Ethereum
EIP-7702 Delegations Allow Ethereum Accounts to Execute External Code
Ethereum users can now delegate smart contract authority to their addresses under EIP-7702, introducing both advanced wallet functions and potential security risks.
Following Ethereum's Pectra upgrade, the EIP-7702 standard allows standard key-controlled accounts to execute contract code while retaining their original private key, balance, nonce, and address. This mechanism operates by adding a pointer into the account's code field, directing calls to a specified contract that can execute actions on the account's behalf.
The feature enables capabilities marketed by wallet providers as smart accounts, including transaction batching, fee sponsorship by third parties, and temporary spending limits. However, because the assigned contract gains broad authority over the account's balance and storage, it acts as a persistent power of attorney that remains active until revoked or replaced.
The delegation framework can also be exploited by attackers to maintain ongoing access to compromised wallets. Identifying an active delegation requires checking an account's code field on a block explorer for a 23-byte sequence made up of the fixed prefix 0xef0100 followed by the 20-byte contract address.
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