- Targeting Q1 2025, Ethereum’s Pectra upgrade swaps out EIP-3074 for Vitalik’s EIP-7702.
- EtherFi starts a waitlist for its Visa-linked mobile wallet, EtherFi Cash, which allows users to borrow and spend against their EtherFi balances.
By the end of the first quarter of 2025, Ethereum’s core developers hope to release Pectra, the next major upgrade. The EVM Object Format (EOF) that comes with the Pectra upgrade is made up of eleven Ethereum Improvement Proposals (EIPs) that add an opt-in container for EVM code.
The upgrade is running longer than expected, in part because of this important component.
.@ethereum Pectra Targeted For Q1 2025
The inclusion of EVM Object Format (EOF), which is a set of about 11 EIPs that introduce an opt-in container for EVM code, is a key component that is pushing the upgrade timeline to 2025. The upgrade is set to feature PeerDAS, a data… pic.twitter.com/4uGqwWi89M
— ICO Drops (@ICODrops) May 25, 2024
Launch Pectra Upgrade
PeerDAS, a data availability sampling solution that uses the current peer-to-peer components within Ethereum, is one of Pectra’s most noteworthy features.
Devs have also chosen to swap out the account abstraction EIP-3074 for a more recent proposal called EIP-7702, which Vitalik Buterin presented. During transactions, EIP-7702 enables Externally Owned Accounts (EOAs) to act as smart contract wallets.
Prague on the Execution Layer and Electra on the Consensus Layer make up the two primary components of the Pectra upgrade. The ultimate extent of the upgrade is still being discussed, and possible modifications include delaying the Verkle trees implementation until after the Osaka hardfork.
EtherFi Cash Waitlist Opens
The third part of EtherFi’s suite, EtherFi Cash, which lets users borrow and spend against their EtherFi balances, is now accepting applications. Through a mobile wallet connected to a Visa credit card, EtherFi Cash enables users to borrow USDC against their EtherFi assets or exchange them straight for USDC.
Moreover, EtherFi rewards can be used to pay off outstanding amounts, so offramping cryptocurrency for everyday transactions is not necessary. September is when shipping of the Visa cards is anticipated.
EtherFi intends to launch a Layer 2 solution in order to improve payment processing and dispute resolution for EtherFi Cash even more. Currently managing more than $5.5 billion in Total Value Locked (TVL), EtherFi is the biggest liquid restaking protocol.
ETH ETF Prediction Settled by Polymarket
Polymarket has settled its prediction market on the May 31st approval of an Ethereum ETF. The resolution came after debate surrounding the SEC’s approval of several 19b-4 filings for Spot ETH ETFs, while the Form S-1 filings needed for trading are still pending approval. Some users maintained that an ETF isn’t completely approved until both filings are.
An optimistic Oracle provider called UMA Protocol came to a “Yes” conclusion based on the accepted 19b-4 filings. As Bloomberg analyst James Seyffart pointed out, historically, S-1 approvals follow 19b-4 approvals. In all, $13.2 million was wagered on the prediction market.
Arbitrum Completes a Billion Transactions
Over its networks, Arbitrum One and Arbitrum Nova, the company has exceeded one billion transactions overall. With over 3.6 million active addresses in the last 24 hours alone, Arbitrum One has topped the charts for daily active addresses during the last month.
Having amassed $18.5 billion in TVL as the top Layer 2 network, Arbitrum One commands a 40% market share among rollups.
Ethereum Price Update
The price of Ethereum at the moment of writing is about $3,756.31, up 1.64% in the previous day, according to CoinMarketCap. With a 20.96% rise over the previous seven days, ETH has demonstrated a bullish trend.
Meanwhile, for verifying computation and data availability—which are essential for Ethereum’s expansion and scalability—Vitalik Buterin has stressed the need of Data Availability Sampling (DAS) and Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (ZK-SNARKs), in line with what ETHNews previously disclosed.