A Deep Dive Into ERC-4337

Key Points:

• AA Wallet Adoption: Over 687,000 AA wallets created in six months, but 88.24% used five times or less.
• Alchemy generated $20,000 in revenue, but 97.18% of bundled transactions had only one user operation.
• Pimlico accounted for 43.45% of gas fees paid on behalf of users.

Research by SixdegreeLab found that after ERC-4337 account abstraction launch, AA Wallet Adoption has increased significantly. However, most wallets were used ≤5 times.

The AA Wallet Adoption Surge

According to SixdegreeLab’s research on ERC-4337 account abstraction, the numbers tell a compelling story. Six months after its launch, more than 687,000 AA wallets emerged across multiple chains, sparking over 2 million user operations.

However, a fascinating twist lies within these statistics. An astounding 88.24% of AA wallets saw usage limited to five times or less, with most being employed for basic tasks like transferring assets or minting NFTs.

Profitability Challenges for Bundlers

Amidst the fray, approximately 15,000 Bundlers stood out as crucial elements in packaging and processing user operations, with Pimlico reigning supreme in market share.

One standout revelation is Alchemy, which amassed an unprecedented revenue of approximately US$20,000. Astonishingly, 97.18% of bundled transactions contained only a single user operation, leaving around 90% of Bundlers unprofitable.

On the flip side, 117 Paymasters gallantly bore the torch by covering users’ gas fees, accumulating a staggering total of US$465,000. Pimlico carved out a lion’s share, capturing 43.45% of this substantial sum.

Among the accounts, 62.63% opted for Wallet Factory deployment through ZeroDev. Interestingly, the LEGO method emerged as the most preferred approach for constructing AA wallets, leveraging the Bundler, Paymaster, and Wallet Factory components from different third-party providers.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.