Ethereum Developers Set to Include EIP-3074 in Upcoming Pectra Upgrade

Ethereum Developers Set Sights on Including EIP-3074 in Upcoming Pectra Upgrade

After nearly four years of waiting, Ethereum developers are finally moving forward with including EIP-3074 in the upcoming Pectra upgrade, expected later this year. This proposal brings a range of user experience improvements to typical wallets by allowing certain functions to be delegated to smart contracts.

Some of the key benefits of EIP-3074 include the ability to approve a large batch of transactions at once, pay gas in different ERC20 tokens, enhance security and account recovery, and more. However, developers have also flagged a new vulnerability that could potentially allow a single malicious transaction to drain a user’s entire wallet through a batched transaction.

Despite this concern, experts like Dan Finlay, co-founder of MetaMask, have reassured users that good wallet design can help mitigate this risk. Additionally, Uniswap founder Hayden Adams sees the upside of forcing wallets to improve user experience around security measures.

However, there are two major caveats to the proposal that have raised concerns among developers. One modification allows for account delegation to be revoked, but also automatically revokes any authorization the next time another transaction is sent. Another change restricts the proposal’s ability to affect multiple chains at once, potentially limiting its usability across different platforms.

The Pectra upgrade is expected to be ready by late 2024 or early 2025, according to Tim Beiko, protocol support lead at the Ethereum Foundation. Despite some reservations, developers are moving forward with the inclusion of EIP-3074 in the upgrade, aiming to enhance the overall user experience and security of Ethereum wallets.

Please note that this article is provided for informational purposes only and does not constitute legal, tax, investment, financial, or other advice.