The Seychelles-based cryptocurrency exchange OKX is set to introduce a new feature, the “Smart Account,” to its decentralized wallet, the OKX Wallet. This strategic addition is expected to deliver a new shift in the user experience and transaction convenience.
The unveiling of the Smart Account is an attempt to address the long-standing challenge in the crypto landscape – bridging the gap between complexity and usability. This feature will use account abstraction technology to reduce the complexities of on-chain interactions and render them more user-friendly.
Account abstraction aims to conceal the more-technical details of on-chain interactions. In OKX Wallet’s context, it seeks to unify users’ smart contracts and externally owned accounts into a single Smart Account. Consequently, users can engage with multiple contracts within a single transaction, simplifying the overall transaction process.
“Account abstraction technology is a game-changer for the broader adoption of Web3 and enables new use cases and user experiences,” said Jason Lau, the Chief Innovation Officer at OKX. The new feature underscores the commitment of OKX to provide an accessible, secure, and powerful Web3 gateway, according to Lau.
One-click transactions and gasless payments
In another bid to boost user convenience, OKX is gearing up to supercharge transactions by reducing traditionally multi-step processes such as token swaps and staking activities into single-click actions. This will democratize access to crypto activities for enthusiasts at all levels.
Furthermore, the Smart Account feature enables users to pay for transactions on a range of blockchains using stablecoins, specifically USD Coin (USDC) or Tether (USDT). This innovative move is set to remove the hassle of dealing with native tokens and complex gas fees, making transactions smoother than ever before.
The cryptocurrency exchange is also planning to implement additional account abstraction features that enhance security. Notably, it will introduce a unique social recovery feature, which will allow users to appoint ‘guardians’ from their social circles to aid in the recovery of their Smart Account in case of lost keys.
Expanding global footprint
The Smart Account feature will be compatible with seven major chains, including Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and OKT Chain. This extensive chain support emphasizes OKX Wallet’s commitment to accessibility and inclusivity in the Web3 landscape.
OKX, currently ranked third for Bitcoin futures according to aggregated open interest, continues to carve out a reputation as a pioneer in the crypto exchange sector. With the roll-out of the Smart Account feature, the exchange is poised to set a new standard for crypto transactions.
