Pectra builds upon Ethereum's previously deployed Dencun upgrade that was completed in March 2024.
Pectra brings smart account wallet UX features to Ethereum
Photo Credit: Unsplash/ Shubham Dhiman
The Ethereum blockchain completed its latest Pectra upgrade on May 7. The aim of introducing this upgrade is to upscale the experience and reward generation for Ethereum validators. Now that the Pectra upgrade is live, network validators can stake 2,048 ETH tokens, a notable rise from the previous limit of 32 ETH tokens. This allows them to earn higher staking rewards and improve their overall experience of contributing to the network.Following the upgrade, developers will reportedly be able to scale decentralised apps on Ethereum more effectively.
The activation of the Pectra upgrade on the Ethereum mainnet was confirmed by Ethereum.org via X. "Pectra is live on Ethereum mainnet! Smart account wallet UX features now active, L2 scaling data storage blobs increased by 2x, validator UX improvements live. Community members will continue to monitor for any issues over the next 24 hours," the blockchain team informed its 3.2 million followers on May 7.
Allowing users to stake 2,048 tokens at once reduces their need to set up multiple validator nodes on the network. Overall, this change is expected to make the blockchain more efficient and smooth. Earlier in February, the Ethereum team shared details about the upcoming change, claiming that " for smaller stakers, this enables automatic reward compounding. Both existing and new validators can be configured to earn rewards on the entirety of their stake, up to 2048 ETH per validator.
The Pectra upgrade comes with 11 Ethereum Improvement Proposals (EIPs), a report by Token Insights claimed. Tim Beiko, who runs the core protocol meetings for Ethereum, had explained some features of Pectra via his X account earlier in February.
The other significant development that it brings to the table is "Account Abstraction". This essentially allowing users to deposit gas fees with tokens other than ETH. Reports claim that Pectra is the second-largest upgrade for Ethereum after the Merge.
However, some concerns around the safety of users' smart contracts and wallets have surfaced on social media. Threat researcher Vladimir S., for instance, alerted his followers on being careful while signing transactions on Ethereum now that Pectra is live. Individuals have been advised to only sign messages from known and trusted sources, understand what the message entails, and opt for wallets that have advanced security measures before integrating them to pay gas fee using tokens other than ETH.
The Ethereum team has yet to address these concerns. Pectra builds upon Ethereum's previously deployed Dencun upgrade - that was implemented to lower the expenses for Layer-2 networks.
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