Recently, the Ethereum that has been 'stuck' finally welcomes a wave of personnel changes: the 'technical dual-core' composed of client development veterans Hsiao-Wei Wang and Tomasz Stanczak will jointly serve as co-governors of the Ethereum Foundation, marking Ethereum's official return to 'protocol-first' technological fundamentalism.

Against the backdrop of a weak market, will the personnel changes in Ethereum and the major technical iteration reignite market enthusiasm?

Following Ethereum's POS merger and Cancun upgrade, the next Pectra upgrade is the third major technical upgrade, expected to be officially released in April 2025. This upgrade brings a series of technical protocols (EIPs) aimed at making the Ethereum network faster, more secure, and more user-friendly.

These EIPs are divided into two categories:

- Improve the consensus layer (responsible for network security and validation),
- Optimize the execution layer (responsible for processing transactions and smart contracts).

Next, let me explain each EIP's changes in plain language to ensure you understand it at once!

Technical protocols related to the consensus layer upgrade

1. EIP-6110: Accelerate validator onboarding

What does it mean: To become an Ethereum validator (someone who helps maintain the network), you need to deposit 32 ETH first. However, previously it took 13 hours from depositing to officially starting work. Now, EIP-6110 has optimized the deposit process, delegating it from the headquarters (consensus layer) to the office (execution layer), making it much faster.

Change: After depositing ETH, you only need to wait 13 minutes to start working, instead of enduring 13 hours.

Benefit: New validators can join faster, and network security can improve more quickly.

2. EIP-7002: Allow stakers to control their exit

What does it mean: Previously, to exit validator status (for example, to withdraw ETH), validators had to operate themselves. If using a staking service (like Lido), they had to rely on the service provider for help. Now, EIP-7002 allows you to exit directly using your own wallet (Externally Owned Account, EOA).

Change: No need to rely on others, you can walk out on your own.

Benefit: Stakers have more freedom and security, no fear of service providers failing.

3. EIP-7251: Allow validators to stake more ETH

What does it mean: Previously, a validator could stake a maximum of 32 ETH. To invest more, they had to create multiple validators, which was cumbersome. Now, EIP-7251 raises the limit to 2048 ETH, allowing one validator to handle more ETH while also reducing the penalties for errors.

Change: A validator can manage more funds, and penalties are less severe.

Benefit: Management is simplified, network efficiency increases, and large holders can easily participate.

4. EIP-7549: Optimize voting verification

What does it mean: When validators vote to confirm transactions, there is a 'committee index' (group number) in the voting information. Previously, this part of the information was processed with the vote, which was quite labor-intensive. Now, EIP-7549 separates it, making voting verification and aggregation faster.

Change: The calculation involved in the voting process is reduced, speeding it up.

Benefit: Network consensus becomes more efficient, especially benefiting high-tech like zero-knowledge proofs.

5. EIP-7691: Increase data processing capacity

What does it mean: Ethereum uses 'blobs' to store Layer 2 (like Optimism) data. Previously, a maximum of 3 blobs could fit in each block, 6 at busy times. Now, EIP-7691 doubles the capacity to 6 (and 9 at peak times).

Change: Each block can hold more data.

Benefit: Layer 2 can handle more transactions, improving network scalability and potentially lowering costs.

Technical protocols related to the execution layer upgrade

6. EIP-7685: Connect the 'Ren and Du Meridians' of the execution layer and consensus layer

What does it mean: Previously, the execution layer (managing transactions) and consensus layer (managing security) had poor communication, and smart contracts couldn't directly interact with the consensus layer. Now, EIP-7685 adds a universal request system that allows them to communicate directly.

Change: Smart contracts can interact with network security mechanisms.

Benefit: The network becomes more flexible, paving the way for new features in the future.

7. EIP-7623: Encourage the use of more efficient data storage

What does it mean: Layer 2 sometimes uses 'calldata' to store data, but it's inefficient and takes up space. Now, EIP-7623 raises the price of calldata, encouraging everyone to use more efficient 'blobs'.

Change: Spending on calldata increases, while using blobs becomes more cost-effective.

Benefit: Network resources are utilized smarter, reducing Layer 2 operating costs.

8. EIP-7702: Make regular wallets 'smart'

What does it mean: Regular wallets (EOA) have fewer features and are less flexible than smart contracts. Now, EIP-7702 allows regular wallets to temporarily become smart in a single transaction, enabling batch processing of transactions, allowing others to pay gas fees, and even setting spending limits.

Change: Regular wallets can perform advanced operations.

Benefit: More enjoyable to use, like completing multiple transactions with one click or borrowing gas fees from friends.

9. EIP-2537: Enhance cryptographic security

What does it mean: Some cryptographic operations (like BLS signatures) used to run on smart contracts, which were slow and costly. Now, EIP-2537 adds a 'precompiled' (built-in efficient tool), making these operations faster and safer.

Change: The cryptographic process speeds up, and costs decrease.

Benefit: Improved security, allowing zero-knowledge proofs and privacy technologies to run more smoothly.

10. EIP-2935: Make historical data more accessible

What does it mean: Previously, to check historical block information, nodes had to store a lot of data, which took up space. Now, EIP-2935 stores the hashes of the most recent 8192 blocks in the state, making it easy to look up.

Change: Historical data is readily available, reducing node pressure.

Benefit: Applications (like Layer 2) are easier to use, and it also prepares for future upgrades (like Verkle trees).

Summary

In simple terms, if this major upgrade for Ethereum can reignite market enthusiasm and draw attention to Ethereum's technological narrative, then the biggest beneficiaries of this Ethereum upgrade will be the Layer 2 track and ETH staking track. Everyone can pay attention to which projects are about to make moves.