Ethereum Pectra upgrade is now active, introducing significant improvements to wallet features.

Ethereum has implemented the Pectra upgrade on its mainnet, representing a crucial development for the blockchain ecosystem. This upgrade was activated at epoch 364032 on May 7 at approximately 10:05 UTC.

Tim Beiko, who leads Protocol Support for the Ethereum Foundation, confirmed the successful activation of the Pectra upgrade. He mentioned that testing for the new Ethereum Improvement Proposals (EIPs) would continue over the next few days.

Joseph Lubin, a co-founder of Ethereum and CEO of Consensys, also shared his thoughts, emphasizing the advancements made by the network over the years.

He noted that Ethereum has experienced nearly ten years of uninterrupted service and hailed the Pectra upgrade as a pivotal advancement in establishing the groundwork for a decentralized global framework.

Lubin articulated:

“[We are] continuously building the essential framework for the evolving decentralized global economy and system, ensuring we respect the core principles of credible neutrality, progressive decentralization, and innate censorship resistance.”

Highlights of the Pectra upgrade

The Pectra upgrade brings changes that redefine interactions among users, validators, and developers within the Ethereum network. It integrates two major update paths, namely Prague for the execution layer and Electra for the consensus layer.

A key feature of this upgrade is the implementation of EIP-7702, which allows regular wallets to function similarly to smart contracts.

This enhancement enables users to pay transaction fees using tokens other than ETH, group multiple transactions together, and utilize session keys when engaging with decentralized applications.

Consequently, Ethereum users will experience improved usability across DeFi, gaming, and payment platforms.

The Pectra upgrade also increases the validator stake limit considerably, from 32 ETH to 2,048 ETH, streamlining node operations for larger institutional participants.

Additionally, Ethereum developers will gain from enhanced data capacity on Layer 2 networks, resulting in quicker and more cost-effective transactions.

Overall, Pectra implements these modifications to enhance network efficiency, alleviate congestion, and optimize participation economics.

Cautions with the upgrade

While there is broad support for the upgrade, some experts in security have expressed concern regarding the new risks associated with these additional capabilities.

Vladimir S., a prominent researcher in blockchain security, highlighted that the new message-signing protocols may expose users to new vulnerabilities.

He pointed out that signing off-chain messages could potentially make wallets susceptible to attacks, which marks a departure from previous security assumptions tied to transaction-based interactions.

He remarked:

“With the PECTRA ethereum upgrade, you now only need to sign a message to completely drain your wallet! Previously, it was necessary to sign the transaction.”

Meanwhile, Mikko Ohtamaa, co-founder of a cryptocurrency trading platform, raised concerns about whether certain features, especially those related to dApp permissions, have been adequately standardized.

He indicated that without clear implementation guidelines, users and developers might encounter inconsistent experiences across different wallets, leading to frustration.

He noted:

“Pectra is live with EIP-7715, but will it fulfill its promises? There doesn’t appear to be a standard for what everyone is touting: batched approval plus transfer. It’s left up to the wallets to determine. This could turn into another chaotic experience for developers.”