On August 2, 2023, Web3 technology company OKX announced that the OKX Web3 wallet has officially launched the AA smart contract wallet, which will support users to pay Gas with stablecoins USDT/USDC on multiple chains. In addition, in subsequent development iterations, the AA smart contract wallet will also support more new features such as social recovery, which can help users recover their accounts through trusted individuals in their social network even if they lose their private keys.

The OKX Web3 wallet is one of the first wallets to support multi-chain account abstraction. With the AA smart contract wallet, users can interact with multiple contracts in a single transaction, greatly enhancing the multi-level 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, said: "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 empower the wide application of Web3 and bring new use cases and user experiences. We will continue to develop based on this technology to provide users with more new features and services."

Account abstraction simplifies the complexity of cryptocurrency transactions by supporting the creation of Web3 wallet accounts and hiding more technical details of on-chain interactions behind more accessible and user-centric interfaces. This is achieved by merging a user's smart contracts and externally owned accounts (EOA) into a single "smart account," providing a more unified Web3 experience.

The AA smart contract wallet, built on account abstraction technology, simplifies the complexity of blockchain transactions. For example, one of the biggest pain points for users is the need to go through complex transaction processes and understand technical terms like "Gas Fees" and "Gwei." The AA smart contract wallet solves this pain point by reducing the steps required for token exchange or transactions to just one click.

OKX Chief Marketing Officer Haider Rafique said, "We are committed to prioritizing security and interoperability when building our Web3 wallet and applications for our customers and the broader DeFi community. The OKX Web3 wallet now supports 60+ public chains and has officially launched the AA smart contract wallet, which not only allows users to trade on multiple blockchains without using their specific native tokens but also will soon be launching social recovery features. This is a significant change, and we believe that the AA smart contract wallet will make transactions between different chains smoother."

Advantages of OKX AA smart contract wallet

Gas-related

• Users do not need to use native tokens of public chains to pay for gas fees

• Use stablecoins USDT/USDC to pay for gas

• When interacting with DApps on Discover browser and web interface, the AA wallet can also enable third-party gas payment.

Simplified token exchange and staking

• The AA smart contract wallet combines multiple stages of on-chain DEX, DeFi, and other exchange and staking processes into one step, allowing users to swap tokens and stake to earn interest with just one click.

The OKX Web3 wallet is not only the first AA smart contract wallet that supports Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and OKT Chain, but also the first wallet that supports MPC technology on 37 public chains. By dividing the user's private key into three parts, it eliminates the need for traditional written records of private keys and mnemonics, greatly improving security and eliminating single points of failure.

About OKX

OKX offers a comprehensive suite of Web3 products to meet the needs of beginners and professionals, including:

• OKX Wallet: Supports 60+ public chains, with unified apps, plugins, and web interfaces, covering wallets, DEX, DeFi, NFT markets, and DApp exploration in 5 major sections. It also supports Ordinals market, creating MPC wallets, exchanging gas, iCloud/Google Drive backup of mnemonic phrases, custom networks, and connecting hardware wallets.

• DEX and Cross-chain Aggregator: Aggregates 10+ cross-chains, 20+ public chains, 300+ DEX, and 300W+ currencies. Through X Routing smart routing, it enables transactions to use multiple DEX simultaneously, providing users with the best price and zero transaction fees. It also has convenient features such as DEX market data, limit orders, KYT security checks, etc.

• OKX Web3 Market: Consists of two major trading markets, Ordinals and NFT. Ordinals market supports one-stop trading, engraving BRC-20 assets and BTC NFTs. The NFT market is a zero-fee multi-chain aggregation platform that combines creation, collection, and trading functions, supporting primary and secondary market transactions. It provides real-time orders from mainstream NFT platforms such as OpeanSea, MagicEden, Looksare, IMX Official, Element, Blur, etc., and supports one-click listing on multiple platforms. It supports 13 popular public chains including ETH, SOL, BSC, OKTC, etc.

• DeFi: An all-in-one on-chain investment platform, aggregating various investment products from 10+ public chains, 60+ projects, and 200+ protocols. It supports one-click cross-chain investments, automatic yield calculations, and reduces gas fees, making DeFi investment easier.

Disclaimer

This article is for educational and learning purposes only. It does not constitute and should not be construed as an invitation, solicitation, or recommendation of any trading products (including NFTs) as financial or investment advice. OKX Web3 Wallet and OKX NFT Market are subject to separate terms of service on www.okx.com.