Original authors: @the_smart_ape, @BasePumpFUN; Original compilation: zhouzhou, BlockBeats
Editor’s note: The Ethereum PECTRA upgrade includes 11 EIPs aimed at improving network scalability, reducing costs, and enhancing user experience. Key improvements include smart wallets, Rollup optimizations, and enhanced staking features. These changes will drive Ethereum's long-term development but may put pressure on ETH prices in the short term due to increased network efficiency, ETH burn, and reduced transaction fees. Overall, PECTRA represents a significant technological advancement that enhances Ethereum's competitiveness.
The following is the original content (for readability, the original content has been reorganized):
Ethereum's PECTRA upgrade will take place in two days. This upgrade will significantly enhance network performance but may put some pressure on $ETH in the short term.
Below are the functions of each EIP and their potential impacts: every major upgrade of Ethereum includes a series of EIPs (Ethereum Improvement Proposals).
EIPs are proposals for improving the network. This PECTRA upgrade contains 11 proposals, more than any previous upgrade.
Next, we will analyze the content of these proposals one by one, along with their potential impact on technology and $ETH.
EIP-7702
This proposal transforms ordinary wallets into smart wallets. It introduces new features such as transaction batching, gas fee payment delegation, session keys, account recovery, and support for passkeys.
Impact: This is an important step towards achieving true account abstraction and promoting mass adoption. It simplifies interactions with decentralized applications, supporting gasless transactions, bundled payments, and other features, making the user experience more friendly.
EIP-7691
This proposal increases the number of blobs per block from 3 to 6 (or from 6 to 9), enhancing the data capacity of Rollups.
This is an upgrade to existing functionality, making Rollups cheaper and more scalable.
Impact: The introduction of blobs has significantly reduced the gas costs of layer two networks.
This upgrade will further reduce L2 costs while simultaneously decreasing Ethereum mainnet revenue and ETH burn, potentially bringing risks of increased ETH inflation and price declines in the short term.
EIP-7251
Increase the staking cap from 32 ETH to 2048 ETH. Impact: Reduced number of validators, increased centralization risk, improved staking efficiency, and overall reduction in network congestion.
EIP-7623
If Rollups use regular calldata instead of blobs, higher fees will be required.
The purpose of this proposal is to promote the use of low-cost and temporary storage blobs for Rollups, avoiding the use of permanently stored calldata.
Impact: There are currently very few Rollups still using calldata. This proposal will force the remaining Rollups to switch to blobs, further reducing L1 revenue and potentially leading to increased ETH inflation.
EIP-7002
This proposal allows smart contracts to trigger validator withdrawal operations. Currently, only validators can withdraw using their keys. With this change, exit operations can be managed directly by the execution layer.
Impact: Staking becomes programmable and trustless. This is particularly beneficial for liquid staking providers like @LidoFinance, who will gain more control, automation, and transparency.
EIP-7685
This proposal standardizes and expands the communication between the execution layer (EL) and the consensus layer (CL), allowing contracts to send structured requests to the consensus layer.
Impact: While it may not immediately change the user experience, it paves the way for powerful new infrastructure features.
It helps automate staking, achieve trustless restaking, and supports more complex modular designs.
EIP-2537
This proposal provides Ethereum with a native and fast way to execute BLS signatures.
This makes cryptographic operations like zk proofs, bridging, and staking faster and cheaper.
Impact: Makes Rollups and zk applications faster and cheaper. This upgrade enhances Ethereum's technical capabilities, potentially driving more adoption and supporting the value of ETH in the long term.
EIP-2935
This proposal adds a system contract for retrieving historical block hashes (up to 8,192 blocks back), addressing the current 256-block limit of the BLOCKHASH opcode.
Impact: There is no immediate effect on price, but this paves the way for more advanced use cases (such as cross-chain bridging and light clients), thereby enhancing the ecosystem in the long term.
EIP-6110
This proposal allows validators' deposits to be directly included in blocks, thereby speeding up the staking process and reducing wait times for new validators.
It encourages more participation in staking, potentially increasing the staking ratio, which could have a positive impact on $ETH.
This proposal optimizes the way validator signatures are authenticated by reducing message sizes. This lowers network load and improves the efficiency of zk-proof generation. It will enhance scalability, making Ethereum more efficient and attracting more high-performance applications, benefiting $ETH. This proposal standardizes the management of blobs in the execution layer profile, improving Rollup fee estimation and upgrade planning.
Impact: Enhances developer experience and scalability of the ecosystem, helping Ethereum grow more efficiently. PECTRA is a major upgrade. It brings significant technological advancements, making Ethereum more scalable, cost-effective, and user-friendly.
However, in the short term, it may put pressure on ETH prices as the network becomes more efficient, leading to a reduction in ETH burn and transaction fees.
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