EIP-3074 is slated to go live in the next Ethereum hard fork, ushering in a new era of how users interact on Ethereum Virtual Machine [EVM] chains, thus bringing affordability and power to wallet users. At its core, EIP-3074 empowers Externally Owned Accounts [EOAs], commonly known as normal wallets, with smart contract capabilities traditionally reserved for contract accounts.
The team decided to convert existing EOAs into smart contracts to avoid forcing users to migrate wallets, which is a bad user experience and costly. This shift, known as account abstraction, will not only democratize access to advanced functionalities but also enhance the user experience across the Ethereum ecosystem.
One notable feature of EIP-3074 is its ability to batch multiple transactions into a single transaction, simplifying the process and cutting down on fees. At present, interacting with smart contracts often involves multiple transactions, leading to inefficiencies and increased gas costs.
Additionally, EIP-3074 enhances asset recovery capabilities where users can retrieve lost funds directly through their wallets, in the event of lost or inaccessible assets, thus eliminating the need for complex and cumbersome recovery processes.
Beyond that the proposal facilitates sponsored transactions, allowing third parties to cover transaction costs on behalf of users. This opens up new possibilities for decentralized applications [dApps] and services, enabling innovative monetization models and enhancing accessibility for users with limited funds.
In conclusion, Ethereum’s EIP-3074 paves the way for simpler, more affordable, and more powerful interactions on Ethereum and EVM-compatible chains, empowering users to unleash the full potential of decentralized finance and beyond.
Ethereum Restaking Protocols Live On The Mainnet
Meanwhile, Ethereum-based restaking protocols EigenLayer and EigenDA were launched on the mainnet. Up to this point, restaking in EigenLayer required depositing LSTs or setting validator withdrawal credentials to an EigenPod. With operators and an AVS [EigenDA] now operational, active restaking involves delegating to one of the top 200 operators running AVSs. The team therefore urged network participants to brace for upcoming changes in the operator landscape.
As reported by TronWeekly, the rollout will not include in-protocol payments from AVSs to operators and slashing. The team is focusing on developing and stabilizing the EigenLayer marketplace first before adding in-protocol payments and slashing to the mainnet later this year.