracts and externally owned accounts (EOA) into a "smart account," providing a more unified Web3 experience.
The AA smart contract wallet, built on account abstraction technology, simplifies the complexity of blockchain transactions. One of the major pain points for users is the need to navigate complex transaction processes and understand technical terms such as "Gas Fees" and "Gwei." The AA smart contract wallet addresses this pain point by reducing the steps required for token exchange or trading to just a single click.
Haider Rafique, Chief Marketing Officer of OKX, stated: "We are committed to prioritizing security and interoperability in building our Web3 wallet and applications for our customers and the wider DeFi community. The OKX Web3 wallet now supports 60+ public chains and features such as MPC wallets, and has officially launched the AA smart contract wallet, allowing users to trade on multiple blockchains without the need for their specific native tokens, and will soon introduce social recovery functionality. This is a significant change, and we believe the AA smart contract wallet will make transactions between different chains more seamless."
Advantages of OKX AA Smart Contract Wallet:
Related to Gas
- Users do not need to use native tokens of public chains to pay Gas fees
- Use stablecoins USDT/USDC to pay Gas
- When interacting with DApps on Discover browser and web, the AA wallet can also achieve third-party Gas payment.
Simplified Token Exchange and Staking
- The AA smart contract wallet consolidates multiple stages of on-chain DEX, DeFi, and other exchange and staking processes into a single step, allowing users to complete token exchange and staking to earn interest with just one click.
The OKX Web3 wallet is not only the first to support the AA smart contract wallet on seven major public chains including Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and OKT Chain, but also the first to support MPC technology on 37 public chains. By splitting the user's private key into three parts, it eliminates the need for traditional written records of private keys and mnemonic phrases, greatly enhancing security and eliminating single points of failure.
About OKX
As a leading Web3 technology company, OKX provides a comprehensive range of Web3 products to meet the needs of beginners and professionals, including:
OKX Wallet: The most powerful, secure, and versatile cryptocurrency wallet in the world, supporting 60+ public chains, with unified applications on mobile, browser, and web, covering wallets, DEX, DeFi, NFT markets, and DApp exploration. It also supports features such as Ordinals market, creating MPC wallets, Gas exchange, iCloud/Google Drive backup of mnemonic phrases, custom networks, and connecting hardware wallets.
DEX: The most powerful DEX and cross-chain aggregator, aggregating 10+ cross-chains, 20+ public chains, 300+ DEX, and 3 million+ tokens. It uses X Routing smart routing to execute transactions across multiple DEX simultaneously, providing users with the best prices and zero transaction fees. It also features DEX market data, limit orders, and KYT security checks.
Markets: OKX Web3 Markets, consisting of Ordinals and NFT markets. The Ordinals market supports one-stop trading, engraving BRC-20 assets, and BTC NFT. The NFT market is a zero-fee multi-chain aggregation platform that combines creation, collection, and trading functions, supporting both primary and secondary market transactions. It provides real-time access to mainstream NFT platforms such as OpenSea, MagicEden, LooksRare, IMX Official, Element, and Blur, and supports one-click listing on multiple platforms. It supports 13 popular public chains including ETH, SOL, BSC, and OKTC.
DeFi: A one-stop on-chain investment platform, aggregating investments from 10+ public chains, 60+ projects, and 200+ protocols, supporting one-click cross-asset investments, automatic yield calculation, and more gas savings, making DeFi investments extremely simple.
OKX has closely collaborated with many world-class brands and athletes such as English Premier League champions Manchester City F.C., McLaren F1 Team, Olympic snowboarder Scotty James, F1 driver Daniel Ricciardo, and the Tribeca Festival, aiming to enhance fan experiences through new interactive methods.
As a leader in building innovative technological products, OKX dares to challenge the status quo and has recently launched a global brand campaign called "The System Needs a Rewrite," advocating for a new paradigm led by Web3 self-management technology. For more information about OKX, please download our application or visit: okx.com
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