According to U.Today, the upcoming Ethereum update is expected to be launched in late 2024 or early 2025, which will change the way we use Ethereum wallets and greatly improve the user experience. According to blockchain developer Tim Beiko and DeFiLIama developer, the cornerstone of this update is the approved EIP-3074, which will unlock several wallet features, including the ability to recover lost keys.

The key features that this update will bring include: 1. Batch transactions: This update will allow you to package multiple transactions into one, which means you can send all different tokens to a new address in one transaction, saving time and reducing complexity. 2. Simplified approval and operation: EIP-3074 simplifies the approval process. You can approve and perform operations such as deposits or exchanges in one transaction, which not only saves transaction fees, but also saves your precious time waiting for one transaction to be confirmed before initiating another transaction. 3. Sponsored transactions: EIP-3074 introduces sponsored transactions, which means that other people can pay for your gas fees. It's like a free ride to your destination on the Ethereum network.

To take advantage of these new tools, users will delegate control of their assets to an initiator contract through a digital signature, which will make transactions and function calls on the user's behalf. These advances in EIP-3074 are expected to make Ethereum more user-friendly, efficient, and flexible. They represent an important step in Ethereum's evolution toward a platform more suitable for everyday use and complex blockchain interactions. This update is just a small part of what Vitalik Buterin calls The Purge, which is expected to make Ethereum lighter and more accessible.