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Passkey wallet
A passkey wallet is a crypto wallet controlled by a passkey: a key pair created and stored by your phone, computer or security key and unlocked with your fingerprint, face or PIN. There is no seed phrase; a smart contract wallet checks the passkey's signatures.
What it means for you. The wallet is only as recoverable as the passkey. A synced passkey lives in a credential manager tied to a cloud account, so losing that account can lock you out; a device-bound one is lost with the device unless the wallet has another way in, such as a backup key or guardians. Check what recovery the wallet offers before funding it.
Sources: FIDO Alliance: Passkeys, RIP-7212: Precompile for secp256r1 Curve Support, EIP-7951: Precompile for secp256r1 Curve Support · checked 4 October 2026
Smart contract wallet
A smart contract wallet is an account run by a program on the blockchain instead of by a single private key. Its code sets the rules, such as needing several approvals, daily spending limits, or replacing a lost key through backup keys.
What it means for you. Recovery and limits depend on the contract's code, so a bug can put funds at risk, and the account may exist only on chains where that contract is deployed. Before sending to it from another chain, check that the same address is set up there.
Sources: ethereum.org: Account abstraction, ethereum.org: Ethereum accounts · checked 4 October 2026