Vitalik Buterin, the creator of Ethereum, announced the timeline for the Pectra upgrade, revealing crucial insights about the network’s future. This announcement coincided with Ethereum gas limit surpassing 32 million units. Buterin introduced this change as a significant step towards enhancing network scalability. Following these adjustments, the price of Ethereum grew by over 13%, surpassing $2,800 once again. Currently, almost half of Ethereum blocks (49.5%) support the gas limit increase, marking the first change in gas limits since Ethereum transitioned to the Proof of Stake (PoS) algorithm. The new consensus algorithm, although more efficient than Proof of Work (PoW), requires greater coordination to reach consensus. The gas limit increase enables validators to process more transactions per block. According to Dune Analytics data, this figure has now exceeded 32 million. Buterin is optimistic about Layer 1 scalability and supports developers’ efforts to enhance network efficiency and decentralization. He mentioned significant progress in EIP-4444, related to transaction history deletion. Additionally, a new proposal for utilizing binary trees has been suggested. Developers are also working on enhancing client performance to support higher gas limits. Buterin also announced that the Pectra upgrade will be implemented in March, aiming to increase blobs from 3 to 6, doubling the Layer 2 capacity. This upgrade also enhances External Owned Accounts (EOAs) and makes them similar to smart contracts, making user interaction with decentralized applications easier. This progress will be a significant step towards improving user experience in decentralized applications (dApps). You can view the live prices of all tokens and cryptocurrencies on the real-time digital currency price page.
