Pectra: The Upgrade Set to Transform Ethereum

Previous Upgrades

The Ethereum Network has had several upgrades in the last couple of years and around the time each one of them was scheduled they were considered “the most complex code change of Ethereum’s history” or “the largest network upgrade since the [previous upgrade]” or “a substantial advancement for the Ethereum blockchain” respectively.

Let’s quickly recap:

• The Merge (Sept-2022): on this upgrade, one of the biggest achievements made for open source development, and compared to “changing the engine of a plane while being mid-air”, Ethereum changed its consensus mechanism, transitioning from Proof-of-Work to Proof-of-Stake.

• Shanghai-Capella (April-2023): The “Shapella” upgrade brought staking withdrawals to the execution layer. This enabled blocks to accept withdrawal operations, which allows stakers to withdraw their ETH from the Beacon Chain to the execution layer.

• Cancun-Deneb (March-2024): also known as EIP-4844 or Proto-Danksharding, this upgrade introduced blob-carrying transactions to significantly increase data availability for rollups and improve scalability. We did cover this one in a previous blog.
  
  

Despite the size of the network, all of these upgrades happened smoothly and without a hitch. This is a testament of the hard work that the core development team puts both in terms of research and execution. So, what is next?

Pectra Upgrade

The upcoming upgrade, Pectra, marks a significant milestone, poised to be the largest enhancement in Ethereum’s history, at least when it comes to the number of Ethereum Improvement Proposals (EIPs) included.

A couple of weeks ago, the core dev team confirmed which EIPs are going to be included in Pectra. This blog aims to provide the reader with an overview of what Pectra entails and its anticipated impact on the network.

A Comprehensive Overhaul

Pectra will incorporate a multitude of Ethereum Improvement Proposals (EIPs), each aimed at bolstering the network’s functionality, security, and scalability. The core development team has decided to implement Pectra as a single, major fork, scheduled for Q1 2025. This decision comes after extensive discussions on whether to split the upgrade into two smaller forks.

Key EIPs in Pectra

1. EIP-7702: Account Abstraction
   • Replacing EIP-374, this proposal addresses critical security concerns related to the one time signature, which previously posed a risk of complete account drainage. This enhancement promises to fortify user accounts against such vulnerabilities.
     
     
2. EIP-7251: Max EB
   • This proposal significantly increases the staking limit per validator from 32 ETH to potentially 1024 or even 2048 ETH. This exponential increase aims to streamline the validation process and enhance network efficiency.
     
     
3. EIP-7002: Execution Layer Triggerable Exits
   • This EIP allows validators to exit via the execution layer, facilitating trustless exits from staking pools, thereby unlocking greater flexibility and security in the staking process.
     
     
4. EIP-7594: PeerDAS (Data Availability Sampling)
   • PeerDAS introduces a major scalability enhancement by ensuring that each full node stores only a fraction (1/8th) of blob data, leading to an estimated 8x increase in scalability for rollups.
     
     
5. EIPs for EOF (Ethereum Object Format)
   • These proposals, aimed primarily at developers, offer new optimisations that indirectly benefit users by enhancing overall network performance and efficiency.
     
     
6. EIP-2537: BLS Pre-compiled
   • This EIP facilitates cryptographic operations, further strengthening the security and speed of the network.
     
     
7. EIP-7549: Reducing Consensus Overhead
   • By optimising validator committee indexes, this proposal reduces the consensus overhead, contributing to smoother network operations.
     
     

The Significance of PeerDAS

One of the standout features of Pectra is the introduction of PeerDAS, which significantly boosts Ethereum’s scalability. By limiting the storage requirement to 1/8th of all blob data per full node, PeerDAS promises an 8x scalability improvement for rollups. Coupled with potential increases in blob count and size, this could translate to a 16x improvement, propelling Ethereum into a new era of scalability.

Developer and User Benefits

While some of the enhancements, like EOF-related EIPs, cater more to developers by providing new optimization avenues, the ripple effect of these improvements will ultimately enhance user experience. For instance, EIP-7702 and the new account abstraction methods will provide robust security measures, safeguarding user accounts against potential threats.

Timing and Future Prospects

Given the comprehensive nature of these upgrades, Pectra is expected to be rolled out in Q1 2025. This timeline ensures that the core dev team can meticulously test and refine the enhancements, avoiding any rush that could compromise the network’s integrity. The Ethereum community can look forward to a period of increased stability and performance as these groundbreaking changes are implemented.

Conclusion

Pectra represents a monumental leap forward for Ethereum, integrating a diverse array of EIPs designed to enhance every facet of the network. From security and scalability to developer efficiency and staking flexibility, Pectra is set to solidify Ethereum’s position as a leading blockchain platform. As we approach Q1 2025, the anticipation builds for what promises to be a transformative upgrade, paving the way for future innovations and continued growth in the Ethereum ecosystem.