Coinbase has announced a temporary suspension of Ethereum deposits and withdrawals as the Ethereum network prepares for a key upgrade known as Pectra. Scheduled for May 7, 2025, at 3:05 a.m. PT, this upgrade aims to improve validator performance and enhance user experience within the ecosystem. During the suspension, which will last from 2:50 a.m. to 3:45 a.m. PT, new staking requests may be delayed, but existing staked positions will remain unaffected.
The Pectra upgrade follows previous enhancements in Ethereum's upgrade roadmap and introduces significant elements such as the EIP-7702 proposal, which allows users to augment their Externally Owned Accounts (EOAs) with smart contract capabilities. Additionally, new Ethereum Improvement Proposals (EIPs) will improve the validator experience.
For instance, EIP-7251 raises the reward limit for validators from 32 ETH to 2048 ETH, a voluntary update that focuses on withdrawal credentials. Another impactful change is EIP-7691, which aims to double the current throughput of blobs on the Ethereum network, a crucial aspect for scaling applications.
In conjunction with the upgrade, PAX Gold (PAXG) has been added to the Coinbase platform roadmap, underlining the increasing integration of Ethereum-based assets within major exchanges.
The Pectra upgrade follows previous enhancements in Ethereum's upgrade roadmap and introduces significant elements such as the EIP-7702 proposal, which allows users to augment their Externally Owned Accounts (EOAs) with smart contract capabilities. Additionally, new Ethereum Improvement Proposals (EIPs) will improve the validator experience.
For instance, EIP-7251 raises the reward limit for validators from 32 ETH to 2048 ETH, a voluntary update that focuses on withdrawal credentials. Another impactful change is EIP-7691, which aims to double the current throughput of blobs on the Ethereum network, a crucial aspect for scaling applications.
In conjunction with the upgrade, PAX Gold (PAXG) has been added to the Coinbase platform roadmap, underlining the increasing integration of Ethereum-based assets within major exchanges.
