Ethereum Pectra Upgrade Expands With 2 EIPs, ETH Road To $5K?

Christine Kim, the Vice President on the Research team at Galaxy just took to the X platform to highlight the latest task that Ethereum (ETH) developers are undertaking regarding Pectra upgrade. The X post comes after the blockchain’s All Core Developers Execution Call (ACDE) on June 6.

Ethereum Developers to Expand Pectra With 2 EIPs

According to the Galaxy Researcher, Ethereum developers agreed to further expand the scope of the Pectra upgrade yesterday with the inclusion of EOF and EIP 7702 to the Pectra upgrade. The All Core Developers Execution (ACDE) Call #189 held over Zoom and was chaired by Ethereum Foundation (EF) Protocol Support Lead Tim Beiko.

The simultaneous integration of both solutions is likely to trigger delays in multi-client testing for the upgrade. Hence, the protocol developers plan to activate EOF on later-stage devnets. The developers are also considering conducting the activation on a different activation epoch from other EIPs, just like how developers plan on testing PeerDAS.

The feedback pooled from various EL client teams and the EF DevOps team suggest that they are in support of the integration of EOF on Pectra.

EL EIPs CONFIRMED FOR PRAGUE:
– EIP 2537
– EIP 2935
– EIP 7685
– EOF
– EIP 7702 pic.twitter.com/uGf6Fm6eFs

— Christine Kim (@christine_dkim) June 6, 2024

There was only one opposition view from Geth. Guillaume Ballet, one of Geth’s developer said, outline notable fears bothering on Verkle functionality.

“My fear is that the more we wait, the longer the Verkle translation will take. Is EOF really that urgent? I don’t think so. I’ve read several the arguments for shipping it in Prague. The more I read those arguments, the more I realize, no, there’s nothing that really justifies EOF,” he said

A significant percentage of the Ethereum protocol developers disagreed with this stance.  One “Kamil Sliwak” noted that EOF would be “a huge improvement” particularly for users interacting with the compiler for Ethereum’s smart contract programming language Solidity.

Developers Decide on the Integration of EOF

In the meantime, discussions are ongoing about the preferred approach for integrating EOF. Beiko’s recommendation is that they aim to ship all Pectra EIPs including EOF in one client release. For the present purposes of testing, he encouraged developers to consider the use of devnet to stage the implementation of these code changes.

For these developers, the inclusion of EIP 7702 is as a replacement to EIP 3074, although there are still certain issues with the specifications for EIP 7702. Ethereum protocol developers are putting efforts and resources in separate breakout room to fix these challenges.

This potential additions could impact on the price of Ethereum. Noteworthy, the altcoin has been showing bullish signs since the United States Securities and Exchange Commission (SEC) greenlighted spot Ethereum ETFs. Ethereum is currently trading at $3,790.62 with a 1.29% dip within the last 24 hours. Investors are hopeful that it would break through to $5,000 in keeping with projections from top analysts.

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