Ethereum Pectra Upgrade Will Include EIP-7702 and EVM Object Format for Optimized Experience

Key Points:

• Ethereum Pectra upgrade will introduce the EVM Object Format (EOF).
• Vitalik Buterin’s proposed EIP-7702 will enable Ethereum account addresses to temporarily function as smart contract wallets during transactions.
• Petra, slated for release in the first quarter of 2025, is set to be one of Ethereum’s most comprehensive upgrades.

Ethereum’s core developers have reached a consensus to incorporate the EVM Object Format (EOF) in the forthcoming Pectra upgrade, as outlined in EIP-7692.

Ethereum Pectra Upgrade Introduced EOF and EIP-7702

This addition, encompassing approximately 11 EIPs, introduces an optional container for EVM code, aiming to enhance code validation and introduce innovative features.

Should EOF pose any challenges, it will be partitioned into separate forks to ensure the continuity of the Pectra upgrade without significant delays. Notably, EOF will not be integrated into the initial version of devnet 1. The Ethereum Pectra upgrade will also include the account abstraction standard, EIP-7702, proposed by Vitalik Buterin. EIP-7702 introduces a new transaction type enabling Ethereum account addresses to transiently function as smart contract wallets during transactions, with their original state restored thereafter.

Pectra is heralded as a “comprehensive” upgrade, slated to encompass 19 EIPs, positioning it as one of the most extensive upgrades in Ethereum’s history. Ethereum’s core developers have expressed their ambition to roll out the Pectra upgrade by the first quarter of 2025.

Ethereum’s Ambitious Upgrade Targeting Enhanced User Experience

Pectra upgrade marks Ethereum’s next significant advancement, succeeding the Dencun upgrade, which was successfully implemented in March 2023. The Ethereum Pectra upgrade aims to address the user experience challenges within the Ethereum network and its ecosystem, complementing the solutions provided by the Dencun upgrade, particularly regarding transaction fees on Layer 2 platforms.

Additionally, the upgrade is anticipated to integrate EIP-7251, aiming to increase the maximum effective balance within Pectra. This modification will empower individual validators to stake more than 32 ETH, with a capped maximum of 2,048 ETH, diverging from the current 32 ETH limit. Elevating the maximum effective validator balance seeks to streamline operations by allowing operators to manage fewer but higher-stake validators, potentially reducing complexity.