Bitget Wallet Implements Ethereum Improvement Proposal
In a pioneering move, Bitget Wallet, a leading crypto wallet provider, has recently launched an update which integrates an Ethereum Improvement Proposal. This strategic update enables users to pay their network transaction fees in stablecoins, offering unprecedented convenience and flexibility.
The Power of EIP-7702
The new feature is powered by EIP-7702, a technical standard in Ethereum that defines certain rules of improvements for better functionality. Users of Bitget Wallet can now pay gas, the transaction fee in Ethereum, in three different stablecoins: USDT, USDC or BGB. This innovative feature works seamlessly across myriad blockchain networks, including Ethereum, Solana, Base, TRON, Polygon, Arbitrum, BNB Chain, and Optimism.
Bitget reportedly rolled out this feature as part of its ‘gas abstraction’ initiative, an effort to simplify the process of interacting with the Ethereum network. Gas abstraction enables users to pay transaction fees in tokens other than Ether, the native cryptocurrency of Ethereum.
Smart Contract Wallet Functionality
Explaining the functionality of EIP-7702, it enables an externally owned account (EOA) to temporarily function as a smart contract wallet. This gives the address capabilities such as transaction batching and gas sponsorship. Here, batching signifies grouping together several transactions to be executed at once, while gas sponsorship allows for third-party payment of gas fees.
Jamie Elkaleh, Chief Marketing Officer of Bitget Wallet, explained the benefits of this new feature: ‘This brings self-custody closer to the ease of centralized exchanges – users can transact across chains without ever managing gas tokens.’
Comprehensive Cross-Chain Integration
Delving deeper into the benefits, Elkaleh noted that Bitget Wallet’s new EIP integration doesn’t just work with Ethereum Virtual Machine (EVM) ecosystems but even non-EVM ones, unlike other wallets. This extensiveness is unique to Bitget Wallet as other platforms require smart account upgrades or support gas abstraction only on a limited number of chains.
Competition in the Crypto Wallet Space
With the launch of this innovative feature, Bitget Wallet stands to compete directly with new solutions and initiatives currently being tested by other crypto platforms, including MetaMask, OKX Wallet, and Base App. These platforms also aim to implement gas abstraction and Paymaster initiatives, enabling their users to pay transaction fees in their desired tokens.
Disclaimer
The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Crypto exchange Bitget is an anchor LP for Foresight Ventures, a majority investor of The Block. They also have investments in other companies in the crypto space. All rights should be reserved to The Block as of 2025.
