Ethereum released an important update to optimize gas on layer 2

Ethereum is undergoing adjustments in an upgrade aimed at reducing gas fee usage on the layer 2 network. The Ethereum Foundation is set to push for major changes to the account abstraction standard in Ethereum in order to reduce gas fees. Gas consumption – especially for layer 2. On January 10, the Ethereum Foundation shared a demo of drastic changes to the ERC-4337 standard specification, related to account abstraction, also known as smart accounts . This is intended to improve performance and reduce costs when using Ethereum. According to developer John Rising in the shared update, the new version V0.7 applies the results from 9 months of testing ERC-4337. The biggest change is in the structure of account abstraction transactions, which are more complex than regular Ether transactions. They now require specifying five values instead of just one. “Users must specify more than one gas value to ensure that an account can perform calculations while its signature is being checked,” Rising explains. Rising explains further, why more gas values are needed. “With smart accounts, users can have many different types of signatures and pay transaction fees in many ways. This means that the amount of gas needed will vary and the transaction must specify the amount it is willing to spend on this validation.” This leads to more accurate gas estimates and reduced gas costs, especially on layer 2 networks, as these changes reduce the amount of data that needs to be published. Rising explains: “The main benefit of v0.7 for users is reduced gas fees. It uses a number of tricks to use transaction data more efficiently, which is especially useful on layer 2 blockchains.