Let's take a look at the data performance after the Ethereum Pectra upgrade was deployed to the mainnet👀
The core EIP upgrades of the Ethereum Pectra upgrade deployed to the mainnet on May 7 include: Account Abstraction EIP-7702, Blob Quantity and Pricing Mechanism Adjustment EIP-7691, CallData and Maximum Block Size EIP-7623.
1⃣ EIP-7702 currently has a total of 5549 authorizations, 73 delegated contracts (accepting EOA address authorizations), and 2362 transactions, being in a very early adoption phase.
The top 3 delegated contracts are WhiteBit, OKX Wallet, and MetaMask Fox Wallet, with WhiteBit accounting for 54.7%.
It is surprising that @safe, a multi-signature smart wallet service provider, is not listed among the delegated contracts.
EIP-7702 lowers the operational threshold and Gas costs for EOAs creating smart contract wallets, benefiting advanced DeFi protocols like @0xfluid that rely on smart contract wallets.
🚨 Beware of the authorization🎣 risks of EIP-7702, which are as high-risk as Permit2!
2⃣ After the deployment of EIP-7691, the target number of Blobs increased to 6, with the maximum number raised to 9. Before the Pectra upgrade, the average peak usage of Blobs often exceeded the original target number of 3. After the upgrade, the average peak usage of Blobs jumped to 4.5 over these 4 days.
Correspondingly, while the target number of Blobs doubled, the usage ratio only decreased from an average of 50% to an average of 40%.
EIP-7691 also enhanced the timeliness of the Blob pricing mechanism, where the pricing of Blobs is dynamically adjusted through an independent gas fee market, similar to the EIP-1559 mechanism.
The independent fee market for Blobs ensures that its price is not affected by congestion from non-Blob transactions. This provides cost prediction stability for L2 Rollups, encouraging the use of Blobs.
Dynamic Blob pricing ensures that when demand is high, validating nodes are motivated to include Blob transactions.
3⃣ EIP-7623 increases the gas fees for CallData from 16 to 42 per byte.
CallData has traditionally been a costly and inefficient way to store transaction data. Higher CallData fees encourage L2 Rollups to shift towards using cheaper blobs.
This reduces dependence on CallData permanently stored on the Ethereum state and increases the use of temporary storage (about 18 days) for Blobs. It also guides the decline of the maximum block size on Ethereum, controlling the speed of Ethereum's ledger state inflation, allowing sufficient time for future mainnet upgrades.
Before the Pectra upgrade, the maximum block size was 2.25M; after the upgrade, the maximum block size is 0.9M.
Summary
The Pectra upgrade is consistent with Vitalik's expressed philosophy in "Simplifying L1": returning to the Bitcoin development community's principle of "verification over computation".
Structure determines characteristics. The evolution of the underlying design architecture will affect the characteristics of blockchain protocols. The tendency in the Pectra upgrade to "encourage Blob adoption while limiting CallData calls" reflects that Ethereum's positioning as a "global computer" is already a thing of the past, as Ethereum is emerging as the "global financial ledger Infra".
