Summary

ERC-4337 defines a standard for account abstraction without changes to the Ethereum protocol, relying on a separate transaction mempool that contains operations to be submitted and executed onchain by external actors ("bundlers") on behalf of transacting users.

Smart contract accounts require their own Ethereum address by definition. However, EIP-7702 builds on top of ERC-4337 by allowing non-smart-contract accounts (EOAs) to delegate their authority to smart contract accounts, extending the power of ERC-4337 to all Ethereum users.

Why It Matters

ERC-4337 allows users of Ethereum to use smart contract account features without changes to the protocol. This gives users better UX and more flexibility over how their wallet is secured and recoverable, can be used to avoid needing to keep the wallet topped up with Ether to pay for gas fees, etc. See Account Abstraction for more information.