The upgrade, a combination of two separate proposals—Prague and Electra—is expected to roll out in early April, pending successful test runs.
The developers have scheduled the first test for February 26 on the Holesky testnet, with a follow-up on Sepolia set for March 5. If these tests run smoothly, the official launch date will be decided on March 6. Tim Beiko, protocol support lead at the Ethereum Foundation, confirmed that all eyes are on an early April deployment.
Ethereum Pectra upgrade scheduled for February 24 and March 5 | Source: Tim Beiko
This upgrade enhances Ethereum’s core functions, particularly for validators and wallet users. It introduces eight major changes, with a sharp focus on making wallets more user-friendly and allowing validators to stake more efficiently. However, the timing couldn’t be more critical as Ethereum faces mounting pressure from competitors and internal shifts.
Wallets Get a Boost with EIP-7702
One of the most anticipated updates in Pectra is EIP-7702, which aims to improve the function of Ethereum wallets. This proposal is part of a larger push for “account abstraction,” an industry-wide effort to make crypto wallets more seamless by allowing users to pay transaction fees in tokens other than ETH ($2,639.98).
EIP-7702 benefits with Pectra Ethereum upgrade | Source: Ivsti
In practical terms, Ethereum’s externally owned accounts (EOAs)—which include most user-controlled wallets—will now support smart contract functionality. That means wallet developers can introduce new features that simplify transactions, security, and usability. Another key improvement, EIP-7251, will give Ethereum validators more flexibility.
EIP-7251 simplifies Ethereum staking by reducing validator load | Source: Chaskin
The proposal increases the maximum staking limit from 32 ETH to 2,048 ETH, significantly streamlining how large validators operate. Right now, those who want to stake more than 32 ETH must run multiple nodes, creating long queues and logistical headaches.
Pectra upgrade allows Ethereum validators to stake up to 2048 ETH | Source: EIP Fun
Ethereum’s Pectra Upgrade Under Pressure as Competition Heats Up
Ethereum’s timing for the Pectra upgrade comes during a period of heightened scrutiny. Over the past few months, the network has seen increased competition from rival blockchains, particularly Solana, which has drawn both investors and developers with its high-speed transactions and lower fees.
Ethereum’s native token, ETH, has also underperformed compared to Bitcoin and other altcoins, raising concerns about whether the ecosystem is losing momentum. At the time of writing, Ethereum is trading at $2,703, marking a slight decline of 0.29% in the last 24 hours, according to Brave New Coin’s Ethereum Liquid Index.
ETH is down 0.29% in the last 24 hours. Source: Brave New Coin’s Ethereum Liquid Index
Beyond the market struggles, internal changes within the Ethereum Foundation have added another layer of uncertainty. The foundation coordinates Ethereum’s development and is undergoing a leadership transition. Recently, an informal vote surfaced to appoint Danny Ryan as a new leader, signaling potential shifts in the organization’s direction.
