EIP-3074 will introduce smart contract functionality for regular Ethereum wallets as part of the Pectra upgrade.<\/p>\n
Ethereum core developers have locked in EIP-3074 for inclusion in the network\u2019s next major upgrade, Pectra. While the proposal would introduce advanced functionality for regular Ethereum wallets, some onlookers fear EIP-3074 will also make users vulnerable to new exploits.<\/p>\n
EIP-3074<\/a> was penciled in for Ethereum\u2019s Pectra hard fork during the April 11 All Core Devs Execution call<\/a>.<\/p>\n The Ethereum Improvement Proposal (EIP) would add greater functionality to externally owned account (EOA) wallets by allowing users to delegate control over their wallet to a smart contract.<\/p>\n On the Github<\/a> repository for EIP-3047, developers said the primary motivation for the upgrade is enabling \u201csponsored transactions,\u201d which allow users to pay for fees using an asset other than Ether. They note that it is now common for Ethereum wallets to hold tokens but not possess any Ether, however, some tokens must be converted into Ether in order to pay for gas fees to execute transactions.<\/p>\n \u201cWithout Ether to pay for the conversion, it’s impossible to convert them,\u201d the repository states. \u201cSponsored transactions break the circular dependency.\u201d<\/p>\n Tim Beiko from the Ethereum Foundation noted that EIP-3074 has \u201cbroad support\u201d from client team teams and core developers. \u201cTeams were in agreement about moving forward in the EIP,\u201d Beiko said<\/a>. \u201c3074 will be included in Pectra.\u201d<\/p>\n Many prominent figures within the Ethereum community took to Twitter to celebrate EIP-3074\u2019s inclusion, with Hayden Adams, the founder of Uniswap, describing<\/a> the proposal as a \u201cmonumental upgrade to Ethereum UX.\u201d<\/p>\n 0xCygaar, a contributor to Frame, said<\/a> 3074 overcomes several limitations associated with existing EOA accounts, including the need for separation transactions for token approvals, the inability to perform actions with ETH, and a lack of defense against lost keys.<\/p>\n \u201c[EIP-3074] gives EOAs (normal wallets) smart contract capabilities,\u201d 0xCygaar tweeted. \u201cThis includes the ability to do single tx approvals, batch txs, wallet asset recovery, sponsored txs, and more\u2026 This could be huge for gaining mass retail adoption.\u201d<\/p>\n However, other onlookers warned that enhanced wallet functionality will come with an increasing in the risks posed by exploits.<\/p>\n \u201cIt should allow a scammer to drain your entire wallet with a single off-chain signature,\u201d said<\/a> Itamar Lesuisse, the co-founder of Argent, a Starknet wallet provider. \u201cI expect this will be a major use case.\u201d<\/p>\n \u201cDownside of EIP-3074 is that now it’ll be possible to fully drain an address (all tokens, all NFTs, all DeFi positions…) with only one bad signature,\u201d said<\/a> 0xngmi from DeFiLlama.<\/p>\n Mudit Gupta, the chief information security officer at Polygon, tweeted<\/a> that wallets should release a feature allowing users to ban EIP-3074 transactions. \u201cFor security reasons, I do not want to expose my cold wallets to [account abstraction] batching,\u201d Gupta said.<\/p>\n 0xZodomo, a developer for Delegate, a web3 identity service, similarly warned<\/a> that wallet drainers will become more powerful as a result of EIP-3074\u2019s implementation. However, they conceded that there is \u201cno good way to avoid\u201d increasing attack surfaces while also shipping UX improvements.<\/p>\n Ethereum\u2019s Pectra hard fork is currently expected<\/a> to take place towards the end of 2025.<\/p>\n The main upgrade included in Pectra is the introduction of statelessness via Verkle Trees<\/a>, meaning clients will not need to store Ethereum\u2019s entire state history to validate blocks \u2014 reducing the hardware requirements for validators.<\/p>\n Vitalik Buterin, Ethereum\u2019s chief scientist, recently described Verkle Trees as the last remaining \u201ctruly significant<\/a>\u201d upgrade slated to go live on Layer 1 Ethereum. He argued that statelessness will expand the network\u2019s validator ecosystem and further bolster its decentralization.<\/p>\nEthereum community reacts<\/h2>\n
Pectra hard fork<\/h2>\n