Ethereum co-founder Vitalik Buterin has unveiled the highly anticipated timeline for the Pectra upgrade, as he celebrates a major milestone in the Ethereum network’s scalability. Buterin’s announcement came at a time when the Ethereum gas limit surged past 32 million, providing a boost to Ethereum’s scalability and signaling a new phase of development for the blockchain.
Ethereum Gas Limit Increase: A Positive Sign for Scalability
The increase in Ethereum’s gas limit is a significant development, marking a turning point for the network’s scalability. With nearly 49.5% of Ethereum blocks signaling support for this change, it paves the way for the first gas limit adjustment since Ethereum transitioned to proof-of-stake (PoS). This change is crucial as it enables network validators to process more transactions per block, enhancing Ethereum’s overall performance.
The surge in the gas limit is seen as a direct response to growing demand and network congestion. According to data from Dune Analytics, Ethereum’s gas limit has now surpassed 32 million, a clear indication that the network is gearing up for a more scalable and efficient future. This move also highlights the decentralized nature of PoS, which, while more efficient than proof-of-work (PoW), requires longer coordination times for consensus.
Vitalik Buterin Reveals Pectra Upgrade Timeline
Buterin’s comments also focused on the upcoming Pectra upgrade, which will introduce significant changes to Externally Owned Accounts (EOAs). The upgrade will allow EOAs to function similarly to smart contracts, enhancing the interaction between users and decentralized applications (dApps). This transformation is expected to boost the overall efficiency and decentralization of the network.
Moreover, Buterin mentioned ongoing efforts to improve Ethereum’s client efficiency, enabling the network to support higher gas limits while maintaining its decentralized nature. Ethereum developers are also working on Ethereum Improvement Proposal (EIP) 4444, aimed at optimizing history expiry and moving towards a stateless architecture.
ETH Price Stages a Strong Comeback
The Ethereum price has experienced a significant rebound, surging by 13% and surpassing the $2,800 mark. Crypto analyst Ali Martinez has identified a potential head-and-shoulders pattern for Ethereum, predicting that if ETH maintains support above $2,700, it could rally toward $7,000 in the coming months.
As Ethereum continues to evolve with key upgrades and developments, the network is positioning itself for long-term growth, and the Pectra upgrade could be a game-changer in its journey toward scalability and enhanced user experience.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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