News from the Wire

Safe, Coindesk push 'smart accounts' as Ethereum default

Wednesday, February 28, 2024 — 12:32:42 (EST)

ZUG, Switzerland, Feb. 28, 2024 /PRNewswire/ -- The leading smart account infrastructure provider Safe has joined forces with Base, the Ethereum Layer 2 (L2) network incubated by Coinbase, to offer financial incentives and modular tooling for developers building with smart accounts. This initiative aims to empower more developers to tap into the benefits of smart accounts and make decentralized applications (dApps) more accessible, secure, and efficient for users worldwide.

Smart accounts enable key features for self-custody users, like multi-signature transactions, account recovery, recurring payments, mirroring – and even bettering – the user experience in Web2 and expanding the use cases for onchain. In contrast, self-custody applications built with externally owned accounts (EOAs) are riddled with user experience issues like complex private key management, unpredictable gas fees, and a lack of functional versatility for dApps.

To alleviate financial constraints and advance smart account adoption, Base is offering (up to) 1 ETH in gas credits to developers building on Safe in the program's initial 12-month launch. With Safe{Core}, Safe's modular and open-source stack, developers can leverage smart account infrastructure to build tools for various use cases on Base. Safe supports over 6 million smart accounts and has facilitated over 30 million transactions, with the capacity to bolster growing activity across the Ethereum ecosystem. Safe's support for the Base Sepolia testnet provides a robust testing environment for seamless integration.

Lukas Schor, co-founder at Safe, commented, "With over 230 million unique Ethereum addresses worldwide, and daily L2 transactions surpassing L1 transactions, the need for dynamic and scalable solutions has never been more apparent. By combining Safe's modular smart account infrastructure with Base's native account abstraction support, we are paving the way for smart accounts to become the default standard for Ethereum developers."

Echoing this sentiment, Nick Prince, Product Manager at Base, remarked, "Smart account adoption is vital to making onchain apps easy to use for everyday people, and the key to unlocking this future-proof technology is reducing the barriers to developers. With this gas fee credit program, we are incentivizing developers to harness the power of smart accounts and making it easier for builders to help create a more accessible onchain ecosystem."

Interested parties and community members can visit safe.global/ for more information.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.