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Vitalik Buterin Unveils Ethereum Pectra Upgrade Timeline

Vitalik Buterin Unveils Ethereum Pectra Upgrade Timeline

Vitalik Buterin discusses the need to increase the Ethereum gas limit to facilitate network scalability and provides information regarding the Pectra upgrade.

Vitalik Buterin, the co-founder of Ethereum, has officially disclosed the timeline for the eagerly anticipated Pectra upgrade and provided critical information about future developments. While celebrating the Ethereum gas limit increase to over 32 million, Buterin commented. The announcement was made at the same time as the price of ETH, which had rebounded by over 13%, surpassing the $2,800 mark once more.

Vitalik Buterin Emphasizes Ethereum’s Progress in Scaling

The increase in the gas limit for Ethereum is a positive indicator

The potential for the first adjustment since the transition to proof-of-stake (PoS) is indicated by nearly half (49.5%) of Ethereum blocks, which are now signaling support for a gas limit increase. This milestone underscores the decentralized nature of PoS, which, despite being more efficient than proof-of-work (PoW), necessitates lengthier coordination times to achieve consensus.

The increase in the gas limit is beneficial for the scalability of the Ethereum blockchain, as it would enable network validators to process a more significant number of transactions per block. According to data from Dune Analytics, Ethereum’s gas limit has already exceeded 32 million.

Source: Dune Analytics

Vitalik Buterin Discloses the Timeline for the Pectra Upgrade

Vitalik Buterin, the co-founder of Ethereum, has expressed confidence in the scalability of Layer 1 (L1). He also recognized the commitment of Ethereum developers to improve the network’s efficacy and decentralization.

The Ethereum co-founder also recognized the substantial progress on Ethereum Improvement Proposal (EIP) 4444, designed to achieve history expiry and the transition to statelessness by introducing a new binary tree proposal.

Additionally, Vitalik Buterin disclosed that developers are developing client efficiency enhancements to accommodate increased gas limits while preserving decentralization. Buterin composed the following in a post on the X platform:

“Pectra, expected in March, will increase the blob target from 3 to 6, doubling the capacity of L2s. IMO we should make the blob target also staker-voted, so that it can increase in respose to technology improvements without waiting for hard forks”.

Externally Owned Accounts (EOAs) will transform with the forthcoming Ethereum Pectra upgrade, enabling them to function as smart contracts. This represents a substantial improvement in the quality of user interactions with decentralized applications (dApps).

The price of ETH is experiencing a significant rebound

The price of ETH has rebounded by 13%, surpassing $2,800, following a severe correction on Monday. As noted by renowned crypto analyst Ali Martinez, a potential head-and-shoulders pattern is evolving for Ethereum (ETH).

Martinez maintains that to preserve its optimistic structure, ETH must maintain a price above the critical $2,700 support level. If this pattern persists, Martinez observed that Ethereum could have a clear path to rally toward $7,000.

Source: Ali Martinez
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