2024-04-14 09:03:39
Ethereum developers are currently working on an update to Pectra, which is intended to improve various aspects of the blockchain’s functionality.
Tim Beiko, Head of Protocol Support at the Ethereum Foundation confirmed the development. He revealed that the developers have agreed to incorporate Ethereum Improvement Proposals (EIP) 3074 into the planned transformation of the network.
EIP 3074 is a key development within the Ethereum ecosystem introduced by Lightclients in 2020. The proposal has received widespread support in the crypto community as it aims to improve the user experience (UX) of Ethereum wallets.
Basically, EIP 3074 allows traditional crypto wallets like MetaMask to work like smart contracts.
This update enables various features, including transaction linking, simplifying the signing process to a single step, and sponsored transactions. The latter feature allows wallets to delegate assets to others, offering a more versatile and efficient transaction framework.
Trading a new token on a DEX such as Uniswap now only requires a signature from the user’s wallet. As opposed to having to approve the new token and then sign the transaction to make the purchase.
The crypto community also reacted to the Pectra update
The announcement of the upcoming update drew mixed reactions within the crypto community.
Georgios Konstantopoulos, CTO of Paradigm, highlighted that the update improves the usability of the wallet by 10x and noted that Reth has already successfully implemented and tested it.
EIP-3074 is coming in the next Ethereum hard fork.
This is a big deal. Wallet UX will 10x.
Congratulations to Ethereum and the EIP-3074 sponsors.
Reth has already implemented and tested it. We are fans.
— Georgios Konstantopoulos (@gakonst) April 11, 2024
Hayden Adams, the developer behind Uniswap, also shared the opinion and praised the upgrade as an update that significantly improves the Ethereum user experience. He added:
“The industry should make efforts to make 4337 wallets compatible to interact with 3074 contracts (similar to how EIP1271 made safes and EOAs compatible today)”.
eip3074 inclusion will be a monumental upgrade to ethereum UX
Congrats and thanks to the everyone that memed this into existence 💜
Industry should make an effort to create compatibility for 4337 wallets to interact with 3074 contracts (much like eip1271 has created…
— hayden.eth 🦄 (@haydenzadams) April 11, 2024
However, EVM developer Alex Watts cautioned against focusing solely on improving the user experience and emphasized the broader implications for application and mechanism design.
Despite the optimism, some members of the community remain concerned EIP 3074 regarding its update.
Ansgar Dietrich, an Ethereum developer involved in the proposal, expressed an ambivalent opinion. He reflected on the long road to upcoming mainnet integration and questioned its alignment with the evolving account abstraction roadmap.
I have mixed feelings about EIP-3074 finally on path to reaching mainnet, almost 4 years after we originally proposed it. We fought so hard for it back in 2021, to no avail. Now that we are much further on the account abstraction roadmap, not sure this is the right strategy.
— ansgar.eth 🦇🔊 .oO (@adietrichs) April 11, 2024
Similarly, 0xngmi, the developer of DeFiLlama, has raised concerns that the update will allow the complete exhaustion of addresses, including tokens, NFTs and other DeFi assets.
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