Ethereum
Ethereum Pectra Devnet About to Launch: Will ETH Climb Higher?
- Developers continued to work on upgrading Plectra for the Ethereum network.
- Changes to staking rewards have been discussed to mitigate centralization and other risks to the network.
In addition to the market recovery, the increasing attention Ethereum [ETH] has helped it surge in recent days. The upcoming Plectra update could further help Ethereum see green.
Developers continue their work
At 137th All Core Developer Consensus (ACDC) The call focused primarily on the progress of two test networks, Pectra Devnet 1 and PeerDAS Devnet 1.
Pectra Devnet 1 is about to launch, with Consensus Layer (CL) and Execution Layer (EL) clients ready. The Ethereum Foundation DevOps team is rigorously testing various client combinations to ensure compatibility and stability.
The PeerDAS 1 development network is currently undergoing bug fixes ahead of its planned launch. Once these issues are resolved, the development network is expected to be restarted by the end of the week.
In addition to testnet updates, the call also covered research on fork choice testing conducted by Consensys’ TxRX team. Their newly developed test generator aims to identify potential bugs and deviations in client software from CL specifications.
The successful launch of Pectra Devnet 1 is an important step towards the Pectra upgrade, which is expected to introduce several improvements to the Ethereum network.
Continued development of the fork choice test generator is crucial to improving the reliability and security of the Ethereum ecosystem.
New changes for stakers
Additionally, Ethereum is also considering adjusting its staking rewards to maintain a lower staking rate, potentially around 25% or 12.5%.
This change could have a significant impact on the returns ETH holders receive from staking. The Ethereum Foundation is exploring this option to address several concerns.
A lower staking rate is seen as a way to mitigate the risk of centralization, where a significant portion of ETH becomes concentrated in a few large staking pools.
This centralization could potentially threaten the security and decentralization of the network.
Additionally, a lower staking rate could reduce the likelihood of a massive slash event leading to a chain split, a scenario in which ETH holders could pressure the protocol to return lost funds.
Source: X
How is ETH doing?
At press time, ETH was trading at $3,455.17 and its price had increased by 1.16% over the past 24 hours. Despite the recent price increase, network growth for the Ethereum token had slowed, suggesting that new addresses were gradually losing interest in the ETH token.
Read Ethereum [ETH] Price forecast 2024-25
Additionally, the speed at which ETH was trading had also decreased significantly, implying that the frequency at which ETH was trading had also decreased.
If these trends continue, ETH’s chances of moving further would decrease even further.
Source: Santiment