Ethereum Pectra Upgrade Includes EIP-7742 and EIP-3074 Updates

Vice President of Galaxy Christine Kim stated that the development team addressed the upgrade during their 144th All Core Developers Consensus Call (ACDC).

Ethereum developers have just released a new update for Ethereum Pectra. During their 144th All Core Developers Consensus Call (ACDC), Vice President of Galaxy Christine Kim noted that the development team discussed the upgrade. They decided to include EIP 7742 in the Pectra Upgrade.

EIP 742, EIP 3074 Updates on Pectra

EIP 7742 introduces a system that enables the Consensus Layer (CL) to adjust the blob gas goal and max value dynamically. Moreover, the Pectra upgrade will likely see an increase in the number of Blobs. In contrast, Kim highlighted the possibility of additional scalability improvements, such as altering the gas limit or slot time.

Earlier, the Ethereum core developers had added EIP-7742 to the CFI list for Pectra before making the final decision on whether the upcoming upgrade would integrate the EIP.

Apart from EIP-7742, several other major updates are in the spotlight, with EIP-3074 being the centre of attention. The update introduces a new “social recovery” feature that could eliminate the risk of losing private keys for Ethereum users. It allows externally owned accounts (EOAs) or simple Ethereum wallets to thus perform various smart contracts functions.

Through the social recovery option for their accounts, users can transfer ownership of their assets to an “invoker” contract. Pectra addresses delegation risks, a long-standing concern for users, by aiming to make officially audited invoker contracts available to help mitigate potential security threats. Moreover, users may no longer need to hold Ether (ETH) in their wallets to process transactions, as invoker contracts can prepay transactions fees.

Other Ethereum Updates

In preparation for the launch of Pectra, one of the most popular Ethereum clients, Go Ethereum (Geth), released version 1.14.18 in August, addressing various issues and optimising network performance. Another key Ethereum client, Nimbus, rolled out version 24.7.0 in late July.

Meanwhile, Ethereum co-founder Vitalik Buterin continues to work on improving the network’s scalability. Buterin has revisited The Merge, focusing on enhancing the Proof-of-Stake (PoS) system, which has remained stable for the past two years. His proposals include “economic finality” or single-slot finality and the liberalisation of the staking procedure.