Prague-Electra (Pectra) protocol upgrade

[ABCbits]

I just heard about this upgrade from a news media, but didn't see any discussion about it in here. From what i've read, many changes benefit those who write smart contract, run validators and layer 2. But there are 2 benefit that average ETH user could enjoy,
1. EIP-7702 claimed to improve user experience and security. Although it seems wallet you use need to support this EIP to get the benefit.
2. Rather than multiple of 32 ETH, this upgrade allows validators to earn staking rewards for every 1 ETH they stake (with minimum 32 ETH). That means some staking service/pool may offer slightly higher rate or allows you to get staking reward more quickly (since the service/pool don't need to wait 32 ETH accumulated).

What do you think about this upgrade? Your opinion is greatly appreciated.

Reference:
https://cryptoslate.com/ethereum-devs-launch-new-testnet-to-finish-pectra-upgrade-amid-struggles/
https://blog.web3auth.io/eip-7702-explained-how-it-works-and-everything-you-need-to-know/
https://ethereum.org/en/roadmap/pectra/

[joniboini]

Sounds like a good update, just like many upgrades in the past. I'll have to wait and see if it significantly affects the network or not. The last time I used Ethereum smart contract calls were still expensive even after many upgrades dedicated to solving the fees problem. I guess the immediate effect from this would be the potential higher APY for me, although it probably doesn't mean much in long-term.

[rdluffy]

Coincidentally, I was reading about the new ETH updates just now and found this part of the article interesting:


Source: https://www.binance.com/en/ethereum-upgrade

For us small users, the effects will hardly be felt
I believe that the biggest complaint of all users and the main reason many have abandoned ETH is the high network fees, especially at peak times

I'll be more anxious when they increase the network capacity, probably with those shards, and lower the cost by at least 50%

[ABCbits]

I'll be more anxious when they increase the network capacity, probably with those shards, and lower the cost by at least 50%

Looking at gas limit chart[1], it seems gas limit already increased from ~30M to ~36M early this February. As for sharding, i doubt it'll ever added to ETH when it's been talked about since many years ago.

[1] https://goto.etherscan.com/chart/gaslimit

[Trongduy]

I just heard about this upgrade from a news media, but didn't see any discussion about it in here. From what i've read, many changes benefit those who write smart contract, run validators and layer 2. But there are 2 benefit that average ETH user could enjoy,
1. EIP-7702 claimed to improve user experience and security. Although it seems wallet you use need to support this EIP to get the benefit.
2. Rather than multiple of 32 ETH, this upgrade allows validators to earn staking rewards for every 1 ETH they stake (with minimum 32 ETH). That means some staking service/pool may offer slightly higher rate or allows you to get staking reward more quickly (since the service/pool don't need to wait 32 ETH accumulated).

What do you think about this upgrade? Your opinion is greatly appreciated.

I'm not super tech-savvy, and honestly, all these upgrade values are a bit over my head. I'm just crossing my fingers that the crypto crowd gets hyped about this event, hoping they'll expect the ETH price to shoot up, or maybe even buy more to pump up that buying pressure.

If the ETH price doesn't budge, all these upgrades will probably just fade into the background or get seriously undervalued. That's the cold, hard truth the Eth Foundation is finally waking up to, and they're starting to shift gears towards marketing instead of just burying their heads in network development

[ABCbits]

--snip--

I'm not super tech-savvy, and honestly, all these upgrade values are a bit over my head. I'm just crossing my fingers that the crypto crowd gets hyped about this event, hoping they'll expect the ETH price to shoot up, or maybe even buy more to pump up that buying pressure.

If the ETH price doesn't budge, all these upgrades will probably just fade into the background or get seriously undervalued. That's the cold, hard truth the Eth Foundation is finally waking up to, and they're starting to shift gears towards marketing instead of just burying their heads in network development

Personally i don't expect this upgrade will have noticeable impact on ETH price, when i and other member only recently heard about it. I don't expect ETH foundation to shift gears unless they also change their philosophy/core values.

[TomPluz]

I am sure that this Prague-Electra upgrade by Ethereum can be helping the network servicing those who are using smart contracts, one main thing that Ethereum is really known for. However, since there is no mention that this can lower the gas fees maybe this may not be felt by ordinary Ethereum users like you and me. I believe that Ethereum must be competitive enough to make Solana blush otherwise the growth forecast for Ethereum may not be that tremendous as it must be. Right now, Ethereum needs something that can arrest its continuing fall as it is following the lead of Bitcoin to anemic state.

[rdluffy]

I'm not super tech-savvy, and honestly, all these upgrade values are a bit over my head. I'm just crossing my fingers that the crypto crowd gets hyped about this event, hoping they'll expect the ETH price to shoot up, or maybe even buy more to pump up that buying pressure.
...

Don't get your hopes up 
It's not that a significant update to change much about ETH and its transactions
Perhaps a later and more relevant update could help with the price, but not this one

Personally i don't expect this upgrade will have noticeable impact on ETH price, when i and other member only recently heard about it. I don't expect ETH foundation to shift gears unless they also change their philosophy/core values.

EF has changed the positions of the CEO, who is now a chair member, but I don't know if the change will be so significant as to change the philosophy of the ETH
I don't think so

[omori]

I'm not super tech-savvy, and honestly, all these upgrade values are a bit over my head. I'm just crossing my fingers that the crypto crowd gets hyped about this event, hoping they'll expect the ETH price to shoot up, or maybe even buy more to pump up that buying pressure.
...

Don't get your hopes up 
It's not that a significant update to change much about ETH and its transactions
Perhaps a later and more relevant update could help with the price, but not this one

Personally i don't expect this upgrade will have noticeable impact on ETH price, when i and other member only recently heard about it. I don't expect ETH foundation to shift gears unless they also change their philosophy/core values.

EF has changed the positions of the CEO, who is now a chair member, but I don't know if the change will be so significant as to change the philosophy of the ETH
I don't think so

So we still would go sideways that way.

Great to see the developments anyways, though, even if they are not that hyped up.