Ethereum is set to introduce the Pectra upgrade, which includes the EIP-7702 proposal allowing Externally Owned Accounts (EOA) to perform functions characteristic of smart contracts.
New Capabilities for Externally Owned Accounts (EOA)
EIP-7702 will enable users of EOAs to access features such as programmable operations, multi-signature support, delegated access, and social recovery options. These features will align EOAs closer to smart contracts, changing how users interact with their assets and on-chain applications.
Stricter Validation Requirements for Wallet Providers
Wallet providers must now introduce stricter verification steps to address risks related to delegation. When signing delegation requests, wallets should confirm the intended chain ID and make the destination contract address visible. Delegations with a chain ID of zero can be reused across different EVM-compatible chains, creating a risk of unauthorized operations.
Logic Changes in Transaction Flows for Developers
Developers will need to adapt their smart contracts due to changes in transaction behavior. This change impacts how reentrancy and authority are verified within contracts. Storage collisions may occur when accounts are re-delegated to different contracts. Developers are encouraged to adopt ERC-7201 namespaces to isolate storage variables. In addition, smart contracts interacting with token standards must implement proper callback functions to avoid asset loss or stuck tokens.
The EIP-7702 update represents a significant step in Ethereum's evolution, providing users with new asset management capabilities and implying the need for adaptation by developers and service providers.
