Vechain adds programmable smart contract wallets, VET soars

• VeChain (VET) price rose 10% as Bitcoin spiked to briefly sit above $52k.
• The gains also came as the L1 smart contract platform announced Account Abstraction (AA) was now live.
• AA brings seamless interoperability and unlocks programmable smart contract wallets.

VeChain (VET), the enterprise-grade L1 smart contract platform, has announced a major development in its blockchain ecosystem. Account Abstraction (AA) is live on VeChain, the platform said.

VeChain debuts Account Abstraction

By going live, AA brings programmable smart contract wallets to VeChain, putting the blockchain platform at the forefront of shaping the next step in global adoption of crypto.

Account Abstraction (AA) is now live, opening up a whole new world for #VeChain.

Not only does AA make interoperability seamless, but it also unlocks programmable smart contract wallets for a better user experience and improved security.

Here’s what it means for $VET 🧵👇🏼 pic.twitter.com/SecJ6OwnGu

— vechain (@vechainofficial) February 14, 2024

With account abstraction, VeChain is moving away from the traditional externally-owned accounts (EOAs) system. The new approach isn’t just flexible and programmable, it enhances accounts’ usability and security, the latter a key challenge in EOAs’ public-private key model.

“By abstracting the transaction signing process, smart contract wallets improve user experience, making blockchain interactions smoother and more intuitive. There are security benefits, too – multisig authorization, account recovery methods, and transaction whitelists,” the VeChain team said in a thread on X.

According to the platform, this shift is a key step in the quest to bridge the gap between Web2 and Web3. The launch of smart contract wallets on the mainnet underscores VeChain’s commitment towards global mass adoption of crypto and blockchain.

VET price soars

VeChain’s announcement came as the crypto community took note of Bitcoin’s sharp price surge on Wednesday. BTC rose to above $52,000 before paring some of the gains to hover above the $51k level. Meanwhile, VeChain’s news about the much anticipated Account Abstraction (AA) helped push the price of VET up by more than 10%.

VET traded to highs of $0.035, and crypto analyst Ali says the altcoin could spike to $0.054 in coming days.

“It feels like it will be a big week for #VeChain! If history repeats itself, $VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November!” Ali noted in a post on X.

VET price last traded above $0.05 in April 2022 and its all-time high of $0.28 was reached in April 2021.