After the Dencun upgrade, the ethereum network is ready for another one, called 'Pectra', which represents a merger of 'Prague' and 'Electra', denoting its execution and consensus layers, respectively.
Scheduled to roll out between Q4 2024 and Q1 2025, Pectra will incorporate major ethereum Improvement Proposals (EIP), including the widely anticipated EIP-7251 (maxEB) and EIP-3074 (account abstraction), among others. .
ethereum prepares for Pectra upgrade
ethereum validators face challenges due to the 32 eth balance limit, which complicates large-scale staking and restricts rewards on balances above this threshold up to staking up to 2,048 eth.
However, the Pectra update addresses these issues, offers flexibility and efficiency in staking processes, and is expected to be crucial for platforms like Coinbase, as well as entities that manage multiple validators.
EIP-7251, also known as “maxeb”, seeks to raise the maximum effective balance for validators to mitigate the risks of network instability. While considered a “game-changing” proposal, discussions continue regarding the potential impact of this EIP on network decentralization and validator diversity.
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The upcoming upgrade to the ethereum network is codenamed 'Pectra' or 'Petra'.
This is a merger of the name 'Prague' which is given to the execution layer part of the update and 'Electra' which is given to the consensus layer part of the update.
Pectra is scheduled to go live in the fourth quarter…
— sassal.eth/acc (@sassal0x) twitter.com/sassal0x/status/1778616483838669202?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>April 12, 2024
EIP-3074 controversy
He recently twitter.com/TimBeiko/status/1778490341437681684″ target=”_blank” rel=”noopener” data-wpel-link=”external”>approved The EIP-3074 proposal, which is the latest addition to Pectra, has raised alarm over security problems. Anonymous DefiLlama developer 0xngmi also twitter.com/0xngmi/status/1778539816180965778″ target=”_blank” rel=”noopener” data-wpel-link=”external”>voiced similar concerns, stating that the EIP downside will now make it “possible to completely empty an address (all tokens, all nfts, all DeFi positions…) with a single incorrect signature.”
Ansgar Dietrichs of the ethereum Foundation twitter.com/adietrichs/status/1778442942115377277″ target=”_blank” rel=”noopener” data-wpel-link=”external”>voiced
“What worries me most is that we will now build two parallel account technology stacks with 3074/EOA and 4337/AA. And it will take a lot of effort and attention to make them interoperable; otherwise we will end up in a world where dapps have to support separate standards for everything.”
Furthermore, he emphasized that EIP-3074 was never conceived as a bill abstraction proposal, but rather as a useful interim solution. It stops short of providing a complete account abstraction, as an ECDSA key remains an integral part of the process. Given these considerations, he advocated prioritizing EIP-4337 as the path to achieving “complete account abstraction.”
However, Uniswap founder Hayden Adams twitter.com/haydenzadams/status/1778513861408129181″ target=”_blank” rel=”noopener” data-wpel-link=”external”>believe The inclusion of EIP-3074 will be a “monumental update” to ethereum UX. The executive even added that:
“The industry should make an effort to create support for 4337 wallets to interact with 3074 contracts (just as eip1271 has created support between vaults and EOAs today.”
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