We are welcoming you to our weekly digest! Here, we discuss the latest trends and advancements in account abstraction, as well as bring some insights from Etherspot’s kitchen.
The latest news we’ll cover:
- Mastercard Introduces New Self-Custody Web3 Card
- Vitalik Buterin Backs New Cross-Chain Standard ERC-7683
- Rhinestone Raises $5 Million to Enhance Programmable Smart Accounts
- OP Labs Unveils Strategy for Solving Interoperability in the Superchain
- Cronos zkEVM Launches as First Chain on ZKsync Era Mainnet
Please fasten your belts!
Mastercard Introduces New Self-Custody Web3 Card
Mastercard has announced a groundbreaking Web3 card program designed to integrate self-custody wallets into the mainstream financial system.
This initiative, developed in partnership with industry leaders like MetaMask, aims to provide users with the ability to make card purchases globally wherever Mastercard is accepted while maintaining full control over their digital assets until the moment of purchase.
Self-custody wallets, which allow users to hold their own assets without relying on centralized exchanges, have grown in popularity. However, spending crypto directly from these wallets has historically been challenging due to the need to convert assets into traditional currency through exchanges. Mastercard’s Web3 card program addresses this by enabling direct purchases from self-custody wallets, eliminating the need for intermediaries.
The card program incorporates essential security measures such as Mastercard’s dispute management process, chargeback protections, and compliance with know-your-customer (KYC) and anti-money laundering (AML) protocols. It also offers features like transaction history visibility and the ability to reverse transactions.
The Web3 card is being piloted for a selected group of users in the U.K. and Europe, with the potential to expand financial inclusion globally.
By merging the decentralized and traditional financial worlds, Mastercard’s initiative represents a significant step towards mainstream crypto adoption, offering greater financial freedom and inclusivity.
Vitalik Buterin Backs New Cross-Chain Standard ERC-7683
Vitalik Buterin has endorsed a new proposal put forward by DeFi protocols Uniswap and Across, which aims to introduce a new Ethereum standard: ERC-7683.
This proposal seeks to bring secure and efficient cross-chain decentralized trading across Ethereum’s ecosystem, particularly for multichain applications operating on Ethereum layer 2s and other scaling solutions.
Buterin referred to the proposal as “an open standard for marking cross-chain orders,” explaining how it will facilitate transactions between Ethereum and its scaling networks.
The proposal outlines how assets involved in a trade will be placed in a lockbox on one chain until the counterparty commits their transaction on the other chain. Smart contracts will oversee this automated process, utilizing mechanisms like batching and Merkle proving to ensure efficiency in cross-chain trade execution.
The introduction of the CrossChainOrder struct and the ISettlementContract code are key components of this proposal, aimed at further streamlining cross-chain transactions.
The proposal highlights the motivation to create a standard that allows cross-chain intent systems to interoperate and share infrastructure, improving user experience and fostering competition for transaction fulfillment.
Rhinestone Raises $5 Million to Enhance Programmable Smart Accounts
Rhinestone, a startup focused on building modular smart accounts infrastructure, has secured $5 million in seed funding, led by crypto-focused investment firm 1kx.
The funding round also saw participation from prominent industry players such as CoinFund, Lattice, Heartcore, Circle Ventures, and several angel investors. This financing brings Rhinestone’s total funding to $5.42 million.
Rhinestone’s mission is to transform smart accounts — digital wallets governed by smart contracts — into more interoperable, secure, and feature-rich platforms.
Unlike traditional wallets like MetaMask or Coinbase Wallet, Rhinestone’s smart accounts function as programmable platforms, enabling a broader range of activities directly within the user’s account.
Rhinestone is developing tools that allow developers to enhance smart account features via self-contained modules. The startup is also working on a platform that enables developers to distribute and monetize these modules, thereby expanding smart contract capabilities without compromising self-custody or security.
With the new funding, Rhinestone plans to expand its team and further develop its smart account infrastructure. The company’s vision is that, in the coming years, smart accounts will become the dominant interface for various on-chain actors, supported by modular extensions that unlock new capabilities.
OP Labs Unveils Strategy for Solving Interoperability in the Superchain
OP Labs has outlined a comprehensive approach to solving interoperability within the Superchain, a key step towards enhancing user experience across the Ethereum ecosystem.
The initiative focuses on integrating native interoperability into the OP Stack, allowing for seamless movement of assets and data across chains without relying on the slower, more expensive Layer 1 Ethereum.
The current multi-chain setup faces challenges, including fragmentation of assets and users, and high operational costs for developers. By standardizing cross-chain communication through message passing protocols and introducing the SuperchainERC20 token standard, OP Labs aims to unify these disparate elements into a cohesive, scalable network.
Key milestones in the roadmap include the upcoming launch of a devnet for the message passing protocol, followed by a testnet phase, and finally, the deployment of native interoperability on the mainnet. This evolution is expected to reduce latency and slippage while increasing security, making the Superchain more accessible and efficient.
OP Labs’ vision extends beyond the Superchain, aiming to create a unified Ethereum ecosystem where assets and data flow freely, driving broader adoption and innovation.
With these developments, the Superchain is set to become a more connected and user-friendly blockchain landscape, fostering growth and reducing barriers for developers and users alike.
Cronos zkEVM Launches as First Chain on ZKsync Era Mainnet
Cronos Labs has launched the alpha mainnet of Cronos zkEVM, becoming the first chain to go live on the ZKsync tech stack alongside the Era chain. This launch expands the Cronos ecosystem, which already includes the Cronos POS and Cronos EVM blockchains, managing over $6 billion in assets.
Developed in collaboration with Matter Labs, Crypto.com, and various dapp partners, Cronos zkEVM brings the chain into Ethereum’s layer-2 zk rollup space. It features zkCRO, a liquid-staked CRO token as the primary gas token, and supports flexible transaction fee payments through native account abstraction.
Integrated with the ZKsync Elastic Chain, Cronos zkEVM enables efficient cross-chain transfers without Layer 1 transactions.
To boost adoption, Cronos is offering a “triple yield” opportunity, combining staking, DeFi returns, and ZK token incentives. The alpha phase will run until September 2024, with more dapps expected to join.
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