- Despite recent setbacks, Ethereum’s Pectra upgrade enters its final test phase on the new Hoodi testnet after the previous attempts on Holesky and Sepolia failed.
- The upgrade aims to expand Ethereum’s capabilities by allowing transaction fees to be paid in cryptocurrencies other than ETH, reducing costs.
Ethereum’s (ETH) most significant upgrade in over a year, known as Pectra, underwent its final dress rehearsal on the new Hoodi testnet on Wednesday.
This round of testing comes after two earlier attempts on the Holesky and Sepolia testnets failed to complete successfully. To ensure a smooth transition, developers established Hoodi to provide a final low-risk environment—especially for staking providers—before the upgrade is deployed on Ethereum’s mainnet.
Related: Berkshire Hathaway Backed Nubank Expands Crypto Offerings to Include Cardano, Near Protocol, Cosmos and Algorand
A Bumpy Ride
It’s no secret that Ethereum developers are feeling the pressure, working tirelessly to get the Pectra upgrade ready for launch. But the journey has been far from smooth.
The upgrade was initially trialed on the Holesky testnet on February 24, but that attempt failed to complete successfully. In response, the team revisited the process on the Sepolia testnet on March 5; however, this test also failed when an unknown attacker exploited a vulnerability by mining empty blocks.
In response, the ETH price plummeted amid fear and pressure mounting up in the Ethereum community. ETH is currently trading at US$2,020 (AU$3,209), a 2.8% decrease in 24 hours and 19.2% in the last 30 days.
Even with these challenges, progress continues, it seems. On March 13, Ethereum rolled out the Dencun upgrade, which slashed gas fees by 95%—with average fees dropping to a record low of 0.28 gwei on March 23. If the final testing phase of Pectra is successful, it will mark Ethereum’s most significant upgrade in over a year.
Related: SEC Drops Case Against Australian Web3 Company Immutable
The primary goal of the Pectra upgrade is to broaden Ethereum’s capabilities, notably by enabling transaction fees to be paid in cryptocurrencies other than ETH. This feature is expected to lower transaction costs and expand the network’s utility for both consumers and developers, something that I think we’ve all been expecting for many years now.
Credit: Source link
