Announcing our new Ethereum hot wallets backed by BitGo’s Threshold Signature Scheme (TSS) security model enabling lower gas fees.ETH TSS hot wallets maintain BitGo’s high security standards and complement our Multi-Sig wallet as the latest addition to our suite of industry-leading products.
Lower gas fees
We at BitGo are always looking to deliver value to our customers and when we observed the rising gas fees during the DeFi summer we published information on how to lower gas fees in Multi-Sig wallets.TSS wallets significantly reduce gas fees because they require less computational work than the Multi-Sig smart contract, therefore they require less gas per transaction.TSS base wallets are free to create. Sending fees for TSS wallets are equivalent to the standard on-chain gas fee for a simple payment.
Does this affect my existing wallets?
There are no changes to your existing wallets; to start using ETH TSS you will need to create a new wallet.
Are ETH TSS Hot Wallets a good fit for me?
If you receive high volumes of inbound Ethereum transactions or use a high number of receive destinations, e.g. an Exchange, then it may be best to defer switching from Multi-Signature to TSS until after TSS Forwarders are live in early 2023 — ETH TSS Forwarders are a complement to the current Multi-Sig receive address generation for TSS base wallets that are free to create and less expensive to send to and consolidate.
If you prefer minimal administration, you may be still best-served by our ETH Multi-Sig base wallets. The smart contract wallets provide BitGo support with the ability to assist with occasional issues like fixing the nonce, accelerating transactions, and consolidating assets from receive addresses. ETH TSS wallets give you control over this instead of BitGo.
Another key consideration is that TSS wallets, and soon TSS Forwarders, will be self-funded from their own balances and will not utilize the Enterprise Gas Tank (except when flushing tokens from an empty forwarder).
If you are optimizing for low send fees, gas-free wallet creation, and are comfortable with the administration requirements, then you should get started with TSS right away!
Getting started with ETH TSS
ETH TSS hot wallets are now live for early access for all enterprises, developers, and starters on testnet (GTETH) and mainnet (ETH).
If you already have an active Enterprise with BitGo, speak to your designated BitGo representative to turn on access— and then creating a new Ethereum TSS hot wallet is just an additional option in the familiar Add Wallet flow:
For any questions, reach out to your dedicated BitGo representative or to support@bitgo.com.
For non BitGo clients, please contact sales@bitgo.com or fill out the Connect With Us form on our website.
Migrating to TSS from Multi-Sig
If you would like to use this new ETH TSS Hot Wallet in place of an existing BitGo ETH Multi-Sig Hot Wallet, you will also need to:
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Manually apply any/all the permission and policy configurations from the existing Multi-Sig wallet to the new TSS wallet
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Update any of your configurations to point to the new wallet and/or receive address(es)
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Transfer any funds from the Multi-Sig wallet to the new TSS wallet which will require on-chain transactions
Optimizing your wallets
Multi-Sig and TSS technology each come with many advantages, but there are also several reasons, as discussed, why some customers may be best-served by using one over the other, or a combination of both. With both Multi-Sig and TSS offerings, BitGo enables customers to optimize for their unique priorities.
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