Recently, Pimlico, an infrastructure layer powering Ethereum’s transition to ERC-4337 smart accounts, announced successful fundraising rounds totaling $5.8 million. This significant investment will play a pivotal role in driving the development of Pimlico’s innovative smart account infrastructure, which aims to revolutionize Ethereum’s ecosystem.
Leading the funding rounds is Andreessen Horowitz (a16z), a prominent venture capital firm known for its investments in the blockchain and cryptocurrency sector. Andreessen Horowitz has shown strong support for Pimlico, further reinforcing the potential and excitement surrounding this project.
Pimlico’s fundraising journey started with a Pre-Seed round, where $1.6 million was raised. This round was led by 1confirmation and ConsenSys, two well-established entities within the blockchain space. Their involvement highlights the faith they have in Pimlico’s vision and the potential to transform Ethereum’s infrastructure.
Building on the success of the Pre-Seed round, Pimlico recently announced another significant funding milestone. Through a Seed round, they raised an additional $4.2 million, with a16z again leading the way. This round brought Pimlico’s total funding to $5.8 million, enabling them to accelerate the development and advancement of their smart account infrastructure.
Pimlico’s vision is to provide robust blockchain infrastructure that powers Ethereum’s transition to ERC-4337 smart accounts. These smart accounts have the potential to revolutionize the way transactions are carried out on the Ethereum network, enhancing security, efficiency, and scalability.
Why is account abstraction important?
- It enables users to create smart contract wallets that can have features such as multisig, social recovery, meta-transactions, batched transactions, gas abstraction, etc.
- It allows users to pay transaction fees with any token or asset they want, not just ETH. This can lower the barriers of entry for new users and increase the adoption of Ethereum.
- It gives developers more freedom and creativity to design their own account logic and user experience without being constrained by the protocol rules. This can foster innovation and diversity in the Ethereum ecosystem.
The leading proposal for account abstraction is ERC-4337. ERC-4337 is a specification that aims to use an entry point contract to achieve account abstraction without changing the consensus layer protocol of Ethereum. ERC-4337 simplifies the stack by modularizing the responsibilities of executing the transaction into several entities.
The different entities that make up ERC-4337 are:
- Bundlers: entities that collect UserOperations from users and submit them to an EntryPoint contract.
- EntryPoint: a contract that receives UserOperations from bundlers, validates them, pays for gas, and executes them.
- UserOperations: pseudo-transaction objects that are used to execute transactions with contract accounts. They contain information such as nonce, gas limit, gas price, initCode or target, data, signature, etc.
- Wallets: smart contract accounts that can execute transactions with UserOperations. They have logic to verify signatures, update nonces, and perform actions.
- Paymasters: contracts that pay for the gas fees of UserOperations on behalf of wallets. They can implement various payment schemes such as tokens, subscriptions, etc.
While all of the benefits of account abstraction are already theoretically available, there is a major lack of infrastructure available to support this new generation of wallets.
Pimlico’s vision is to be the underlying infrastructure layer that will power Ethereum’s transition to smart contract wallets through mass ERC-4337 adoption.
With the support of investors like a16z and industry-leading entities such as ConsenSys and 1confirmation, Pimlico has the necessary backing to bring their vision to life. The project aims to make Ethereum’s ecosystem more efficient and secure through the implementation of smart accounts and robust blockchain infrastructure.