Creating an AA smart wallet

Smart wallets with AA* tag are designed to manage your assets under the exclusive control of smart contracts, introducing a suite of advanced features. These features include batch transactions for streamlined experience, gas sponsorship, key recovery options for enhanced security, and more, all aimed at elevating your digital asset management experience.

To create or import an AA smart wallet, you'll begin by creating a regular wallet (EOA). This account serves as the foundation for controlling on-chain activities and facilitating account recovery processes. Once you create a regular wallet, follow the steps below to create an AA smart wallet.

Swipe left, tap 'Manage Wallets', then tap the gear icon.

Tap 'Add account', tap 'Smart Account', then your smart wallet is created. You can go ahead and tap 'Deploy' button if you want to activate it.

Benefits of Using an AA Smart Wallet

  • Enhanced Security: AA smart wallets offer advanced security measures, including multi-factor authentication and robust account recovery options, safeguarding your assets against unauthorized access.

  • Streamlined Operations: Simplify complex transactions, such as token swaps with multiple approvals/signatures on decentralized exchanges (DEXs), allowing them to be executed in a single step with transaction bundling/batching.

  • Flexibility in Transaction Fees: You can break free from the reliance on the main chain's native currency for gas fees. AA smart wallets enable the use of various tokens, including stablecoins for gas payments, and allow for third-party gas fee coverage via gas sponsorship.

  • Customizable Features: As smart contract-based wallets, they maintain the high-security standards of the Timeless X while offering additional, user-customizable functionalities to enhance your web3 experience.

How can I import an AA smart wallet?

To import an AA smart wallet into your wallet, follow the specific guidelines based on the type of wallet you initially used to create your account. Understanding the process ensures a smooth transition and access to your AA smart wallet.

For Regular Wallet Import Process

Start by importing a regular wallet associated with your AA smart wallet. Once you import your regular wallet successfully, your AA smart wallet will be automatically retrieved.

If you initially used 'Connect with Metamask' option to set up your wallet, you need to tap 'Import other wallet' and import the same Metamask wallet by selecting 'Import private key' or 'Import seed phrase' option.

For Keyless Wallets

If your AA smart wallet was created using the keyless wallet creation option, your account will automatically be retrieved once the wallet is imported through the same way.

If you initially used keyless Apple or Google option to create your smart wallet, you need to first choose Keyless option, then connect the same Apple or Google account to importy your AA smart wallet.

What are Externally Owned Accounts and Smart Contract Accounts?

  • Externally Owned Accounts (EOAs): These are regular accounts controlled directly through private keys. They can be created using seed phrases or private keys within Timeless X.

  • Contract Accounts (CAs): They are operated by code logic and do not have private keys. AA smart contract accounts, integrating regular wallet (EOA) flexibility with CA programmability, offer advanced functionalities like batch transactions, gas sponsorship, and key recovery.

Considerations for Using AA Smart Wallets

Users should be aware of the potential for higher gas fees due to contract execution costs and network congestion. Additionally, the current adoption of AA smart wallets is limited, which may affect compatibility with some DApps. To ensure access and mitigate risks, it's recommended to start with a regular wallet and then add an AA smart wallet subsequently.

Why do users pay higher gas fees with AA smart wallets?

Interacting with an AA smart wallet for the first time triggers a deployment process, which is essential for enabling the smart wallet's functions. For instance, executing a one-click swap on a decentralized exchange (DEX) incurs initial deployment fees, increasing the gas costs associated with the transaction.

Wallet providers like Timeless X DO NOT have any control over the gas fees associated with the AA smart wallets.

Furthermore, smart contract operations are inherently more complex than basic token transfers. This complexity arises from the sophisticated interactions and computational demands of executing smart contract logic, contributing to increased gas fees. These additional costs reflect the resource-intensive nature of securely facilitating advanced features and functionalities within the blockchain network.

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