Account Structure

Wallet Account

The Wallet Account is used to login to the Drake exchange DAPP. Users can select an EOA Wallet or an AA Wallet to log in to the website.

EOA Wallet

What is EOA account?

An Externally Owned Account, or EOA for short, works with the user having control of the account via a private key. This key is your unique signature and access pass to the blockchain account. EOAs enable you to send/receive transactions and interact with applications.

EOA essentials:

  • Usually require set-up via seed phrase (a mnemonic phrase you need to remember or store securely; it represents your private key and point of access to the account)

  • Can send and receive transactions, manage ETH balances, and interact with smart contracts

  • Don't need to be funded for on-chain deployment.

EOAs are marketed as software wallets (MetaMask, Trust Wallet, Rainbow) or hardware wallets (Trezor, Ledger, GridPlus). Both offer the same type of account properties in different UX configurations.

What is EOA wallet?

EOA wallet is a wallet application based on EOA accounts. Such as MetaMask, OKX Wallet, Trust Wallet…

AA Wallet

What is AA?

AA (Account Abstraction) Smart Contract Accounts combine the advantages of the current contract accounts and externally owned accounts (EOA) into one, making the account itself “programmable.” While ensuring that assets are only held by smart contracts, they can have more customized and extended features such as batch transactions, gas fee payments on behalf of the protocol, private key recovery, and more. This not only simplifies the on-chain interaction process but also automates the gas subsidy feature.

Account Abstraction (ERC-4337) will be an Ethereum upgrade, allowing users to create non-custodial wallets as programmable smart contracts. It can unlock many possibilities, such as wallet recovery, transactions that do not need to be signed, and team wallets, making the Web3 experience safer, more convenient, and more flexible.

AA (Account Abstraction) Smart Contract Wallets are also referred to as “smart accounts,” “smart wallets,” and “account abstraction wallets.”

Why Account Abstraction?

Simply put, account abstraction is how you build a Web3 experience that feels like Web2, without compromising on security for your users. With AA, you can:

  • Create self-custody wallets for your users that support Web2 logins (socials, email, passkeys, etc.), so they don’t need to worry about seed phrases.

  • Sponsor gas for your users so they don’t need to worry about gas, or let them pay gas in ERC20 tokens like USDC or even your own project tokens.

  • Simplify user flow by batching transactions, removing signing prompts, and even automating transactions for users while they are offline (think subscriptions).

  • Recover wallets for users if they lose their keys.

And these are just some examples! ZeroDev is fully programmable and can support additional features via plugins.

AA wallet for Drake exchange

Drake is using the ZeroDev library to build AA functionality into the site.

ZeroDev is a modular SDK for developing DApps and wallets using smart accounts (account abstraction).

So you can login to Drake via Social Applications such as Discord, X, Google, Facebook to create an AA account.

Trading Account

Users need to activate the Trading Account after logging into Drake via an EOA wallet or AA wallet.

Drake has two Trading Accounts: Isolated Margin and Cross Margin.

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