Infura Transactions (ITX) Simplifies Transaction Management on Ethereum
New York, NY, September 14, 2021 — Infura, a ConsenSys product providing the world’s leading 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.
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 significantly 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. Now with ITX, all developers can:
- 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 ensures 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 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,” said Michael Godsey, GM and Head of Product at Infura.
“Infura Transactions is a huge win for us. There are a lot of tricky aspects to making a production-ready relayer service. ITX makes sure the transaction gets mined at the cheapest possible price while ensuring it never gets stuck or dropped from the mempool. We just make a few calls to the ITX API and it does all the hard work for us. We can now focus our time on what makes Umbra Cash unique for our users”, said Ben DiFrancesco, CEO of Scopelift and Umbra
To learn more about relaying transactions via ITX, be sure to check out the full instructions for developers.
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ConsenSys is the leading Ethereum software company. We enable developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Our product suite, composed of Infura, Quorum, Codefi, MetaMask, Truffle and Diligence, serves millions of users, supports billions of blockchain-based queries for our clients, and has handled billions of dollars in digital assets. Ethereum is the largest programmable blockchain in the world, leading in business adoption, developer community, and DeFi activity. On this trusted, open source foundation, we are building the digital economy of tomorrow. To explore our products and solutions, visit http://consensys.net/.