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The Ethereum network is seen as the front-runner for decentralized finance (DeFi). However, high transaction fees and network congestion have seen rival platforms steal the blockchain’s user base. The network has been rolling out cost-saving codes in the last few months, with the latest from Infura.
ITX Picking Up The Slack
The London hard fork, which launched in early August, has enabled developers to pay fewer gas fees while interfacing with the Ethereum network. However, this unique line of code identified as EIP-1559 seems to be still lagging in its cost-saving efforts. According to a press release by blockchain software company, Consensys, Infura Transactions (ITX) is expected to pick up the slack of the previous code. The Sept 14 release also noted that the Ethereum transaction relaying service would come with specific benefits like handling stuck transactions, managing nonces, and increasing the tip to incentivize block producers to prioritize certain transactions. The EIP-1559 upgrade was introduced to reduce gas fees and has largely been successful. However, the Ethereum network has often reverted to its auction system, which sees the network fees shoot up in the event of network congestion. With non-fungible tokens (NFTs) sales surpassing all-time highs and DeFi-focused apps getting more value locked by the day, the Ethereum network is battling huge traffic and the accompanying high gas fees. Infura Transaction (ITX) is expected to lend a helping hand in those chaotic instances by eliminating fee overpayment for developers while using the second most valuable blockchain platform. Commenting on the launch of ITX, popular non-custodial crypto wallet provider Gluwa founder and CEO Tae Oh noted that Infura would enable Gluwa wallet users to enjoy an improved user experience while also paying 10-15% less on average for ETH-based transactions. This was following the integration of the digital wallet with ITX on Sept. 1.
ITX Seeks To Attract Enterprise-Focused Businesses
Aside from slashing down on fees for developers, the Infura solution comes with the industry's first dynamic gas price escalation algorithm and real-time fee adjustments, which will see developers get the best gas price even when the network is congested. Also, dropped transactions will be republished without paying the current market price, as ITX will facilitate competitive prices. Additionally, ITX is completely automated, saving development teams much-needed time as all transactions will be arranged in descending order with the highest fee first. Also, ITX will facilitate the onboarding of legacy-based enterprises allowing development teams to build products and services without needing to hold Ether to use the Ethereum network. Instead, they will be charged on their prepaid accounts, with Infura managing the entire process. [deco-beg-single-coin-widget coin="ETH"]