In the first quarter of 2025, Ethereum will see the Prague/Electra upgrade, also known as the Prague upgrade or Pectra upgrade, which is the next milestone for Ethereum. Unlike previous major upgrades, the Pectra upgrade does not have a prominent main objective, but rather focuses on multiple technical improvements and optimizations. This article will introduce the important content involved in this upgrade.
Important Upgrades for Ethereum After The Merge
The key points of the upgrade are as follows:
(1) Bring significant improvements to the scalability of Ethereum, including sharding technology and L2 solutions such as rollups.
(2) Enhance the security and stability of Ethereum through advanced cryptographic technologies and improvements to the PoS protocol.
(3) Developers will benefit from new programming languages, improved tools, and simplified smart contract deployment.
(4) Users can expect a more intuitive and user-friendly experience, lower gas fees, and more friendly wallet interfaces.
(5) The upgrade will continue to address environmental issues, making Ethereum more energy-efficient and sustainable.
The Pectra upgrade will introduce a series of improvements and enhanced features that will have a far-reaching impact on the Ethereum ecosystem, covering various Ethereum Improvement Proposals (EIPs). Here is an overview of these EIPs:
Verkle Trees and Statelessness: EIP-2935 introduces Verkle Trees and enables statelessness in Pectra. Verkle Trees eliminate the need for nodes to store the network state locally, significantly reducing the computational burden on validators.
Lightweight Validator Clients: In addition to Verkle Trees and statelessness, Pectra may also include three additional "parallel upgrades". These upgrades include the development of lightweight validator clients, allowing users to validate the network without downloading the entire Ethereum blockchain.
According to Ethereum developers, the lightweight clients aim to enhance Ethereum's decentralization by enabling verification on "resource-constrained devices such as tablets and smartphones".
Pruning Historical Data: Due to nodes no longer needing to store the full Ethereum block history, EIP-4444 formally specifies the removal of historical data from full nodes after a certain time period, further reducing computational requirements and improving node decentralization.
As Vitalik Buterin states, "the amount of data required to run a node will be reduced from tens of TB to potentially running a node in regular computer memory." However, the pruned block history will be preserved in archives, and nodes and dapps that need to access the pruned block history can query third-party data services after the implementation of EIP-4444.
Consensus Improvements (Several upgrades planned for Pectra aim to improve staking efficiency):
EIP-6110 aims to reduce the latency between staked collateral on the Ethereum mainnet execution layer and the beacon chain, as well as the latency in processing these transactions, simplifying validator client software.
EIP-7251 enhances the network's security by slowing the growth of the Ethereum validator set and reducing its size.
The current pain point is that the maximum effective balance for Ethereum validators is 32 ETH. Therefore, to stake more than 32 ETH, staking providers must spin up multiple validators, each staking 32 ETH. As each validator must stay in sync with the rest of the network, the surge in validators may put pressure on the network's communication layer.
The Pectra upgrade will allow staking providers to consolidate their stakes into fewer validators by raising the maximum effective balance to 2,048 ETH. This will reduce the number of messages that need to be propagated across the network, easing the pressure on the validator network layer, and potentially improving the network's efficiency and performance.
Additionally, EIP-7002 expands the design options available to staking pool developers, while EIP-7549 focuses on improving the efficiency of proofs, reducing network load and the bandwidth required by nodes.
Execution Upgrades: On the execution layer, EIP-2537 and EIP-7865 aim to improve the interoperability between the Ethereum mainnet and its beacon chain consensus layer. This enhances the functionality of decentralized staking pools, dapps, and DAOs that interact with the beacon chain for staking. A set of EIPs related to the Ethereum Virtual Machine (EVM) Object Format (EOF) aim to upgrade the Ethereum Virtual Machine, the core engine for Ethereum smart contracts. EOF aims to improve the upgradability of EVM contracts and the efficiency of smart contract code execution.
EIP-7702 is a proposal to introduce smart account functionality into regular Externally Owned Account (EOA) wallets, enabling batch transaction execution, transaction fee sponsorship, and delegated wallet security.
However, considering the complexity of the engineering, the Ethereum team has indicated that EOF and EIP-7702 may be removed from this upgrade or split into two separate hard forks.
Pending EIPs: While not yet confirmed for inclusion in the Pectra upgrade, EIP-7688 simplifies the process for staking pool validators to verify whether a participant validator has been slashed (penalized).
Developers are also considering a proposal to reduce the new Ether issuance rate. However, many community members oppose the suggestion proposed by Ethereum Foundation researchers, as frequently changing the network's token economics requires careful consideration without broad community input.
The Significance of the Pectra Upgrade for Developers and Users
The Pectra upgrade is of significant importance to both Ethereum developers and users, as it will change the functionality and user experience of the network.
For developers, the improved scalability and reduced gas costs will enable them to build more efficient and cost-effective dapps on the Ethereum network. The introduction of enhanced development tools will simplify the process of creating and deploying smart contracts, fostering greater innovation and experimentation.
Developers will be able to leverage more robust security features and stability enhancements, allowing them to build applications with higher levels of trust and reliability. The overall developer experience will be improved through better documentation, support, and a more vibrant and collaborative ecosystem.
For users:
1. Improved scalability will accelerate transaction processing and reduce network congestion;
2. Lower gas fees will make Ethereum-based transactions more accessible and usable for a wider range of users;
3. Enhanced user-friendliness, such as improved wallet interfaces and intuitive token management, will make future apps more user-friendly.
The environmental sustainability improvements introduced by the Pectra upgrade will address concerns around the network's energy consumption, making Ethereum a more attractive choice for environmentally conscious users. By meeting the needs of both developers and users, the Pectra upgrade will position Ethereum as a more powerful, scalable, and user-friendly platform, continuing to drive the widespread adoption and innovation of the decentralized ecosystem.
The Impact of the Pectra Upgrade on Ethereum's Development
By addressing the network's scalability challenges, enhancing security and stability, and introducing developer-friendly features, this upgrade will propel Ethereum to new heights and solidify its position as the leading platform for the decentralized ecosystem. Ebunker believes that by continuously pushing the boundaries of what is possible, Ethereum has the potential to transform the way people interact with and leverage blockchain technology, empowering developers, users, and the broader community to unlock new possibilities.
