Ethereum developers to conduct Pectra hardfork by Q1 2025

The upgrade will introduce more than a dozen suggestions to improve the network

27.05.2024 - 12:38

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Last updated on Aug 9, 2024

What’s new? Ethereum blockchain developers have scheduled the Pectra upgrade to be released by Q1 2025. Pectra represents the next major upgrade after the successful Dencun hardfork in March, which reduced fees on Layer 2 (L2) networks by 60-90%.

Material by The Block

What else is known? The Pectra upgrade will activate about 11 Ethereum Improvement Proposals (EIPs) that will improve the Ethereum Virtual Machine (EVM) code at the base level and in L2 networks.

Among other things, the developers will include in Pectra EIP number 7251, about increasing the maximum effective balance. This change will allow individual validators to stake up to 2048 ETH coins, whereas the current maximum limit is set at 32 ETH.

This will allow operators to manage fewer validators with more ETH in the blockchain, reducing the complexity of the process.

The developers have also decided to replace EIP-3074 for account abstraction with a new proposal, EIP-7702, proposed by Ethereum co-founder Vitalik Buterin.

Vitalik Buterin proposed improved account abstraction in the Pectra upgrade

The upgrade will introduce smart contract functionality directly into wallets

EIP-7702 will introduce a new transaction type that will allow addresses to function as smart contract wallets during transactions and then return to their original state.

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