Ethereum Blockchain Developers Announce Pectra Update
Ethereum blockchain developers have revealed plans to launch a major update called Pectra in the first quarter of 2025. This update follows the successful Dencun hard fork in March 2024, which resulted in a significant reduction in fees on layer 2 networks by 60-90%.
Optimizing Ethereum Network Performance
The Pectra update will involve the implementation of 11 Ethereum Improvement Proposals (EIPs) focused on optimizing the Ethereum Virtual Machine (EVM) code at both the base level and within L2 networks. The main objective of Pectra is to enhance the efficiency and usability of the network, ultimately improving its functionality.
Key Changes in the Pectra Update
Among the key changes is the implementation of EIP-7251, which will raise the maximum effective balance for staking to 2048 ETH coins, up from the current limit of 32 ETH. This adjustment aims to simplify staking management for validators, enabling them to work with fewer validators but with larger stakes, streamlining the process.
Furthermore, the Pectra update will introduce EIP-7702, a new proposal developed by Ethereum co-founder Vitalik Buterin as a replacement for EIP-3074. EIP-7702 will introduce a new type of transaction that allows addresses to function as wallets with smart contracts during transactions, then revert back to their original state, expanding the possibilities for smart contract usage.
Enhancing Network Flexibility and User Experience
With the Pectra update, developers aim to make the Ethereum network more flexible and user-friendly, offering new opportunities for asset management and application development. These enhancements are expected to improve the network’s overall efficiency and appeal, further advancing its scalability and innovation.
