Ethereum Pectra Update Promises Major Wallet Improvements With EIP 3074 Integration

ethereum developers are currently deliberating on the Pectra upgrade, which is set to improve several facets of the blockchain's functionality.

Tim Beiko, ethereum Foundation Protocol Support Lead, twitter.com/TimBeiko/status/1778490341437681684″>confirmed development, revealing that developers agreed to include ethereum Improvement Proposals (EIP) 3074 in the network's scheduled review.

PEI 3074

EIP 3074 is a fundamental advancement within the ethereum ecosystem and was inserted by Lightclients in 2020. The proposal has gained widespread support from the crypto community as it aims to improve the user experience (UX) of ethereum wallets.

Fundamentally, ethereum.org/EIPS/eip-3074″>PEI 3074 It allows mainstream crypto wallets like MetaMask to function similarly to smart contracts.

This update facilitates several functionalities, including transaction bundling, simplified one-step signing process, and sponsored transactions. This latter feature allows wallets to delegate funds for others to use, offering a more versatile and efficient transaction framework.

Swapping a new token on a DEX like Uniswap will now only require a signature from the user's wallet instead of having to approve the new token and then sign the transaction to purchase.

The crypto community reacts

The announcement of the imminent update has sparked several reactions within the crypto community.

Georgios Konstantopoulos, Chief technology Officer at Paradigm, twitter.com/gakonst/status/1778445908633387304?t=NVA_mcqEei5_JrWaPblEiA&s=19″>highlighted

Echoing this sentiment, Hayden Adams, the mind behind Uniswap, praised the update as a significant boost to the ethereum user experience. He twitter.com/haydenzadams/status/1778513861408129181?t=Lb6oRYcSl72Q4C0GeMg5kQ&s=19″>aggregate:

“The industry should make an effort to create support for 4337 wallets to interact with 3074 contracts (just as eip1271 has created support between vaults and EOAs today).”

However, EVM developer Alex Watts twitter.com/ThogardPvP/status/1778524655026127162?t=D-DkE8lwywsz5YXmMXFRJw&s=19″>warned against focusing solely on user experience improvements, emphasizing broader implications for application and mechanism design.

Despite the optimism, concerns remain among some community members regarding the EIP 3074 update.

Ansgar Dietrich, an ethereum researcher involved in initiating the proposal, twitter.com/adietrichs/status/1778442942115377277?t=BXmcsZUrkLYxdJcFk47uyQ&s=19″>voiced ambivalence, reflecting on the long journey towards its imminent integration into the mainnet and questioning its alignment with the evolving account abstraction roadmap.

Similarly, 0xngmi, the pseudonymous DeFiLlama developer, raised twitter.com/0xngmi/status/1778539816180965778?t=_3pEEyz9LcF7fc47Yqd2hg&s=19″>apprehensions about the update potentially allowing for complete depletion of addresses, including tokens, nfts, and other DeFi assets.

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