2024-04-13
Developers are constantly striving to improve and enhance the functionality of blockchain systems. In the case of Ethereum, the upcoming upgrade called "Pectra" aims to make both minor and major changes to the code.
After the successful implementation of the Dencun upgrade, which significantly reduced transaction costs on layer-2 blockchains, Ethereum developers are now focusing on the next set of improvements for the blockchain.
The upcoming upgrade, Pectra, is still in the planning phase, but developers have expressed their intention to ship it while simultaneously working on the blockchain's next major upgrade.
The primary objective of Pectra is to identify and implement a series of small-scale changes that can be quickly integrated into the system.
This approach allows developers to prototype larger-scale improvements while ensuring that immediate enhancements are made.
Tim Beiko, the protocol support lead at the Ethereum Foundation, explained this strategy in an interview on The Protocol podcast, stating that Pectra aims to achieve multiple small wins while laying the groundwork for future upgrades.
During the recent Etheruem All Core Developers Call, attendees indicated that Pectra is likely to include Ethereum Improvement Proposal (EIP) 3074.
This proposed set of code changes focuses on enhancing the user experience of Ethereum wallets by enabling users to batch transactions and approve them all at once.
This improvement streamlines the transaction process and simplifies the overall user interface.
Another significant change expected in Pectra is an increase in the staking limit for validators.
The proposal, known as EIP 7251, suggests raising the limit from 32 ETH to 2,048 ETH, a 64-fold increase.
This adjustment allows large staking providers, such as Coinbase or Lido, and other institutions to consolidate their validators while avoiding the need to create new ones every time they have an additional 32 ETH to stake.
By reducing the number of validators and optimizing the staking process, this change aims to address concerns regarding excessive latency and operational load on the Ethereum network.
The name "Pectra" represents a combination of two simultaneous upgrades taking place on different layers of the blockchain. The execution layer, responsible for enforcing protocol rules, will undergo the "Prague" upgrade, while the consensus layer, ensuring block validation, will experience the "Electra" upgrade.
This naming convention aligns with the Ethereum developers' practice of blending upgrade names, such as the previous "Dencun" upgrade, which combined "Deneb" and "Cancun."
In addition to the aforementioned changes, developers are also considering other EIPs for inclusion in Pectra.
These include enabling validator withdrawals from smart contracts, implementing the BLS precompile code change, and removing the deposit window.
Although these modifications are relatively small in scale, they contribute to the overall enhancement of the network.
Looking beyond Pectra, the subsequent upgrade will introduce "verkle trees," a novel data system designed to facilitate the storage of large amounts of data by Ethereum nodes.
This long-awaited feature will further improve the functionality and efficiency of the blockchain.
In terms of timeline, developers aim to release Pectra by the end of 2024 or early 2025.
This upgrade is expected to be relatively small in scope, allowing developers to concurrently focus on the development of Verkle trees and the transition associated with its implementation.
Given the time-consuming nature of this transition, working on smaller-scale upgrades in the meantime ensures that progress continues to be made.
In conclusion, the Pectra upgrade represents an important milestone for Ethereum developers as they strive to enhance the blockchain's functionalities.
By combining minor code changes with larger-scale improvements, developers are optimizing the system while simultaneously working on the implementation of Verkle trees.
This iterative approach ensures that the Ethereum network continues to evolve and adapt to meet the growing demands of its users.
