✨ERC-4337

What it is and how it works?

The ERC-4337 standard introduces a new object called “UserOperation” to the Ethereum network, enabling the functionality of smart wallets. When a user initiates a UserOperation, the “higher-layer pseudo-transaction object” is sent to a separate mempool specifically designated for processing ERC-4337 transactions, distinct from the main Ethereum network’s mempool.

One of the key advantages of ERC-4337 is the increased flexibility it offers compared to the mainnet. Users can perform multiple transactions at once, bundling them together within a UserOperation. Additionally, users can delegate the payment of transaction fees to an Externally Owned Account (EOA), such as a wallet provider, streamlining the process and reducing user fees.

The process of utilizing ERC-4337 involves four stages:

1. The user expresses their intent by creating a UserOperation, representing their desired transaction. These UserOperations are akin to unconfirmed transactions.

2. Bundling these UserOperations into the separate mempool designed for ERC-4337 transactions, where Bundlers (validators) handle them.

3. The bundled transactions are sent to the EntryPoint contract, a standardized piece of code that acts as a reference point on the blockchain.

4. The EntryPoint calls the validateUserOp function to identify the UserOperation associated with the contract wallet. The smart contract wallet should implement the ExecuteUserOp function to ensure the completion of the transaction.