The current wallet experience for users is not suited for transacting in a world with hundreds or thousands of rollups. It forces an average Ethereum user to deal with fragmented assets, forcing them to manage fragments of their assets across 100+ rollups along with complexities like GAS, bridging & RPCs for every transaction.

For example, today it takes over 30+ clicks in the wallet & over 40 minutes for a user to use an app on another chain with the swapping, bridging of tokens & GAS, switching RPCs, and other actions involved.

Wallets are at the front lines of crypto UX. The current paradigm needs to change to one where users can transact across the Ethereum ecosystem without any asset fragmentation complexities.

MagicSpend++: chain abstraction for smart wallets

We propose MagicSpend++, a framework that allows users to instantly transact on any chain without worrying about which chains their tokens are on. MagicSpend++ leverages the existing Account Abstraction standard and builds on Coinbase’s work on MagicSpend - an innovative approach to allow users to leverage their assets held on Coinbase Exchange & utilize them on-chain.

MagicSpend++ fundamentally enables users to have a Chain Abstracted Balance (CAB) instead of isolated token balances across chains. Users can use their CAB to transact instantly on any chain with a signature. No fragmentation, no bridging, no GAS, no latency. It’s magic. 💫

Smart wallet users with MagicSpend++ get:

• A unified single balance across chains that users can spend anywhere

• Completely gasless experience

• Instant single chain experience - NO CROSS CHAIN, NO BRIDGING, ZERO LATENCY

From Account Abstracted to Chain Abstracted Wallets

MagicSpend++ builds on Account Abstraction as the foundation for enabling chain abstracted wallets. This allows wallets to upgrade their account abstraction capabilities into chain abstraction by leveraging the existing Paymasters without introducing new entities or account models.

For tokens to enter the Chain Abstracted Balance, they need to be locked in their smart wallets. Users can withdraw funds back to their Externally Owned Accounts (EOAs) after a configurable delay. While locked, the assets remain usable via the smart account on any chain at any time.

Note that this is a one-time step as a part of the SCW onboarding workflow and is not required every time assets must be used. All assets deposited represent the user’s Chain Abstracted Balance (CAB).

This Chain Abstracted Balance can now be spent on any chain via UserOps, just like how you would spend these assets if they were on the chain you are acting on. Paymasters can fund the UserOp on the target chain with not just gas but with additional funds to facilitate the on-chain execution of the UserOp. Paymaster can then claim the funds from the CAB.

Take a deeper dive into MagicSpend++ on EthResearch:

Smart wallets can leverage a whitelisted paymaster within Socket’s MOFA, or leverage competing paymasters to enable a larger pool of paymasters and better execution for end users.

Not Cross-chain but Chain Abstraction

Chain abstracted wallets provide various 10x improvements for users:

• User asset balances across chains are combined into one Chain Abstracted Balance

• Balance is instantly usable anywhere, with zero bridging latency

This is completely different than any cross-chain implementations where wallets integrate bridges like Across, Stargate, etc.

Cross-chain implementations are push-based where users start with a fragmented balance on one chain and “push” their tokens to another. On the other hand, MagicSpend++ is pull-based where the user simply uses an app, and their funds are pulled by the paymaster later. It’s like Credit first, debit later.

This has various implications for the end users.

Acknowledgments

We think MagicSpend++ enables complete chain abstraction, where users don’t have to care where their assets are.

Thank you to the following people for the many discussions, reviews, and idea-sharing that led to the creation of this proposal(in no particular order):

Wilson Cusack, Pierce Harger, Uma(@pumatheuma), Alex Watts, Partha, Ahmed Al-Balaghi, Sachin Tomar, Ivo Georgiev, Theo Gonella, Derek Chiang, Kristof Gazso, Ankit and Stephane, Kakusan, Bapireddy, Aniket Jindal

We are keen to work with existing AA players building bundlers, paymasters, and existing solvers/paymasters, wallets, dApps and together be at a place where no one needs to bridge anymore. If anyone is interested in MagicSpend++ or chain-abstraction in general we have a public group here to talk about it: https://t.me/+QygeBurngS4wODNl