Pectra upgrade is what? Key information about the Pectra Ethereum upgrade

I. What is the Pectra Upgrade?

     The upcoming Ethereum Pectra upgrade is a significant next step, anticipated to launch around late 2024 or in the first quarter of 2025. This major upgrade combines two smaller upgrades: Prague (focused on the execution layer) and Electra (focused on the consensus layer).

     The purpose of the Pectra upgrade is to enhance the performance, security, and scalability of the Ethereum network.

     Currently, the Ethereum community and developers are actively discussing and proposing various Ethereum Improvement Proposals (EIPs) to be included in Pectra. To date, six EIPs have been agreed upon for Pectra Devnet 0, which was slated to launch in late May 2025. These six EIPs are: EIP-6110, EIP-7002, EIP-7549, EIP-2537, EIP-3074, and EIP-7251.

II. Key Ethereum Improvement Proposals (EIPs) in the Pectra Upgrade

     The upcoming Pectra upgrade includes a range of significant Ethereum Improvement Proposals (EIPs). Some of the most notable EIPs are:

• - EIP-7002: This proposal allows validators to trigger exits and partial withdrawals using their execution layer withdrawal credentials. This offers greater flexibility for ETH stakers managing their assets.
• - EIP-7251: This EIP significantly increases the maximum effective balance a single validator can hold, raising the cap from 32 ETH to 2,048 ETH. By consolidating stakes, it aims to reduce the total number of active validators needed, thereby improving overall network efficiency.
• - EIP-7549: Focuses on optimizing how validator consensus votes (attestations) are processed and aggregated within blocks. This enhancement improves the efficiency of the Beacon Chain.
• - EIP-7702: Proposed as an alternative to EIP-3074, this EIP aims to introduce native smart account functionality for Externally Owned Accounts (EOAs), enhancing user capabilities without requiring complex contract deployments.
• - EIP-3074, EIP-5806, and EIP-7377: These proposals relate to Account Abstraction (AA). They aim to simplify the automatic verification and execution of transaction contracts. This simplifies complex transaction processes and helps reduce transaction costs for users.
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III. Which EIPs Are Most Important?

     Following its transition to a Proof-of-Stake (PoS) consensus mechanism, Ethereum continues to prioritize system decentralization. Validators on the Ethereum network benefit from relatively low hardware and bandwidth requirements compared to other major blockchains. Currently, each validator must maintain a fixed stake of 32 ETH.

• - EIP-3074 is a key proposal focused on enhancing the user experience (UX) and optimizing transaction costs on Ethereum. A major feature allows users to bundle multiple transactions under a single signature from their wallet, minimizing the number of interactions required and streamlining actions.
• - EIP-7251 introduces a crucial change by increasing the maximum ETH stake a validator can manage from 32 ETH up to 2,048 ETH. This significant increase is expected to reduce the total number of validators required on the network. Consequently, this should boost network efficiency by lessening the computational load on nodes and improving manageability for staking providers.

=> EIP-7251 is particularly beneficial for Liquid Staking and Restaking protocols built on Ethereum, allowing them to operate more efficiently with fewer, larger validator stakes.

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