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At Etherspot we understand the heightened importance of security within web3. We believe in the importance of correctly audited smart contracts and all of our currently used smart contracts in production have gone through an audit with Consensys. This can be read here.
We are consistently doing security research internally to ensure we are on top of the current meta.
Another incentive we have is the bug bounties on hackerone for Pillar Project. Pillar is powered by Etherspot APIs so a lot of what is in here is in the same scope.
We also have automation tools in place that constantly monitor for potentially malicious activity on our platform.
One example of a common transaction is to approve an ERC20 token using an EOA based wallet. When we approve this, the user must then revoke the approval themselves at a later opportunity, which can potentially be a security risk.
With our wallets, only the amount that is needed is approved, and it is automatically revoked in the same trasnaction. This is one of the many examples of improved security using SC based wallets.
To ensure assets can never get locked with any Etherspot contracts, we have emergency methods of retrieving funds for users. Users can call these methods directly via explorers.
Moving towards the next stage of account abstraction we plan to continue with our tight security and get all of our new 4337 based smart contracts audited.