Recent statistics indicate that there is minimal adoption of ERC-4337 smart accounts.
John Rising, a proponent of account abstraction, revealed figures that he described as "sobering," illustrating the limited adoption of ERC-4337 smart accounts.
John Rising, an advocate for Ethereum account abstraction, has shared discouraging data indicating suboptimal adoption of ERC-4337 smart accounts. In a November 14 post on X (previously Twitter), Rising presented figures revealing a decline in users, low transaction activity, and unfavorable operational costs for core infrastructure providers associated with ERC-4337-enabled smart accounts.
Introduced through a surprise announcement on March 1 at WalletCon in Denver, the ERC-4337 standard was expected to witness swift adoption. Smart accounts were anticipated to enhance user experience on Ethereum Virtual Machine (EVM)-compatible blockchains by allowing users to bypass the use of seed phrases and signing for specific transactions.
Drawing on data from the account abstraction platform BundleBear, Rising noted that monthly account retention for smart accounts had been disheartening, with only 6.89% of initial smart accounts persisting for more than six months.
Rising also pointed out the unprofitability of bundlers, core infrastructure components enabling smart accounts on EVM-compatible chains, despite some projects unintentionally paying excessive gas fees to the bundlers. Additionally, the average smart account was reported to have executed only five user operations, representing the execution of transactions or activities.
However, Jesse Pollak, Coinbase protocols lead and creator of Base, countered Rising's characterization of the numbers as "sobering," asserting that the adoption of the new technology would follow a pattern of slow growth, followed by rapid acceleration. Pollak mentioned that it seemed too early to pass judgment, emphasizing that growth appeared healthy, and standardization was underway. He added that an increasing number of teams he had been in contact with were transitioning to the new technology.
The number of monthly active smart accounts. Source: Dune Analytics
According to Dune Analytics data, August recorded the highest number of active account abstraction wallets, with over 420,000 active smart accounts across seven blockchains. However, the number of active smart accounts has experienced a gradual decline, with 143,000 monthly active accounts reported in October.