Cryptocurrency market players assess the prospects for the upcoming Ethereum update

Ethereum representatives announced that a network upgrade called Pectra will be released by the first quarter of next year. This is the next major update after Dencun, which took place this spring.

According to the planned upgrade, it is planned to improve the format of Ethereum Virtual Machine objects. In addition, it is planned to “increase the maximum effective balance.”

The update will allow validators to stake more than the existing limit of 32 ETH — up to 2048 ether. The upgrade also introduces a new form of transactions that will allow ETH account addresses to function as smart contract wallets during the transaction period, with subsequent restoration of the original state.

The announcement of plans to upgrade the Ethereum network provoked different reactions in the cryptocurrency industry. Paradigm technical director Geopgios Konstantopoulos believes that the upgrade can improve the quality of using the wallet by 10 times. As an example, he recalled the successful implementation of Reth.

Uniswap creator Hayden Adams also expressed optimism about the new Ethereum update. He said that the solution will significantly improve the interaction of the network with users.

And EVM developer Alex Watts urged caution and not focusing only on improving the efficiency of interaction with users. He pointed out the impact of the upgrade on the development of applications and various products.

But there are those who are more cautious about the new initiative. Crypto expert Ansgar Dietrich expressed some doubts about the future update, doubting the relevance of the upgrade.

How do you assess the consequences of the next major Ethereum update?