Ethereum’s Core Developers Set to Introduce Pectra Upgrade by Q1 2025

Ethereum Core Developers Set to Unleash Pectra Upgrade in Q1 2025


By Hassan Shittu
Updated:
May 27, 2024 09:30 EDT
|
3 min read


The Ethereum core development team has recently announced that the highly anticipated Pectra upgrade will be launched by the end of the first quarter of 2025.
This decision comes after the successful release of the Dencun upgrade in March 2024. The team has chosen to schedule the Pectra upgrade for early 2025 in order to ensure a well-prepared release and to incorporate more impactful features for users.
Evaluation of Timeline and Impact for the Upcoming Ethereum Pectra Upgrade
The Ethereum developers have carefully considered various timeline scenarios for the Pectra upgrade. They have concluded that delaying the launch until after the Devcon developer summit, which is scheduled for November 2024 in Bangkok, would be advantageous.
This strategic approach allows for a more measured development process and the inclusion of additional features that can significantly enhance the user experience.
In a recent document, the Ethereum developers noted, “We are observing that this is also what happened with Cancun, so being realistic, my vote would be to aim to ship Prague in Q1 2025. With today’s scope, delaying Prague seems to have a marginal impact on users and allows us to consider expanding the scope to include more impactful features for users.”
The developers have learned from the challenges faced during the deployment of the Dencun upgrade on the Goerli testnet, particularly the importance of timing and its impact on adoption. While the challenges were eventually resolved, they emphasize the need for thorough preparation for the next upgrade.
The Pectra upgrade will focus on enhancing both the consensus and execution layers. One notable improvement will be the integration of PeerDAS, which aims to increase Ethereum’s Data Availability capacity ahead of the Osaka upgrade.
The Osaka upgrade, a future hard fork, is expected to include features that were initially intended for Pectra but were postponed for a more refined implementation. One of these features is Verkle Trees, a new data structure designed to improve Ethereum’s scalability and decentralization.
Execution Layer Meeting Overview
During the Execution Layer Meeting, the team discussed the importance of supporting longstanding authorization use cases in Ethereum’s account management system. They deliberated on mechanisms to keep authorizations active during transactions, including Max L and non-optional authorizations. They also explored the use of 7702 and the approach of wallets signing only one message for standardized proxies.
Additionally, they are considering the inclusion of EOF (Ethereum Object Format) to enhance smart contract security and developer experience. They proposed replacing EIP-3074 with EIP-7702 to achieve better account abstraction compatibility and address specific issues.
“We need to decide on EIP7702 on ACDE, and if so, implement it as a replacement for EIP-3074. We think it makes sense to do so as it’s a more native-AA compatible solution because of the new transaction type vs an opcode,” noted the developers.
The developers also discussed the inclusion and removal of Ethereum Improvement Proposals (EIPs) in the next development network. They decided to include EIP 7702 and test it while removing EIP 3074. They also discussed the implementation status of various EIPs, including RIP-1185, and the potential adjustment of the scope for the next hard fork.
Ethereum TVL Reaches New All-Time High
According to L2BEAT, the total value locked (TVL) in Ethereum Layer 2 networks has reached a record high of $47.45 billion. Leading the pack is Arbitrum One with a TVL of $19.3 billion, followed by OP Mainnet at $7.88 billion and Base at $6.94 billion. Other notable blockchains with over $1 billion in TVL include Blast, Mantle, Linea, and Starknet. The overall TVL of all Ethereum Layer 2s has surged by 17.39% in the past week.
This recent bullish trend is primarily driven by the approval of spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) on May 23. Eight issuers, including BlackRock, Fidelity, Grayscale, and VanEck, have received SEC approval for their ETF applications.
This marks the second approval of spot digital asset ETFs in the U.S., following the approval of spot Bitcoin ETFs in January. These issuers are in the process of submitting S-1 forms, and launches are expected within weeks.
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