#Overview

Ethereum Improvement Proposals (EIPs) and Rollup Improvement Proposals (RIPs) are community-driven processes that propose and implement changes to the network. EIPs apply to Ethereum broadly, while RIPs are specific to Layer-2 rollups built on top of Ethereum. 

EIPs and RIPs represent the best thinking in crypto and promise to unlock powerful new capabilities for developers and users. At Magic, we closely track these proposals to stay ahead of the curve. 

# EIP-7022: Wallet Abstraction

Submitted by @VitalikButerin

Status: Draft

Link: EIP-7022 

EIP-7022 proposes a new wallet abstraction model that implements wallets as smart contracts:

• Custom Verification Logic: Implement advanced security measures tailored to individual needs.

• Social Recovery: Regain access to your wallet through trusted contacts.

• Bundled Transactions: Execute multiple actions in a single transaction.

For developers, this means the power to build wallets with advanced features natively supported by the protocol. For users, it translates to a more user-friendly, secure and powerful wallet experience.

Imagine if EOA wallets had all the utility of Smart Contract Wallets, allowing users to:

• Pay transaction fees in any token

• Enforce spending limits

• Recover access via trusted contacts

All without relying on centralized intermediaries.

#RIP-7212: Precompile for secp256r1 Curve Support 

Submitted by @ulerdogan 

Status: Review

Link: RIP-7212 

RIP-7212 aims to add precompiled contract support for the secp256r1 elliptic curve, widely used in secure hardware enclaves and web authentication standards like WebAuthn. The benefits are huge:

• 100x More Gas-Efficient: Verify secp256r1 signatures onchain with minimal gas costs.

• Interoperability: Leverage battle-tested web security technologies.

• Enhanced Security: Use biometric authentication via secure enclaves in phones.

This paves the way for:

• Passwordless Logins via passkeys

• Decentralized PKI and secure communication

For users, it means interacting with Ethereum dApps using in-device biometrics (like Apple’s Face ID) and existing web identities—making onchain transactions seamless and secure.

#RIP-7560: Native Account Abstraction

Submitted by @VitalikButerin

Status: Draft

Link: RIP-7560

RIP-7560 aims to integrate Account Abstraction (AA) directly into Ethereum rollups as a native feature rather than relying on smart contracts like ERC-4337.

Key enhancements include:

• New AA Transaction Types: More flexibility in transaction execution.

• Multi-Dimensional Nonces: Better transaction ordering and replay protection.

• Optimized Transaction Validation: Improved efficiency for rollups.

For developers, native AA provides unprecedented flexibility for innovating wallet UX. For users, it combines the familiarity of regular accounts with the power of AA features like social recovery and programmable verification logic.

#Why We’re Excited About These Updates

At Magic Labs, we create the best ways to bring people onchain, from wallet and chain abstraction to innovative uses of AI and intents. Our experience powering breakthrough solutions that achieve mass adoption (e.g., Polymarket) gives us unique insights into making onchain apps intuitive and easy to use for everyone.

To us, these proposals are more than just technical upgrades—they're game-changers.

• Enhanced UX: Simplifying interactions to make blockchain accessible to everyone.

• Security Advancements: Leveraging existing secure technologies to protect users.

• Developer Empowerment: Providing tools to build innovative solutions without unnecessary complexity.

While challenges remain—like the intricacies of protocol changes and migrating existing projects—the potential is immense.

Magic Labs will be on the forefront of experimenting with these new standards and helping innovative developers to do the same. Bookmark this post to track our updates as these standards evolve.