ERC-4337 Account Abstraction Contract Deployed

Quick Take

• ERC-4337 contracts deploy on Ethereum Mainnet.
• Safe introduces the Safe{Core} account abstraction stack.
• Liquity is now available on Aztec Connect.
• Conic Finance launches Omnipools.

Get the original hardware wallet (affiliate link).

ERC-4337 Deployed On Mainnet

The EntryPoint contract for account abstraction standard ERC-4337 is now live on Ethereum Mainnet. First proposed by Vitalik in 2021, the standard introduces an implementation for account abstraction at the application level. Account abstraction refers to using contract functionality to improve security and UX on user accounts.

The release comes after OpenZeppelin completed a subsequent audit that found zero critical severity issues. Stackup, Alchemy, Biconomy, Blocknative, Etherspot, and Candide Wallet have deployed bundlers, which package and submit account abstraction transactions for block inclusion. Stackup and Alchemy also launched paymaster services, which allow dapps to sponsor gas fees.

Safe Introduces Safe{Core} Stack

Safe, the largest smart contract wallet provider, introduced a modular account abstraction stack called Safe{Core}. The stack consists of an SDK that includes a protocol kit by Safe, a fiat on-ramping kit by Stripe, a gasless flow kit by Gelato Network, and an authentication kit by Web3Auth. Safe plans to add account recovery and multichain kits.

The stack aims to support developers in building account abstraction use cases on top of Safe Protocol. It is being built to support account abstraction implementations on both the application layer and the protocol layer. Safe is hosting a month-long hackathon, with $50,000 available in bounties, coined as the “March for Account Abstraction.”

Liquity Now Live On Aztec Connect

Liquity, a lending protocol that only supports ETH collateral, is now live on Aztec Connect. Users on the Aztec privacy rollup can now open troves to borrow LUSD. The initial integration supports two liquidity bridges between Aztec and Liquity, which feature troves with a 275% and a 400% collateral ratio.

The integration is limited to one trove per bridge, meaning a new bridge needs to be deployed for each different collateral ratio. A user’s identity is also hidden on the L1 Liquity contract when a trove is opened from the Aztec rollup. Users can earn yield by depositing LUSD on Yearn in Aztec Connect or they can withdraw LUSD back to L1.

Conic Finance Launches Omnipools

Conic Finance launched Omnipools, which are new single-asset liquidity pools that distribute assets across Curve pools. Omnipools continuously rebalance liquidity and allocate funds proportional to protocol pool weights. LPs can now deposit into either FRAX, DAI, or USDC Omnipools to earn $CRV, $CVX, and $CNC rewards.

Conic’s native CNC token can be locked for vlCNC, which is used to vote on liquidity allocation. Conic also released an upgraded version of its token locker, which provides boosted vlCNC balances, airdrops for veCRV holders, and the ability to customize token lock duration. Conic Finance is a platform for LPs to manage exposure across Curve.

ENS Generates $2.2 Million Revenue In February

ENS acquired 40,000 new .eth registrations and $2.2 million in protocol revenue for the month of February. Out of the 2.8 million registered names, only 73,000 have set an avatar record and less than 20,000 have set decentralized web content records. In its lifetime, ENS has generated $58 million from domain registrations. The protocol’s treasury currently holds $1 billion worth of assets.