OKX, a leading global company driving the future of Web3, is elated to announce the launch of a new account abstraction-powered Smart Account feature on its OKX wallet.

According to the OKX team, the Smart Account feature is aimed at enabling users to pay for transactions on multiple blockchains using USDT or USDC.  The Smart Account feature will allow users to interact with multiple contracts in a single transaction, creating composability for advanced users. The part will also add convenient features for beginners creating an intuitive and user-friendly wallet experience. 

While commenting on the new feature, Jason Lau, OKX Chief Innovation Officer, said:

“Our aim is to provide our users with the most accessible, secure, and powerful Web3 gateway. The Smart Account feature will play a significant role in achieving this goal. Account abstraction technology is a game-changer for the broader adoption of Web3 and enables new use cases and user experiences. We are excited to share more as we continue to build on top of this feature.”

Notably, OKX Wallet is one of the first wallets within the Web3 space to offer support for multi-chain account abstraction. Account abstraction seeks simple crypto transactions. It works by allowing for the creation of Web3 wallet accounts that hide the more technical details of on-chain interactions. Account abstraction achieves its mission by combining users’ smart contracts and Externally Owned Accounts (EOAs) into a single smart account. The result of these interactions is a more unified Web3 experience for users. Currently,  OKX Wallet supports account abstraction technology on seven blockchains, including Polygon, Ethereum, Optimism, BNB Chain, Arbitrum, Avalance, and OKT Chain.

Haider Rafique, the OKX Chief Marketing Officer, explained that having an abstraction-powered Smart Account will simplify some of the complexities of blockchains, such as gas fees and Gwei. This is done by reducing the number of steps required to complete a trade or token swap down to a single click.

Other additional features of the Smart account include the option of paying for gas on any of the supported chains using USDT and USDC. The Smart account also eliminates the need for users to pay gas fees with each individual chain’s native token. 

OKX Wallet plans to launch additional account abstraction-powered features in the coming days. This will include a social recovery functionality designed to allow users to select trusted ‘guardians’ from their social network. The feature will enable users to recover their Smart Account in case they lose their keys.