Key Highlights:

• Ethereum developers are gearing up for the highly anticipated Pectra upgrade this Wednesday, set to introduce the most significant code change to the blockchain since the Merge in 2022.
• This upgrade aims to enhance the Ethereum blockchain’s usability and efficiency.
• The Pectra upgrade comprises 11 major code changes, referred to as Ethereum Improvement Proposals (EIPs), which will enhance the staking experience on the network, roll out new wallet features, and modernize blockchain functionality.

Developers are excited about the forthcoming Pectra upgrade, which blends two enhancements for Ethereum’s consensus and execution layers. The focus of this upgrade is on improving user experience and efficiency by implementing code changes recognized as EIPs.

One groundbreaking change is EIP-7702, which will enable wallets to manage smart contracts, aligning with a technological trend called “account abstraction.” This innovation will allow wallets to adopt user-friendly functionalities, including using alternative currencies to settle transaction fees instead of ether (ETH).

Another key change, EIP-7251, is set to simplify the staking experience for validators. After the Pectra upgrade, they will be able to increase the quantity of ETH they can stake from 32 to 2,048, facilitating the consolidation of multiple validators under a single node, streamlining the process of launching new nodes and minimizing setup challenges.

Some of the Pectra changes have been in the pipeline for years, with earlier plans to launch in 2024. Due to the intricate nature of the code modifications, the upgrade has been postponed to the first quarter of 2025. Developers have conducted multiple tests, including a third, to address bugs experienced on previous testnets.

“The Pectra fork is coming to Ethereum mainnet soon! Please don’t forget to update your nodes,” noted Ethereum Foundation DevOps engineer Parithosh Jayanthi on X.

In the last year, the price of ETH has dropped nearly 42%, whereas the broader market index, CoinDesk 20 Index, has declined about 1.5%.

For additional information, read more: Ethereum Developers Lock in May 7 for Pectra Upgrade.