Key Points
- Ethereum’s development activity outpaces other networks despite declining whale interest.
- Pectra upgrade and other developments are underway to improve Ethereum’s system.
Ethereum has been making waves in the cryptocurrency world, outperforming all other networks in terms of development activity. This is despite a noticeable drop in whale interest in Ethereum (ETH) in recent days.
Continuous Development
The buzz surrounding ETFs on the Ethereum network hasn’t slowed down the development activity. The network has seen a high number of code commits and active developments.
During a recent developers’ call, details for the upcoming Pectra upgrade were discussed. This upgrade is currently undergoing rigorous testing on special test versions, or Devnets, before it is launched.
Upcoming Changes
The next test version, Devnet 1, will introduce two significant changes. Firstly, it will implement a more efficient method for validators, who verify transactions, to collaborate. Secondly, it will introduce a new system called EIP 7702. This system allows users to grant other programs control over their transactions, similar to handing over a digital wallet key.
There’s an ongoing debate about how users can revoke this permission if necessary. Developers are set to meet again to finalize this crucial aspect of EIP 7702.
In addition to the Pectra upgrade, progress on other Ethereum developments was also discussed. For EOF, a separate upgrade focused on data storage, testing of client implementations will commence after finalizing Pectra changes.
EOF meetings have shifted to a bi-weekly schedule as specifications are finalized. Meanwhile, for PeerDAS, another independent upgrade enhancing validator communication, the next testnet launch is expected within two weeks.
The meeting also included announcements such as a new standardized format for writing improvement proposals to ensure better reviews and a new GitHub resource page “eth-clients” for Ethereum developers.
Despite these developments, Ethereum’s price remains stable. At the time of writing, ETH was trading at $3,494.20, with a slight growth of 0.12% in the last 24 hours. Retail interest in ETH is on the rise, with addresses ranging from the 0.001 to 10 cohort accumulating large amounts of ETH.
However, whales are not showing similar interest in ETH and are reducing their holdings. While retail investors are absorbing this selling pressure, a reversal in whale sentiment would be necessary for ETH to see green again.
