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A new testing phase for Ethereum’s largest update since The Merge is about to begin. Pectra might reach the mainnet as early as April 25 if Hooli is successful.
Ethereum launched a testnet on Monday called Hoodi in anticipation of its Pectra update, which would increase the network’s scalability and provide greater staking freedom. This comes after Holesky and Sepolia, two earlier testnets, experienced technical difficulties.
It might launch on the mainnet as early as April 25 if everything goes according to plan.
This revelation doesn’t seem to have affected the price of the second-largest cryptocurrency. According to CoinGecko data, the price of Ethereum has only increased by 0.5% over the last day, and it is presently trading at slightly over $1,900. Taking a closer look, President Trump’s trade war has caused ETH to drop 13.3% over the last week.
The Pectra upgrade will be the third network upgrade since Ethereum switched from a proof-of-work to a proof-of-stake consensus mechanism during The Merge in 2022. As Pectra increases storage capacity for layer-2 networks, it seeks to improve Ethereum’s scalability, efficiency, and staking flexibility. It will also lower fees.
Prior iterations of the upgrading encountered difficulties, most notably an increase in incorrect blocks in Holesky. Developers are therefore hoping that Hoodi, which will be released on Monday, March 17, will resolve the problems with the previous testnet.
Fans of competing networks have made fun of Ethereum for its slow development rate and ETH’s poor price action, making it the target of numerous jokes in the larger cryptocurrency community. According to TradingView, Ethereum has lost 52% of its market capitalization supremacy in the last 12 months. This allowed for a 258.98% increase in currency like XRP.
Ethereum maxis would have other investors believe that slow and steady wins the race.
Pectra wants to make it possible for customers to pay for gas using a variety of tokens, including stablecoins like USDC. Additionally, it will enable third-party fee sponsorship, which enables a third party to pay gas fees on behalf of the user. This is a crucial feature for layer-2 scaling networks.
Additionally, the number of tokens that Ethereum validators can stake will be greatly expanded from 32 ETH to 2,048 ETH. More flexibility in terms of when and how the staked Ethereum can be withdrawn will accompany the increase.
Additionally, Pectra will establish the foundation for social recovery, which enables users to rely on reliable connections to assist them in recovering access to a wallet to which they have misplaced or forgotten the key.
Many people think that Pectra will be one of Ethereum’s biggest upgrades ever and the biggest since The Merge.
At least 30 days following the Hoodi fork, a mainnet update will be planned once Ethereum’s core developers “feel confident” in the testing phase. This indicates that the earliest the network might see the Pectra upgrade go online is April 2
FAQ
The Pectra upgrade is Ethereum’s next major update designed to improve scalability, efficiency, and staking flexibility. It aims to lower transaction fees, expand storage capacity for layer-2 networks, and introduce new gas payment options.
The Hooli testnet is a testing phase for the Pectra upgrade, helping developers identify and fix potential issues before launching it on the mainnet. It follows previous testnets, Holesky and Sepolia, which encountered technical difficulties.
If the Hooli testnet is successful, the Pectra upgrade could be implemented on the mainnet as early as April 25, 2025. However, the final date depends on the outcome of testing and developer confidence.
Pectra will increase the staking limit for Ethereum validators from 32 ETH to 2,048 ETH. It will also provide more flexibility in staking withdrawals, making it easier for participants to manage their staked funds
Pectra will allow gas fees to be paid using various tokens, including stablecoins like USDC. It will also introduce third-party fee sponsorship, where a third party can cover gas fees on behalf of users, and lay the groundwork for social recovery, helping users regain access to lost wallets
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