Exclusive Interview With Alchemy’s Will Hennessy

Will Hennessy, Alchemy CEO and co-founder of Alchemy Technologies discusses why EIP-7702 should not be used by beginners. He also explains what other blockchain issues developers must know.

Ethereum The highly anticipated Pectra update has been released. will launch The update will be released on Monday, April 8th. This update introduces new mechanisms to boost Ethereum’s processing speed and reduce gas fees. It also adds smart accounts, which can perform multiple transactions at once and pay for gas with different cryptocurrency.

Although the mainnet is expected to launch in April, the Holesky Testnet already has the updated version. There were some issues during the testnet rollout, such as delays with account abstraction and problems with the finalization of transactions.

Crypto.news interviewed Will Hennessy from Alchemy’s blockchain infrastructure, to find out if the upgrade has any hidden dangers. He also explained why EIP-7702, which is a core part of Pectra and is not suitable for novices, and to learn what wallet providers should know before they implement it.

The 2025 Pectra update (EIP-7702) is a major step towards this goal, since it will allow regular wallets to run smart contract codes without requiring a complete account overhaul. This update would make it much easier for malicious smart contracts to be disguised as EOAs.

WH: It is not true that EIP-702 makes it easier to hide malicious contracts. Here’s why:

The delegation mechanism requires explicit user authorization — nothing happens automatically or without user awareness. Owners of EOAs must choose actively to delegate to smart contracts through specific signatures. The delegation will remain in place until it is explicitly revoked.

The EOA’s private key can be used to override the smart account’s behavior. This is actually a safety feature — if a user discovers they’ve delegated to a malicious contract, they can always use their EOA’s private key to revoke the delegation.

This is why we don’t recommend EIP-7702 for new users — it’s better for them to start with pure smart accounts that allow for safer key rotation and multi-sig policies that can’t be bypassed. EIP-7702 can be used to upgrade existing EOA wallets with assets and history. This allows them to access smart contract features.

We recommend that wallet providers implement clear security measures.

• When users fail to adhere to the Smart Account Security, there are visual indicators.
• Automated reputation check for delegate contracts
• When chain-specific warnings are issued when delegation states vary across networks.

EIP-7102 adds capabilities to EOAs while also incorporating security concerns in its design. This allows for user control by allowing explicit authorisation and revocation. The goal isn’t to make it easier to run arbitrary code — it’s to enable existing wallets to access smart contract features safely.

The EOAs now have the ability to implement smart contracts logic. Could this lead to more phishing schemes?

WH: EIP-7102 adds new features to EOAs but does not inherently increase the phishing risks. Importantly, smart contract logic can only be executed with the explicit permission of EOA owners.

Think of it like adding account recovery to your email — it adds new functionality but doesn’t make your account more vulnerable. EIP-7702 is a great way to make wallets safer by adding better security features such as:

• Keys for session authorizations.
• Options for social recovery
• A more advanced transaction validation.
• Set spending limits, and use other safety measures.

The EOA private key allows the user to maintain complete control over any functionality delegated. If a user detects any malicious activity, they are able to immediately revoke their access.

The wallet provider must implement appropriate security measures.

• The user interface should clearly indicate when the smart contracts are used.
• Verification of all delegated contracts.
• Delegation management that is easy to understand
• Users will receive clear warnings if they attempt to bypass the smart account security.

Users with EOA wallets that want to upgrade can do so through EIP-7102, which is easier than creating a new smart contract wallet and moving all assets. Proper implementation of these new features by wallet providers is key, as well as clear education for users on how they work.

CN: Should we expect blockchain providers like Alchemy — or even wallets — to step up with protections against these kinds of attacks?

WH: Security is absolutely our top priority. We have thoroughly audited our smart account and are securing the Ethereum eco-system for more than 7 years. As we continue to support EIP 7702, we’ll maintain the same strict security standards.

Our smart wallet Toolkit Account Kit already supports EIP-7102 and helps apps get ready for this change.

Why did it take Ethereum so long before account abstraction was brought to life?

WH: For a reason, the process of account abstraction at Ethereum was methodical. It is important to take extreme caution when changing the way accounts operate at the protocol layer, since this affects all users and applications on the network.

Earlier attempts to account abstraction suggested more radical changes in Ethereum’s core architectural. The proposals required significant modifications to the Ethereum virtual machine itself. This carried with it significant risks and complexity.

The ecosystem instead took a gradual approach. First came ERC-4337, which enabled smart contract accounts — essentially working around the need for deep protocol changes. The community could then test account abstractions in real-world production.

EIP-7702 is a solution which builds upon these lessons. Instead of completely reworking how accounts function, EOAs can delegate their capabilities to smart contracts and maintain backward compatibility. The security properties that are trusted by users can be preserved while unlocking the new functionality.

Every step required intensive testing, security reviews, and consensus from the community. It’s crucial to take a measured approach when dealing with an important network that secures billions of dollars in value. It was important to increase wallet functionality without jeopardizing Ethereum’s security or reliability.

What we’re seeing now isn’t just account abstraction finally arriving — it’s account abstraction done right, informed by years of research, testing, and real-world experience.