What is Ethereum’s Pectra Upgrade?

Krutika Adani

What Is It?

The Pectra Upgrade seeks to add smart contract functionality to Ethereum wallets. The upgrade is expected to be rolled out by Q1 of 2025.

Pectra Adds New Features

This might enable Ethereum wallets to implement features like account abstraction, social recovery, and other new-age functionalities.

Preparing Ground for More Updates

The Pectra Upgrade implements several minor changes and also prepares the blockchain for a more significant update on Verkle Trees.

Result of Increasing Competition

Recently, Coinbase launched its smart wallet featuring gasless transactions, increasing the competitive pressure.

After Dencun’s Success

The Pectra Upgrade aims to replicate the success of the Dencun Upgrade, which successfully reduced gas fees by more than 90%..