Ethereum Deploys Pectra Upgrade on Hoodi Testnet Ahead of Mainnet
Ethereum deployed the Pectra upgrade on the Hoodi testnet on March 26, marking the final test before the mainnet upgrade.
The Pectra upgrade aims to enhance scalability and security, improving transaction throughput and reducing latency. Key features include:
- Enabling smart contracts on wallets
- Allowing gas fees to be paid in various tokens
A successful upgrade on the testnet could lead to a mainnet deployment by April 25. Following the upgrade, whale activity increased, with four addresses withdrawing nearly 16,000 ETH (approximately $32 million) from exchanges like Binance and Gemini.
Despite these developments, the price of ETH declined by 2.2% over 24 hours, trading at $2,020. The decline coincided with $48 million in liquidations, including $39 million in long positions. Additionally, there was a net outflow of $5.9 million from ETH exchange-traded funds in the US on March 26.