According to the Ethereum Foundation's 18:20 post, the ETH Pectra hard fork upgrade has officially gone live on the mainnet. This upgrade can introduce smart account wallet functionality (account abstraction), double the data storage capacity of Layer 2, and improve validator experience, aiming to enhance Ethereum's scalability and user experience.
However, the market response was moderate, with ETH price still moving in sync with Bitcoin's trend, reporting at $1,837 before the deadline, and being satirized by the community as one of the least noticed upgrades in recent years.
Core Contents of the Pectra Upgrade
The Pectra upgrade is another major update for Ethereum after the Dencun hard fork, including three core updates aimed at further optimizing network performance and ecosystem.
- Smart Account Wallet Functionality (EIP-7702): Account abstraction supports batch transactions, Gas fee sponsorship, and smart sessions, improving wallet user experience and transaction efficiency.
- Layer 2 Data Storage Capacity Doubled: Pectra expands Blob transaction capacity, increasing data throughput for Layer 2 solutions (such as Optimism and Arbitrum) by double, reducing transaction costs.
- Validator Experience Improvement: The upgrade optimizes staking and validation operations, reducing technical barriers and increasing participation.
In the short term, the Pectra upgrade may gradually enhance Ethereum ecosystem activity. Historical data shows that Layer 2 transaction volume increased by 20% after the Dencun hard fork, and whether a similar effect will occur this time remains to be observed. However, ETH price in the short term will likely be mainly influenced by macroeconomic factors (such as Federal Reserve policies, US-China negotiation results) rather than technical upgrades.
But in the long term, Pectra will inject new vitality into the Ethereum ecosystem, further expanding its market position.
