⚡️ 60 DAYS. WARP SPEED. ⚡️
Forget years, Biconomy shipped some foundational Web3 infra in just 60 days.
Let’s break it down: what we launched, who joined us, and what’s coming next 🧵👇
1/ We released the Biconomy Network Litepaper 📃
Released Modular Execution Environments (MEE), making it simple for users to run transactions across thousands of chains with just one signature instead of dealing with multiple wallets and technical steps.
2/ The Biconomy Network went live 🌐
A breakthrough universal interface unifying thousands of chains into one seamless experience. Our P2P protocol orchestrates cross-chain execution without requiring developers to write new smart contracts.
3/ The Delegation Dashboard 📊
Our stkBICO delegation platform has 6 node operators with 4.1M+ tokens already delegated! Only a few validators haven't reached full capacity yet.
You can now delegate your stkBICO to earn 10%.
7/ We introduced the PREP Method ⚙️
Provably Rootless EIP-7702 Proxy quickly became an open-source collaborative effort between Biconomy team ( @ox_shaman, @itxenjoyer, @filmakarov) and contributors ( @optimizoor, @ThogardPvP, @RenaudDUBOIS10).
What if Ethereum accounts became up to 80% cheaper and more efficient overnight?
Biconomy’s PREP method makes it possible, cutting costs, enabling cross-chain functionality, and proving no hidden keys exist.
A major breakthrough?
Absolutely. This advancement is backed by Biconomy’s latest research. An old EVM cryptographic trick, Nick's Method, served as the inspiration for building PREP accounts.
Meanwhile, EIP-7702 brings smart contract capabilities to EOAs. It allows gas payments in any token, batch transactions, and custom execution rules, all while maintaining the same address.
Biconomy’s PREP integrates these innovations in Nexus 2.0.
However, EIP-7702 has a critical vulnerability: the EOA key can override security features like multisigs and account locks. Biconomy’s PREP method addresses this risk. By combining Nicks’ Method with EIP-7702, PREP ensures secure smart accounts through randomized signatures, recovered addresses, and EIP-based authentication.
How does PREP achieve this?
1️⃣ EIP-7702 message: chain ID 0, smart contract code, nonce 0, prefix 0x05.
2️⃣ No key: Uses carefully constructed r, s, v values with intentional design.
3️⃣ r secures the initialization hash.
4️⃣ s signals ‘no key present.’
5️⃣ Address is derived mathematically and verified on-chain.
6️⃣ The EVM validates via its signature scheme.
7️⃣ Up to 80% cheaper, cross-chain compatible, and multi-sig ready without compromising security.
8️⃣ Nexus 2.0 will introduce this in March 2025 (Pectra upgrade).
The PREP Advantage:
🔹 No frontrunning risk: r locks the initialization hash.
🔹 Security-first design: s proves key absence, making it infeasible to brute force.
🔹 Gas-efficient execution: A significant cost reduction for Ethereum users.
Big kudos to the Biconomy's fantastic team for coming up with PREP, @ox_shaman, @itxenjoyer, @filmakarov, late contributors such as @optimizoor, @ThogardPvP
Acknowledgment goes to the early contributors of EIP-7702, @VitalikButerin, @samwilsn, @ansgar, and @0xmattg.
PREP is a step forward in account abstraction, combining the simplicity of EOAs with the power of smart accounts, all while driving down gas costs.
Nexus 2.0 will bring PREP alongside ERC-4337 and MEE support, ensuring universal compatibility with r/s/v derivation. Seamless portability, security, and efficiency are the future.
📖 Read our full research here:
👉
8/ Come to our office during TOKEN2049 ☕
Meet the Biconomy team IRL during @token2049 Dubai. We're opening our office for builders to connect, cowork & discuss modular execution. See you there? Access details dropping soon.
🆕 EVENT UPDATE: Dubai's about to be packed for @token2049!
We're opening our doors to builders, founders & the community. No formalities, just vibes.
Come build, chill, or connect with fellow Web3 enthusiasts at our Dubai office during the conference.
Grab a cup of our amazing coffee, connect to ridiculously fast wifi, and make our space your office for the day! We're open to impromptu meetups and workshops too.
Want in? Comment "GMEE" below and we'll slide the location into your DMs.
See you there!
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