Krutika Adani
The Pectra Upgrade seeks to add smart contract functionality to Ethereum wallets. The upgrade is expected to be rolled out by Q1 of 2025.
This might enable Ethereum wallets to implement features like account abstraction, social recovery, and other new-age functionalities.
The Pectra Upgrade implements several minor changes and also prepares the blockchain for a more significant update on Verkle Trees.
Recently, Coinbase launched its smart wallet featuring gasless transactions, increasing the competitive pressure.
The Pectra Upgrade aims to replicate the success of the Dencun Upgrade, which successfully reduced gas fees by more than 90%..