Ekta Mourya
FXStreet
An Ethereum token standard ERC-4337 was quietly deployed on the mainnet earlier this week. It remains to be seen whether the deployment can aid the recovery of ETH after the decline in the altcoin’s price with uncertainty surrounding Silvergate bank.
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An Ethereum network upgrade EIP-4337 quietly went live on the mainnet blockchain. The update ushers in a number of improvements for the ETH ecosystem. On March 1, EIP-4337 deployed on the Ethereum mainnet, the standard was initially proposed in September 2021.
The rumors are true… ERC-4337 has been deployed on mainnet
Security audit by @OpenZeppelin
️ Bundlers and paymasters by @stackup_fi, @AlchemyPlatform, @biconomy , @etherspot, @candidewallet, @blocknative & more
️ $300K in grants by @ethereum pic.twitter.com/WOjMvaZe6M
The proposal describes the upgrade as an account abstraction which completely avoids consensus-layer protocol changes instead of relying on higher-layer infrastructure. Account abstraction essentially allows ETH wallets to operate as programmable smart contracts. This would enable users to recover lost private keys, among other benefits.
The recent announcement from Silvergate bank regarding likely regulatory and other investigations from bank regulators and the US Department of Justice have resulted in uncertainty among crypto market participants.
The Fear, Uncertainty and Doubt (FUD) in the crypto ecosystem has negatively influenced Ethereum price, resulting in a 4.5% loss overnight. It remains to be seen whether the implementation of the ERC-4337 protocol will begin a recovery in Ethereum.
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