Circle confirmed that a new v2.2 upgrade to USDC and EURC will add new features and sharpen the existing ones.
What Happened: The new features of the announced upgrade include decreased gas costs, better support for account abstraction, and increased security for transactions on EVM blockchains, as reported by a company statement.
Circle announced its first upgrades to USDC in early 2021.
It includes six new changes to the USDC and EURC smart contracts which will be implemented through a single upgrade for each supported blockchain.
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The updates include, enabling signature validations from smart contract wallets, improvements to checking blocklists, better resilience against forks, removing blocklist checking from functions that don't move funds, skipped timestamp check when the deadline is set to a maximum amount, and a one-time rename for the EURC symbol from EUROC.
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The upgrade is fully backward compatible, and does not introduce any breaking changes to existing integrations. It also requires no action from developers or users, Circle explained.
The rollouts commenced on Nov. 9. Circle plans to finish the updates in the upcoming months.
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Why It Matters: The efficiency improvements will lead to a 6-7% gas cost reduction for common operations like making a transfer, payment, or trade with USDC or EURC. Cross-Chain Transfer Protocol (CCTP) developers and users can also see a 3-4% reduction in network gas fees when burning and minting USDC across blockchains.
Also, blocklist checks will save 7.34% gas for approval, 3.5% for increase/decrease allowance, and 0.85% for a permit.
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