Ethereum, one of the finest open-source blockchain networks, is set to release the Prague Electra or Pectra upgrade on its Testnets from February 24. The upgrade will be launched on the Holesky testnet on February 24, at epoch 115968, and will subsequently be launched on the Sepolia testnet on March 5 at epoch 222464. Tim Beiko, an Ethereum Foundation official, confirmed the news through his X handle. The upgrade will be implemented on the mainnet based on its success on the testnet.
Pectra upgrade is the largest of the upgrades in the history of the Ethereum blockchain since its launch. As per reliable sources, the Pectra upgrade benefits the blockchain in three major areas: augmenting Ethereum (ETH) accounts, improving the validator experience, and scaling the blob space. The stakeholders and users of the Ethereum blockchain network will now be able to enjoy immense scalability without any delay in the coordination between the execution and consensus layers. There will be an approximately 50% increase in the blob space on the Ethereum blockchain which will ease data logistics.
What is Ethereum’s Pectra Upgrade?
The Pectra upgrade, which will be implemented on the Ethereum blockchain this year, is an upgrade that is expected to ease the usability of the network by making it more scalable and faster. This is a continuation of the changes already made through the previous upgrades such as The Merge in 2022 and Cancun in 2024.
This hard fork on Ethereum will be launched in two phases. Phase one, which is expected in early 2024, is focused on account abstraction and validator upgrades. Phase two of the Pectra upgrade will be launched in early 2026, which will see more technical improvements, like the EVM Object Format (EOF). After the two phases of the upgrade are implemented, Ethereum’s smart contracts will become more efficient and scalable.
What are the Major Features of the Pectra Upgrade?
Here are the major features of the Pectra upgrade that will change the face of the Ethereum blockchain.
- Account Abstraction: Account abstraction is a feature that allows users to pay the gas fees using their tokens such as USDC and DAI instead of ETH. With this feature in vogue, users do not have to keep small amounts of ETH in their wallets to just pay the gas fees. This may sometimes reduce the gas fees to a negligible amount, making it convenient for the users.
- Smart Contract Efficiency: The Pectra upgrade is expected to automatically augment the efficiency of the smart contracts through Ethereum Improvement Proposals (EIPs) like EIP-7692. This will reduce the cost and simplify the process of smart contract deployment.
- Improvements for Validators: Until now, validators had to stake 32 ETH to participate in the validation process for which they were rewarded. This was the stake limit for the validators, and any number of ETH holding above this number would not earn any rewards. With the Pectra upgrade, flexible staking withdrawals (EIP-7002) will be implemented, and the stake limit of validators will be increased from 32 to 2048 ETH (EIP-7251). Another feature will be the implementation of validator consolidation where large users can operate by running fewer validator nodes.
- Introduction of Verkle Trees: The introduction of Verkle Trees is a major technical upgrade. This will allow the blockchain to function with nodes storing fewer blockchain data. This reduction in the storage needed will help speed up the transaction process.
- Layer 2 Solutions and PeerDAS: the Pectra upgrade will improve the functionality of Ethereum’s layer 2 solutions by introducing Peer Data Availability Sampling (PeerDAS), making the transactions more efficient and fast.
The Bottom Line: How will the Pectra Upgrade Impact the Users?
With the Pectra upgrade on the Ethereum blockchain network, users will be able to interact with various dApps at lower costs. The validators and stakers will be able to fulfill their functions more efficiently. The whole environment of the Ethereum Virtual Network (EVM) will be revamped, making it easy for the developers too.
Thus, the Pectra upgrade will boost the long-term usability of the Ethereum network and make it more efficient for future use cases. With this upgrade, meaningful and time-sensitive improvements will be made to the Ethereum blockchain network.
