ConsenSys executive Laura Shi believes that the introduction of account abstraction, also known as “smart accounts,” could pave the way for a billion users from Asia to join the Web3 ecosystem. According to Shi, the region has experienced significant growth in Ethereum and Web3 adoption, with an increasing number of decentralized applications (dApps) focusing on improving user experience and offering support for Asian languages.
One of the key factors driving this expansion is the implementation of zero-knowledge Ethereum Virtual Machine (zkEVM) rollups and the widespread adoption of Optimistic rollups. These layer-2 scaling solutions provide developers with enhanced security, scalability, and seamless compatibility with Ethereum smart contracts. Shi believes that the development of account abstraction, which offers advanced programmable features and a more “bank-like” experience compared to traditional crypto wallets, will further accelerate adoption in the Asia-Pacific (APAC) region.
Account abstraction was first proposed by Vitalik Buterin and other Ethereum developers in September 2021, aiming to introduce greater functionality without requiring consensus-layer protocol changes. Despite the recent proposal, the concept has been under consideration within the Ethereum community for some time. The Chainalysis Global Crypto Adoption Index of 2022 revealed that Vietnam and the Philippines were the top two countries worldwide with the highest crypto adoption rates, indicating the region’s affinity for cryptocurrencies. Notably, countries like Thailand, China, and India ranked within the top 10 despite regulatory challenges.
Shi highlights social gaming and Web3 gaming as major drivers of mass adoption in Asia, specifically mentioning South Korea and China. Gaming publishers in South Korea are actively exploring Web3 RPG game publishing to optimize the sustainability of on-chain economic models. Meanwhile, Chinese-speaking developers are focusing on onboarding Web2 users to Web3 gaming platforms through the adoption of account abstraction solutions. Both use cases heavily rely on zkEVM rollups and the development of account abstraction, enabling gas fee subsidies and social recovery mechanisms.
Regarding the recent regulatory crackdown on the crypto industry in the United States, Shi does not believe there is a direct correlation between these actions and the growth of the Ethereum and Web3 ecosystems in Asia. The pivot to Asia by U.S.-based crypto and Web3 companies seeking more favorable jurisdictions has been a topic of discussion. However, the Asian Ethereum ecosystem appears to be thriving independently, showcasing its resilience and progress.
In summary, the combination of account abstraction, Web3 gaming, zkEVM scaling solutions, and the growing interest in cryptocurrencies and blockchain technology positions Asia as a significant driver of billion-user adoption for the Web3 ecosystem.