NEWSROOM

OKX Web3 Wallet launches the 'Smart Account' feature with account abstraction support, allowing USDT and USDC “Gas” fee payments across multiple chains. Additional account isolating capabilities, including the social recovery feature, will be available in the future.

TURKEY - OKX, one of the leading Web3 technology companies, announced the launch of a new account abstraction supported Smart Account feature in the OKX wallet so that users can pay with USDC or USDT while transacting on multiple blockchains.

OKX Wallet will soon launch additional features supporting account abstraction, including social recovery functionality. This way, users will be able to choose trusted "protectors" from their social networks to help them recover their Smart Account in case they lose their keys.

OKX Wallet is one of the first wallets on Web3 to support multi-chain account abstraction. With Smart Account, users will now be able to interact with multiple contracts in a single transaction. This feature will improve composability for advanced users while adding accessible features for beginners, providing a more user-friendly and intuitive wallet experience.

Jason Lau, Chief Innovation Officer at OKX: "Our goal is to provide our users with the most accessible, secure and powerful Web3 gateway. The Smart Account feature will play a key role in achieving this goal. Account abstraction technology is a game-changing tool for wider Web3 adoption. "It provides an element and new uses and user experience. As we continue to develop this feature, we are excited to share even more."

Account abstraction simplifies crypto transactions, allowing the on-chain interactions of Web3 wallet accounts to be hidden behind a more accessible and user-oriented interface. This is achieved by combining users' smart contracts and Externally Owned Accounts (EOAs) into a single "smart" account, creating a more integrated Web3 experience.

With account abstraction support, Smart Computing simplifies some of the complexities in blockchain transactions. For example, one of the biggest problems users face is the need to navigate the complex transaction process and decipher technical terms like 'gas fees' and 'Gwei'. Smart Account addresses this challenge by reducing the number of steps required to complete a token swap or trade to just one click.

Haider Rafique, Marketing Director, OKX: "When creating our Web3 wallet and apps, we promised our customers and the DeFi community that we would prioritize security and interoperability. We support more than 60 cross-chain transactions, Multilateral Computing (MPC), and now with Smart Account, we are introducing a stablecoin account that can interact with transactions on multiple blockchains without the need for a native token of a blockchain and will soon have a social recovery feature. We believe this game-changing feature can make cross-chain transactions much more seamless.

Additional benefits of OKX Wallet's Smart Account feature include:

• Regarding the gas fee
• Option to pay using gas fee, USDC and USDT stablecoins on any of the supported chains
• Users can perform transactions without paying gas if third-party dApps choose to sponsor their on-chain interactions
• Eliminating the need for users to pay the gas fee with each chain's own token
• Simplified token swaps and staking
• The Smart Account combines multiple stages in the trading and staking process into one step. Users can exchange tokens and earn interest by staking crypto with one click.

OKX Wallet currently supports account abstraction technologies across seven blockchains: Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and OKT Chain. OKX Wallet is also the first Web3 wallet to use multi-party computation (MPC) technology on 37 blockchains, as well as dividing a user's private key into three parts, eliminating the need for traditional written keys and key phrases, greatly increasing security and eliminating a single point of failure (SPOF).