EIP-2612 is an Ethereum Improvement Proposal that extends the ERC-20 token standard to allow gasless approvals. This EIP introduces a permit function, enabling users to sign an approval message off-chain, which can then be submitted on-chain by a third party without the user paying for gas. It significantly improves user experience by reducing transaction costs and simplifying interactions with decentralized applications. The permit function leverages elliptic curve cryptography for secure off-chain signing, maintaining the integrity of the approval process.
Context
EIP-2612 is a significant development for the Ethereum ecosystem, particularly for decentralized finance applications seeking to reduce user friction and transaction costs. News often highlights its adoption by various DeFi protocols as a way to enhance liquidity provision and user engagement. This improvement contributes to making Ethereum more accessible and efficient for a broader user base.
We use cookies to personalize content and marketing, and to analyze our traffic. This helps us maintain the quality of our free resources. manage your preferences below.
Detailed Cookie Preferences
This helps support our free resources through personalized marketing efforts and promotions.
Analytics cookies help us understand how visitors interact with our website, improving user experience and website performance.
Personalization cookies enable us to customize the content and features of our site based on your interactions, offering a more tailored experience.
