[NEWS] Ethereum's next major update will be implemented in 2025

Ethereum (ETH) developers held an online meeting on the 19th and agreed to implement the next upgrade "Pectra" in two parts in 2025.

The purpose is to make it easier to introduce large-scale upgrades and reduce the risk of bugs.

The upgrade being split was expected. Developers said that "Pectra" would be too ambitious to implement all at once, and expressed the idea that it would be best to split it into two parts to reduce the risk of bugs.

Pectra will be Ethereum's largest upgrade to date. Splitting it into two parts will allow developers to focus on a more limited range.

The upgrade target was initially stated to be early 2025, but the next date has not changed.

The first upgrade will include Ethereum Improvement Proposals (EIPs). This includes EIP-7702, which aims to improve the user experience of the wallet. This improvement was developed and advocated for by Ethereum co-founder Vitalik Buterin. Buterin famously wrote this code in just 22 minutes.

The second package of upgrades will be implemented a few months after the first one. It is currently aimed at modifying the Ethereum Virtual Machine, called EOF (EVM Object Format). It is said that it may include the introduction of features that improve data availability sampling called PeerDAS and ultimately bring great benefits to layer-2 blockchains.

Pectra's updates include EIP-7685 "Generic Execution Layer Requests", EIP-7002 "EL Triggerable Withdrawals", EIP-6110 "On-Chain Validator Deposit Provisioning", and EIP-7251 "Increased Maximum Available Balance".

While it is unclear whether this is in preparation for the update, the Ethereum Foundation sold 200 ETH on the 23rd. This has caused anxiety among investors.

Analysis of on-chain data revealed that the sale was carried out through two separate transactions of 100 ETH each, catching the attention of market observers.

Ethereum Foundation sells ETH

Just three days after selling 300 ETH for $763,000 DAI, the Ethereum Foundation sold another 200 ETH for $528,000. According to Etherscan data, the sale amounted to 527,989 DAI, highlighting a trend of liquidation within the organization.

According to a Spot On Chain report, the Ethereum Foundation has been rapidly liquidating its Ethereum holdings in September. It has now sold 1,150 ETH for approximately $2.8 million. Its total sales in 2024 amounted to $10 million. The Ethereum Foundation currently holds a portfolio worth $726.7 million, most of which is in Ethereum. 

The move has raised investor doubts about the Foundation's transparency. In response to those doubts, Ethereum Foundation President Josh Stark said the Foundation will soon release a detailed report on its spending.

References: EthereumReport, Josh Stark 
Image: Shutterstock

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