Ethereum Pectra upgrade successfully deployed on the Sepolia testnet. However, developers may choose to delay the mainnet launch because of unresolved issues on Holesky.
Ethereum Pectra upgrade has been highly anticipated. It came out with successful deployment on its final testnet called Sepolia. This marks a major milestone. This leads up to the mainnet activation.
However, now that there are outstanding issues being addressed from a previous testnet failure, this mainnet launch may also have to be delayed further.
Ethereum’s Pectra upgrade is already in hype with significant community support surrounding it. This is because it aims at improving Ether staking, overall network capacity as well as layer-2 (L2) network scalability. Pectra got successfully rolled out on its final testnet Sipolia at 7:29 am UTC on March 05. The upgrade consists of 11 separate Ethereum Improvement Proposals (EIPs). As per the core Ethereum contributor Terence, the upgrade went live with a perfect proposal rate.
Earlier, Ethereum Foundation had confirmed about the two testnets’ (Sepolia and Holesky) successful upgradation to Pectra to be followed by choosing a mainnet activation epoch.
But the upgrade on Holesky testnet activated on Feb 24. It failed to finalize. Now this has put a question mark on the mainnet launch. Ethereum developers may have to make delays to find time to investigate the issues.
Now, investors need information regarding the date of Pectra’s mainnet implementation. They need this on March 06 during Ethereum’s All Core Developers call. The developers are anticipating a requirement of 18 more days for the Holesky upgradation and finalization. They need to handle issues with “correlation penalties” and “validator balance drains” that are still under investigation.
A few days back, Ethereum was in the news for Ethereum price USD drops amid market uncertainty. Ethereum price saw increased volatility.
The industry watchers now expect Pectra to be a transformative upgrade for Ethereum. One of the most exciting aspects of Pectra is its ability to pave the way for the first staked Ether ETF. This is as per the dispatch analyst at digital asset investment platform Nexo, Iliya Kalchev.
“Pectra aims to significantly improve staking flexibility and could potentially pave the way for staking to be integrated into Ethereum exchange products,” he said. He added, “Grayscale’s ETF staking proposal aligns with Ethereum’s broader efforts to boost staking adoption and highlights how institutional players are positioning themselves to capitalize on Ethereum’s evolution.” “With competitors like Solana gaining traction due to faster transaction speeds and lower costs, Pectra’s innovations could bolster Ethereum’s appeal, attracting further institutional participation.”
Ethereum also made news when Ethereum hack caused ETH price crash and Bitget stepped in with $106M ETH loan.
Institutional appetite for Ether staking products is growing since Trump’s win of the 2024 US Presidential election. This has been partly due to expectations of a more crypto-friendly regime in the US over four years.
A Trump administration will likely embrace more crypto industry innovation, including the debut of the first staked Ether exchange-traded fund (ETF), according to Edward Wilson, an analyst at Nansen. He added, “As the regulatory environment will likely be pro-crypto, we may even see a staked ETH ETF approved early in this new administration […].”
Ether ETF issuers are expecting regulatory approval for staking, according to Consensys founder Joe Lubin.
Also read: What Happened in Crypto Today? Will Trump Tariffs Hurt Crypto?
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