EIP-7702 is a new standard that lets regular Ethereum wallets operate like smart contracts, without losing their original address or flexibility.
Traditionally, Ethereum wallets fell into two categories: Externally Owned Accounts (EOAs), which could send transactions but lacked programmability, and Smart Contracts addresses that could automate tasks but couldn’t initiate transactions.
More importantly, the update also allows Ethereum users to pay fees in tokens other than ETH, adding a further convenience layer.
Ethereum EOA users can activate these innovative features by authorizing a smart contract that governs their wallet activity. This contract serves as the logic layer for transactions.
Meanwhile, those wishing to revert to a basic wallet can point their address to a burn contract, stripping away the programmable features.
These accounts have collectively triggered nearly 124,000 authorizations since the upgrade launched. BSC leads with 69 active contracts, closely followed by Ethereum at 66. Base, Optimism, and Gnosis record 37, 9, and 6 active contracts.
The data shows that exchange and wallet providers are also embracing the shift.
