Ethereum’s Pectra Upgrade Scheduled for Mid-March Implementation
Ethereum (ETH) is set to undergo the Pectra Upgrade in mid-March, anticipated as the largest upgrade in its history. Key features of this upgrade include:
- Introduction of multiple Ethereum Improvement Proposals (EIPs) aimed at enhancing network functionality and user experience.
- EIP-7702 will enable account abstraction, allowing users to execute transactions in a single step rather than the current two-step process.
- EIP-7251 increases the effective balance validators can earn rewards on from 32 ETH to 2048 ETH, facilitating earlier staking rewards.
- EIP-7691 aims to enhance scalability by increasing blob throughput from 3/6 to 6/9 blobs, reducing transaction fees.
- EIP-7623 raises the cost of using calldata for rollups to optimize resource allocation.
- EIP-7002 introduces a mechanism for trustless validator withdrawals, minimizing reliance on intermediaries.
- EIP-7685 improves communication between execution and consensus layers, enhancing efficiency.
- EIP-2537 optimizes cryptographic processes, benefiting zero-knowledge operations.
Despite these developments, Ethereum's price remains stable around $3,200 to $3,300, indicating a lack of immediate price catalysts.