Ethereum has been leading in terms of development activity, outperforming all other networks. Despite recent buzz around ETFs on the Ethereum network, developers have continued to focus on improving the system. In a recent developers call, details for the upcoming Pectra upgrade were ironed out, with rigorous testing being conducted on special test versions before going live. The Pectra upgrade will introduce more efficient ways for validators to work together and a new system called EIP 7702, allowing users to grant permission to other programs for transaction control.
Alongside the Pectra upgrade, progress on other Ethereum developments was also discussed in the meeting. EOF, a separate upgrade focused on data storage, will begin testing client implementations after finalizing Pectra changes. PeerDAS, another independent upgrade enhancing validator communication, is expected to launch its next testnet within two weeks using finalized specifications. The meeting also saw the introduction of a new standardized format for writing improvement proposals and a new GitHub resource page “eth-clients” for Ethereum developers.
Despite the ongoing developments, ETH remains stable with a current trading price of $3,494.20 and a slight growth of 0.12% in the last 24 hours. Retail interest in ETH is on the rise, with accumulation by addresses ranging from 0.001 to 10 cohort collecting large amounts of ETH. However, whales have shown a decline in interest in ETH, with selling pressure being absorbed by retail investors. A reversal in whale sentiment would be needed for ETH to see green again.
In conclusion, Ethereum continues to be at the forefront of blockchain development, with ongoing upgrades and improvements to its network. Developers are actively working on enhancing validator communication, data storage, and transaction control systems. Despite a stable price and growing retail interest, whale sentiment towards ETH has declined, posing a potential challenge for price growth. Overall, Ethereum’s development activity and future upgrades indicate a promising future for the network in the rapidly evolving blockchain ecosystem.
