Ethereum Could Reduce Fees With Batch Transactions

A new Ethereum proposal, EIP-3074, could reduce transaction fees by improving support for batch transactions.
EIP-3074 Could Reduce Fees
Ethereum developer Matt Garnett introduced the proposal on Twitter.

Ethereum wallets may be getting a significant upgrade soon. With the proposed change, EOAs will immediately be able to send batch txs, expiring txs, unordered txs, and more. (thread)
— ً (@lightclients) March 16, 2021
Currently, batch transactions are only available in Ethereum’s smart contracts, meaning the feature is primarily used by DApp and DeFi developers. As the proposal explains, the feature allows a wallet to “become” a smart contract wallet without actually deploying a new smart just to batch transactions.
The proposal is primarily motivated by the need for sponsored transactions—the ability for users to send transactions in which the fees are paid for by another party.
Garnett told Crypto Briefing that the proposal could also indirectly improve fees. “I expect there will be an indirect effect on fees paid by users because the the intrinsic gas cost of a transaction can be amortized across a batch of transactions.” He added that the expected discount is about 20%.
He concluded that this benefit is “only for users who have their transaction relayed by a sponsor who batched transactions from other users – thus dispersing that intrinsic cost.”
When Will Ethereum Add the Feature?
EIP-3074 has been proposed for Ethereum’s London upgrade, which will take place in July. On Friday, it will be determined whether the proposal will be accepted in that upgrade.
The main …
Story continues on Crypto Briefing

Related posts
bitcloutBusinesssocial coinsocial network

Celebrity Coin Marketplace BitClout Briefly Returns

Social marketplace BitClout has come back online following an outage that lasted approximately one week. What Is BitClout? BitClout allows content creators, celebrities, and famous crypto personalities to mint a “creator coin” that can be exchanged using the platform’s native…
BusinessCointelegraph.comDiemFacebooklibraSan FranciscoStablecoin

Diem co-creator leaving Facebook for Planet Labs

Kevin Weil has previously said that the launch of the Facebook-backed stablecoin would be “a journey of years and decades.” Kevin Weil, the vice president of product at Facebook’s digital wallet unit and one of the creators of the Libra…
Businessnft marketplaceNFTsOpensea

OpenSea Raises $23 Million In Series A Funding Round

OpenSea has raised $23 million in its Series A round, according to an announcement from the NFT trading marketplace. OpenSea Attracts Heavyweight Investors OpenSea’s Series A fundraising round was led by venture capital firm Andreessen Horowitz. The fundraiser additionally attracted…