What is ERC-4337?
ERC-4337 addresses the challenges associated with account abstraction without requiring changes to the consensus-layer protocol. It serves as a transaction relayer for smart accounts like Safe. It does so by introducing a pseudo-transaction object called a UserOperation, which sends a transaction on behalf of the user.
Nodes in Ethereum can act as a Bundler, which picks up multiple user operations and packs them into a single transaction known as a bundle transaction. The bundle transactions are then sent to a global smart contract on Ethereum (of which there is only one) called the EntryPoint.
ERC-4337 enhances usability by introducing paymasters. This decentralized mechanism allows users to pay gas fees using ERC-20 tokens (like USDC) instead of native tokens like ETH or to seek a third party to cover their gas fees entirely.
ERC-4337 is currently under development and still needs to be finalized, so developers should pay attention to new changes that may occur.
Why ERC-4337?
ERC-4337 provides a bunch of benefits along with all the inherent advantages of utilizing smart accounts: