Ethereum $3,267.2 developers have announced the timeline for a major upgrade called Pectra, which will increase speed and efficiency for the second-largest blockchain network. In a virtual developer meeting on Thursday, the Ethereum core team set the target release date for the upgrade as March 2025.
Scope and Content of Pectra
Pectra combines eight key upgrades, or “Ethereum improvement proposals” (EIPs), into a single package. This comprehensive package aims to significantly improve the chain’s performance and user experience.
One of Pectra’s most anticipated upgrades is a proposal known as EIP-7702 that aims to improve the wallet user experience. Drafted in just 22 minutes by Ethereum co-founder Vitalik Buterin, this upgrade allows user wallets to be programmed like smart contracts.
This feature is part of the strategy to bring account abstraction to Ethereum and aims to make wallet setup and use less cumbersome.
Changes Made in Staking
Another highly anticipated upgrade, EIP-7251 increases the maximum amount validators can stake from 32 ETH to 2,048 ETH. This change solves a major issue for validators who deposit ETH for the chain to operate.
Pectra Upgrade and Hard Fork Process
Pectra aimed to be the biggest hard fork Ethereum has ever made and is the first major improvement to the chain since 2024’s Dencun upgrade. A hard fork is a major software update that transitions the network to a completely new chain.
However, the developers felt that the initial plans for Pectra were too ambitious and decided to split the original package into two in September. This decision was made to make the upgrade more manageable and feasible.
The developers plan to have Pectra tested on Ethereum’s Sepolia and Holesky testnets throughout February. If all goes well, the upgrade will be rolled out to mainnet in early or mid-March.
Ethereum’s Pectra upgrade is expected to make significant contributions to the development of blockchain technology, aiming to improve the performance of the network and the user experience. Successful completion of testing processes by the planned date of the upgrade can contribute to making the Ethereum ecosystem more efficient and user-friendly.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
