Close
Circle introduced USD Coin and Euro Coin updates with the aim of reducing fees by 7%. In this post, you will ask “Pooyan Music” for details about this update.
Circle announces a v2.2 update for USDC and EURC to reduce transaction fees by around 7%.
This upgrade increases efficiency and security in EVM blockchains. It also supports wallet transfers.
It is compatible with previous versions and does not require any action from users. This update will be released in the coming months.
Circle, the stablecoin issuer, has announced that it has updated to reduce transaction fees by around 7%.
This version 2.2 upgrade, including USDC and its Euro counterpart, EURC, significantly increases the efficiency of transactions on Ethereum Virtual Machine (EVM) blockchains.
Building on the acceleration of USDC expansion, this upgrade includes six key changes. It is worth mentioning that using EIP-1271 activates signature validation from the smart contract wallet.
In addition to private key wallets, this feature enables migration from smart contract wallets and increases account abstraction support. This is a significant move for the core user experience in the EVM ecosystem. The new feature allows users to pay for grid gas in the form of USDC and EURC.
Jeremy Aller, CEO of Circle: “USDC is getting more efficient with the new 2.2 upgrade (users don’t have to do anything). Reduces gas costs for each transaction. “Supporting the use of USDC improves account abstraction and strengthens the security of EVM chains.”
In addition, the upgrade optimizes the block list review process in USDC and EURC smart contracts. It aims for a more efficient search process. It significantly reduces network gas costs for various functions.
Cost reduction for common functions such as transfers, payments or transactions is estimated at 6-7%.
This upgrade also introduces measures to improve the resilience against forks of EVM blockchains. Additionally, a new variation of smart contracts allows for the dynamic derivation of the chain’s official ID. Therefore, it will be easier to protect users against possible misuse of funds in unofficial forks.
Another notable change is the removal of blocklist checks from functions that do not move funds. This change will lead to a further reduction of gas network costs when using USDC and EURC. The estimated gas savings is about 7.34% for confirmations and about 3.5% for increase and decrease allowance functions.
The upgrade to version 2.2 is fully backward compatible. It also does not require any action from developers or users. A phased rollout will begin on the Fuji Avalanche testnet, with plans to complete the upgrade on various blockchains over the next few months.
The Ethereum mainnet and other key platforms will see this upgrade implemented in January 2024.
