Infura, a ConsenSys service that provides a suite of blockchain developer tools, today announced the public release of its Ethereum transaction relaying service, Infura Transactions (ITX). ITX makes sending transactions easier for the developer such as handling stuck transactions, managing nonces, and gradually bumping the tip to entice block producers to prioritize their transaction.
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While EIP-1559 has helped DApp developers avoid overpaying gas fees to get their transactions mined most of the time, ITX helps prevent fee overpayment when the Ethereum network is highly congested.
DApps may need to re-publish transactions with a higher fee if the network becomes congested with pending transactions or manage their own transaction queue to make sure high-priority transactions are mined first and don’t collide with their other transactions. These considerations burden DApp developers and increase costs and uncertainty for their end-users.
Tae Oh, Gluwa Founder, and CEO, recently announced Gluwa’s integration with ITX. “Infura Transactions will help Gluwa Wallet users achieve an improved user experience, with users expected to pay 10-15% less on average for ETH transactions following the integration.”
ConsenSys and Infura are accelerating efforts to provide the easiest and most accessible tools for developers on Ethereum. Infura’s industry-first dynamic gas price escalation algorithm and real-time fee adjustments ensure transactions are processed quickly and at the best price.
Utilizing ITX, developers can now:
- Pay the best gas price when the Ethereum network is congested
Infura’s dynamic gas price escalation algorithm and real-time fee adjustments for a transaction’s tip ensure it is processed quickly and at the best price.
- Avoid dropped transactions
Ensure your transactions are always picked up by the network as ITX will periodically republish your transactions with competitive gas prices.
- Rely on ITX-managed transaction queues
Save the hassle of manually managing your transactions. ITX organizes all transaction queues in descending order with the highest fee first.
- Transact on Ethereum without holding ETH
Flexible payment schedules allow enterprises to transact on the Ethereum network without holding ETH on their balance sheet.
Importantly, ITX paves the way for developers inside large and complex enterprises to build new products and services on the Ethereum mainnet. Currently, many enterprises may be hesitant to build on the blockchain because of tax and regulatory requirements for holding crypto assets.
With ITX, enterprise developers can transact with prepaid accounts without holding ETH on their balance sheets and letting Infura manage their transactions.
“Sending transactions on Ethereum can be a huge barrier to a high-quality user experience. Moreover, direct interaction with the ETH token can be a non-starter for many companies. ITX not only solves these but helps reduce the cost of transactions while completely removing the need to actively manage your transaction after you have sent it. ITX further solidifies Infura’s position as the leading web3 developer tools provider, solving the needs of both web3 native developers and Enterprises looking to evolve their business.”
= Michael Godsey, GM and Head of Product at Infura