Coinbase has stated it will temporarily suspend Ethereum deposits and withdrawals on May 7, 2025, from 2:50 a.m. to 3:45 a.m. PT. This pause comes as the Ethereum network prepares for its highly anticipated Pectra upgrade. The upgrade aims to improve validator performance and enhance user experiences across the Ethereum ecosystem. While new staking requests may be delayed during this period, existing staked positions will remain unaffected.
The Pectra upgrade builds on the prior Dencun upgrade and introduces several Ethereum Improvement Proposals (EIPs) aimed at account abstraction and validator experience. Notably, EIP-7702 allows users to enrich their Externally Owned Accounts (EOAs) with smart contract capabilities. Other proposed changes include increasing the maximum balance for validators' rewards from 32 ETH to 2048 ETH and doubling Ethereum's blob throughput, enhancing the capacity for layer-2 solutions to process transaction data efficiently, according to the Ethereum development community.
As stated by a prominent Ethereum developer, "These upgrades are crucial for the growth of the Ethereum network, allowing us to support more users and applications moving forward."
The Pectra upgrade builds on the prior Dencun upgrade and introduces several Ethereum Improvement Proposals (EIPs) aimed at account abstraction and validator experience. Notably, EIP-7702 allows users to enrich their Externally Owned Accounts (EOAs) with smart contract capabilities. Other proposed changes include increasing the maximum balance for validators' rewards from 32 ETH to 2048 ETH and doubling Ethereum's blob throughput, enhancing the capacity for layer-2 solutions to process transaction data efficiently, according to the Ethereum development community.
As stated by a prominent Ethereum developer, "These upgrades are crucial for the growth of the Ethereum network, allowing us to support more users and applications moving forward."
