Upcoming Ethereum Pectra Upgrade: Potentially the Largest in History, Says Researcher

Christine Kim, a researcher at Galaxy Digital, has described the forthcoming Ethereum upgrade, Prague-Electra (aka Pectra), as potentially the largest in the network's history. In a detailed thread on X, Kim explained the code changes and how Pectra could significantly transform Ethereum’s operational and security frameworks.

Why Pectra Is a Major Upgrade

Following the successful Dencun upgrade in March 2023, Pectra aims to further advance Ethereum with various Ethereum Improvement Proposals (EIPs) addressing network functionality, cryptographic enhancements, and efficiency improvements.

Key EIPs in Pectra

-EIP-2537: Introduces operations for the BLS12-381 curve as a precompile, enhancing security with stronger cryptographic proofs and better interoperability with the Ethereum Beacon Chain.

- EIP-2935: Proposes storing the last 8192 block hashes in a system contract's storage slots, enabling stateless execution and paving the way for the Verkle trees upgrade to improve scalability.

- EIP-7685: Introduces a general-purpose bus for sharing execution layer (EL) triggered requests with the consensus layer (CL), streamlining code testing and deployment of execution-triggered requests.

- EOF (Ethereum Object Format): A collection of 10 EIPs to revamp EVM bytecode processing, improving the developer experience and making smart contract code execution more efficient and upgradeable.

- EIP-7702: Proposes a new transaction type allowing code setting for Externally Owned Accounts (EOAs) during a transaction, enhancing user experience with transaction batching and sponsored transactions.

Electra-Specific EIPs

Several EIPs focus on validator operations and system efficiency:

- EIP-6110: Simplifies validator deposits by adding them to the Execution Layer block, reducing client software complexity and delays in deposit processing.

- EIP-7002: Allows validators to trigger exits and partial withdrawals using their EL withdrawal credentials, improving trustless staking pool designs.

- EIP-7251 and EIP-7549: Optimize validator balance configurations and improve block attestation efficiency, reducing bandwidth requirements and enhancing security.

Uncertainties and Timeline

Kim noted that developers are also working on parallel initiatives like PeerDAS, history expiry, and light client development, which might lead to additional EIPs being included in Pectra. The multiple EIPs currently being staged for implementation on development networks (devnets) represent a shift in Ethereum’s governance process, allowing for real-world testing before full deployment.

The active involvement of the Ethereum developer community is crucial, with ongoing discussions, testing, and feedback shaping Pectra's final configuration. Depending on the readiness and impact of the EIPs, some may be deferred to future upgrades.

Kim concluded by stating the uncertainty surrounding the exact size of Pectra, as developers are still determining which EIPs will be activated together. The Ethereum core development team aims to deploy the Pectra upgrade by the first quarter of 2025.