- Ethereum core developers are gearing up for the highly anticipated “Pectra” upgrade.
- This upgrade is set to introduce the Ethereum Virtual Machine (EVM) Object Format (EOF), encompassing approximately 11 Ethereum Improvement Proposals (EIPs).
- Vitalik Buterin, Ethereum’s co-founder, has proposed replacing EIP-3074 with the more advanced EIP-7702.
Discover the upcoming Ethereum “Pectra” upgrade and its potential impact on the blockchain ecosystem.
Ethereum’s “Pectra” Upgrade Scheduled for Q1 2025
The Ethereum development team has announced that the “Pectra” upgrade is slated for the end of the first quarter of 2025. This significant update aims to enhance the Ethereum Virtual Machine (EVM) through the introduction of the EVM Object Format (EOF). EOF is designed to optimize EVM code using an opt-in container system, marking a pivotal advancement in Ethereum’s evolution.
Key Features of the “Pectra” Upgrade
One of the standout features of the “Pectra” upgrade is PeerDAS, a data availability sampling solution. PeerDAS leverages existing peer-to-peer components within Ethereum to ensure efficient data distribution and availability, addressing current scalability issues and enhancing network resilience and performance.
Additionally, developers plan to replace EIP-3074 with EIP-7702, a proposal introduced by Ethereum co-founder Vitalik Buterin. EIP-7702 allows Externally Owned Accounts (EOAs) to function as smart contract wallets during transactions, thereby improving user experience and security. According to the proposal, “This EIP is designed to be highly compatible with endgame account abstraction without delving into the intricate details of ERC-4337 or RIP-7560.”
What the Upgrade Brings
The architecture of “Pectra” comprises two critical components: the Prag update in the Execution Layer and the Electra update in the Consensus Layer. These updates collectively aim to optimize transaction processing and network consensus mechanisms, thereby providing a more robust and efficient blockchain. While the full scope of “Pectra” is still under discussion, some proposals, such as the integration of Verkle trees, may be deferred to a future hard fork named Osaka.
Robinhood CEO Announces Readiness for Spot Ethereum ETF Listing
As reported by CoinOtag, the SEC has finally given the green light to spot Ethereum ETFs. Robinhood CEO Vlad Tenev announced that the commission-free brokerage is prepared to list a spot Ethereum ETF. This product will be available not only for brokerage accounts but also for retirement accounts.
Despite the SEC’s approval, the spot Ethereum ETF has yet to see any trading activity. Over a four-day period, the SEC and stakeholders engaged in discussions as part of the approval process. This rapid pace has left several necessary checks pending, potentially delaying the trading launch of the spot Ethereum ETF by a few weeks. Former SEC Chairman Jay Clayton has indicated that it may take some time for the product to begin trading.
Conclusion
The upcoming “Pectra” upgrade represents a significant milestone in Ethereum’s development, promising enhancements in scalability, security, and user experience. As the blockchain community eagerly awaits its implementation, the introduction of spot Ethereum ETFs marks another pivotal moment, potentially broadening the scope of Ethereum investments. Stay tuned for further updates as these developments unfold.
