Following the Dencun update, Ethereum‘s network is prepared for a new upgrade named “Pectra.” This term combines elements of both “Prague” and “Electra,” signifying its focus on the execution and consensus layers in Ethereum‘s infrastructure.
Between the last quarter of 2024 and the first quarter of 2025, Pectra is planned to be released with several major Ethereum upgrades, such as EIP-7251 (maxEB) and EIP-3074 (account abstraction), among others. These improvements are eagerly anticipated within the Ethereum community.
Ethereum Gears Up For Pectra Upgrade
Validators on the Ethereum network encounter difficulties due to the requirement that they hold a minimum balance of 32 ETH for validating transactions. This restriction makes it more complex to stake larger amounts and reduces potential rewards for balances above this limit, capping the amount one can stake at 2,048 ETH.
Instead, the Pectra upgrade resolves these problems by providing adaptability and productivity during staking procedures. This feature is anticipated to be indispensable not just for platforms like Coinbase but also for organizations overseeing numerous validators.
EIP-7251, or “maxeb,” is a proposal aimed at increasing the highest amount of Ethereum that validators can effectively manage to reduce risks related to network instability. This initiative has been described as groundbreaking, but debates persist about its possible consequences for network decentralization and the variety of validators.
The next Ethereum network upgrade is codenamed ‘Pectra’ or ‘Petra’.
The term “Prague-Electra” is used to refer to two distinct layers of this upgrade – “Prague” being the name for the execution layer, while “Electra” represents the consensus layer.
Pectra is slated to go live in Q4…
— sassal.eth/acc (@sassal0x) April 12, 2024
EIP-3074 Controversy
The recently approved EIP-3074 proposal, which is the newest addition in Pectra, has raised alarm over security issues. Developer 0xngmi from Anonymous DefiLlama also expressed similar concerns, stating that the downside of the EIP will now make it “possible to fully drain an address (all tokens, all NFTs, all DeFi positions…) with only one bad signature.”
Ansgar Dietrichs of the Ethereum Foundation shared ambivalent thoughts as EIP-3074 was about to debut on the mainnet, almost four years after its initial suggestion. Looking back, Dietrichs remembered his past attempts to promote its acceptance in 2021, which ultimately failed. With substantial advancements towards account abstraction, he now questions the approach.
I’m primarily concerned that we may be developing two distinct tech stacks for account management with 3074/EOA and 4337/AA. This could lead to a significant amount of work and focus to ensure they can communicate effectively, otherwise, developers would need to support multiple standards for each feature.
The speaker emphasized that EIP-3074 was not designed to be a proposal for account abstraction but rather a temporary solution. While it doesn’t offer complete account abstraction, an ECDSA key is still necessary in the process. Considering this limitation, he suggested focusing on EIP-4337 as the better option to achieve “true account abstraction.”
Nevertheless, according to Hayden Adams, the founder of Uniswap, incorporating EIP-3074 is expected to bring about a significant enhancement to Ethereum’s user experience. Adams further expressed his viewpoint by stating that this upgrade will be particularly noteworthy.
Businesses need to work on developing the ability for 4337 digital wallets to connect with 3074 contracts, emulating the current interoperability between Ethereum Input Output Accounts (EOAs) and smart contracts through EIP-1271.
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2024-04-12 15:57