Biconomy leads the wave of account abstraction, paving the way for the popularization of Web3.

Account abstraction is an important concept in blockchain technology, aimed at enhancing the flexibility and functionality of smart contract accounts. It blurs the lines between externally owned accounts and contract accounts, endowing contract accounts with more capabilities while granting external accounts the flexibility of smart contracts. This technology greatly enhances the user experience, security, and innovation of Web3, promoting the popularization and application of blockchain technology.

In 2016, Vitalik Buterin first proposed the concept of account abstraction. In 2022, EIP-4337 introduced a Layer 2-based account abstraction standard. In 2023, this proposal was successfully deployed and implemented on the Ethereum mainnet, marking a new phase for account abstraction. An increasing number of decentralized applications are beginning to adopt this technology, providing a more flexible and secure user experience.

With the approval and listing of the Bitcoin spot ETF in 2024, cryptocurrency is entering a bull market. Account abstraction and smart wallets, due to their simplicity and convenience, are expected to lower user thresholds and promote widespread adoption of Web3. Against this backdrop, the account abstraction infrastructure has attracted the attention of developers and investment institutions, and Biconomy is once again in the spotlight.

Biconomy is a development platform that provides a foundational toolkit SDK and on-chain expansion solutions specifically for ERC 4337 account abstraction. It offers modular AA smart account functionalities for decentralized applications, promoting the adoption of Web3 by simplifying the user experience of wallets and applications. Currently, Biconomy has created over 1.25 million wallets across all chains and facilitates approximately 50,000 transactions daily for more than 70 applications.

As the infrastructure for AA wallets, Biconomy provides a full-stack account abstraction toolset, including modular smart accounts compliant with ERC4337, Paymasters as a service, plug-and-play API services, and bundlers as a service. In addition to supporting the Ethereum public chain, Biconomy also supports multiple chains such as Arbitrum, Polygon, Base, Optimism, BNB Chain, Blast, and TON, and has recently added support for Scroll.

Biconomy's specific implementation in account abstraction includes:

1. Gas-free transactions: Achieved through the Relay Protocol, users do not need to hold ETH to pay for Gas fees.

2. Multi-signature and multiple authentication methods: Supports identity verification and transaction signing through various methods such as social login, hardware wallets, and biometrics.

3. Smart contract wallet: Supports users to customize transaction logic and security rules, such as setting specific transaction limits, time locks, etc.

4. Integration of Layer 2 solutions: Integrate with multiple Layer 2 solutions to improve transaction speed and reduce costs.

5. Developer-friendly SDK: Simplifies the integration process of account abstraction features, making it easier for developers to extend their applications.

Biconomy has also collaborated with traditional institutions, such as partnering with JPMorgan to enable convenient payments for any ERC20 token and working with Mercedes to establish a secure, low-cost data marketplace solution.

Applications built using Biconomy include the Web3 game Anichess, the perpetual contract protocol Rage Trade based on Arbitrum, and the SWIFT feature of Trust Wallet, among others. These applications leverage Biconomy's technology to provide a more convenient user experience and more flexible functionality.

In terms of financing, Biconomy has raised over $22 million since 2021, with investors including Jump Capital, Consensys Ventures, Binance, Mechanism, and others. Its ecosystem token $BICO has a total supply of 1 billion, with a current circulation of 780 million, and has been listed on several well-known exchanges.

Recent updates from Biconomy include:

1. Jointly conduct the ONCHAIN SUMMER event with the Base chain, providing Gas fee subsidies for ecological projects.

2. Participate in the launch of ERC-7559, a simplified modular smart contracts account standard.

3. Explore the application of ERC-7579, which is an upgraded version of EIP-4337.

4. Explore the permission management of smart wallets for Web3 AI agent applications.

5. Publish the Paymaster documentation to facilitate developers integrating it into applications.

With the upcoming launch of Ethereum spot ETFs and the thriving development of Layer2 ecosystems, Biconomy, as an important infrastructure provider for smart wallets and account abstraction, is expected to play a greater role in the future development of Blockchain. Through its innovative technology and practices, Biconomy is making significant contributions to enhancing the Web3 user experience and the popularization of Blockchain technology.