Elytro, formerly known as Soul Wallet, has developed an ERC-4337 Ethereum smart contract wallet that offers a self-custodial solution for users in the cryptocurrency, blockchain, DeFi, gaming and social media industries. The wallet will include features such as user-friendly experience, social recovery, and passkey authentication.
Elytro was founded by Jiajun Zeng (formerly of ByteDance and Meituan) to develop a smart contract wallet based on ERC-4337.
At the time of writing, the founder had presented SoulWallet and had won 1st prize for account abstraction wallets.
In August 2020, Elytro raised $3.1 million in funding from investors including Struck Crypto, Game7DAO, NGC Ventures, Alchemy, and Ankr.
Since raising this funding, Elytro has continued to advance the development of the wallet, with a Q3/Q4 2020 public launch expected, subject to completion of necessary audit processes.
The company was previously named "Soul Wallet" but it has since been renamed to "Elytro," although the product remains the same.
Decentralized with Ethereum L1/L2 bundlers and relayers
No AI/ML components; pure blockchain smart contract architecture
Based on ERC-4337 technical standard and official announcements
Soul Wallet is a smart contract wallet that implements ERC-4337 account abstraction on Ethereum and EVM compatible layer 2 solutions. It provides users with social recovery, gas sponsorship using ERC-20 tokens and provides additional security features through decentralized identity.
Users set up their "Guardians" (other wallets), and customize how many of these "Guardians" must be accessed before the recovery process begins. If a user has lost access to their wallet, their "Guardians" can then authorize recovery through time-locked security modules which prevent hackers from immediately gaining control of the wallet.
Ethereum MainNet and EVM compatible Layer 2 solutions (Arbitrum, Optimism, Scroll and Taiko). Future multi-chain development plans are also being explored.
Users can pay gas fees with any ERC-20 token (USDC, WETH, DAI) utilizing paymaster services. Soul Wallet charges a small percentage of each token-to-ETH conversion made through its service as part of its revenue model.
Yes, it utilizes account abstraction along with time-locked security modules, social recovery and helps to eliminate the single-key compromise problems seen in other wallets such as Safe. In addition to the built-in identity verification that Soul Wallet offers, there are also other security layers provided.
As per ERC-4337 standards, Soul Wallet utilizes unified bundlers for decentralization purposes. However, as opposed to using a single relay system utilized by Argent, this allows Soul Wallet to be more resistant to censorship and more capable of providing composability across multiple layer 2 ecosystems.
Currently available as a browser extension. There is potential for mobile support to be included in future updates to the Soul Wallet roadmap.
Technical Support/Documentation (via GitHub Issues) - Setup Guides (via Documentation) - General Questions (via Community Discord). There is no dedicated customer support channel available.
As a technologically advanced account abstraction wallet that offers ERC-4337 account abstraction along with social recovery, ERC-20 gas payment, and L2 compatibility, Soul Wallet is an innovative solution that provides technically savvy users with a decentralized, flexible alternative to other smart contract wallets in the market.
Soul Wallet will be best suited for technically savvy Web3 users who place a higher premium on ERC-4337 standards, social recovery and L2 compatibility than they do on having a large number of support channels available.
Soul Wallet’s ERC-4337 account abstraction with social recovery features utilize customizable Guardian accounts, ERC-20 gas payment and L2 compatibility. Additionally, Soul Wallet has a solid technical foundation through the use of time-locked security modules and diamond storage. As an early stage product, Soul Wallet has raised $3 million in seed funding, is currently browser extension focused, and plans to expand to multiple chains and SDK's.
Good - detailed technical documentation from HackMD/GitHub, investor analysis from Struck Capital, and product descriptions from Alchemy/TechCrunch. Limited information on user adoption, support infrastructure, and current user base.
In March 2023 raised $3 million in a seed round to develop an ERC-4337 wallet. Funded by Struck Capital who note that the team has a solid focus on developing products with good ERC-4337 implementation.
Utilizes diamond storage to allow for upgradability and utilizes minimal proxy contracts to allow for portability. SecurityControlModule with time-locks to prevent immediate hacker takeover when attempting to utilize social recovery.
Revenue generated from small percentages of ERC-20 to ETH conversion fees via paymaster services. As more dApps/chains are integrated into Flywheel Effect, more users will be attracted to the platform.
Some planned features include native multi-signature functionality, various SDKs for dApp integrations and expanding its multi-chain ecosystem beyond the current EVM L2s.
Permanently owned by users due to extensible smart contract design. Hooks in guard during signature validation to provide features such as daily spending limit prior to executing the transaction.
