The ERC-2612 ( an extension of the popular EIP-20 token standard) introduces a new function called permit, which revolutionizes the way users can modify the allowance mapping for tokens.
The traditional approach of relying on msg.sender for token access control is limited! Whenever a user needs to interact with a smart contract, they will need to make 2 transactions (approve and the smart contract call which will internally call transferFrom ), and this costs more in terms of gas.
With ERC-2612, users can now modify the allowance mapping using a signed message instead of going through the usual msg.sender process. This opens up new possibilities and streamlines token interactions in smart contracts.
Throughout this tutorial, we will explain the key concepts of ERC-2612, explore its benefits, and guide you through a practical example showing how you can reduce your users gas cost