Major cryptocurrency exchange Coinbase announced that it will temporarily suspend deposits and withdrawals for Ethereum as the network is set for a significant upgrade known as Pectra, scheduled for May 7, 2025, at 3:05 a.m. PT. The disruption will occur from 2:50 a.m. to 3:45 a.m. PT to ensure the safety of user funds while enhancing the network's performance.
The Pectra upgrade follows previous improvements within Ethereum’s development roadmap, targeting better validator performance and user experience. According to Coinbase’s announcement on X, during the pause, new staking requests may be delayed, but existing staked positions will not be affected.
The Pectra upgrade will introduce several enhancements, including EIP-7702, which aims to broaden account functionality, allowing users to integrate smart contract capabilities into their Externally Owned Accounts. Other proposals under Pectra, such as EIP-7251 and EIP-7691, will offer increased reward capacities for validators and double the blob throughput on the Ethereum mainnet, respectively. Blob storage allows Layer 2 (L2) solutions to improve transaction efficiency by compressing data.
This upgrade is a continuation of Ethereum’s ongoing efforts to optimize its network functionality and scalability, enhancing overall performance as the platform moves forward in the competitive cryptocurrency landscape.
The Pectra upgrade follows previous improvements within Ethereum’s development roadmap, targeting better validator performance and user experience. According to Coinbase’s announcement on X, during the pause, new staking requests may be delayed, but existing staked positions will not be affected.
The Pectra upgrade will introduce several enhancements, including EIP-7702, which aims to broaden account functionality, allowing users to integrate smart contract capabilities into their Externally Owned Accounts. Other proposals under Pectra, such as EIP-7251 and EIP-7691, will offer increased reward capacities for validators and double the blob throughput on the Ethereum mainnet, respectively. Blob storage allows Layer 2 (L2) solutions to improve transaction efficiency by compressing data.
This upgrade is a continuation of Ethereum’s ongoing efforts to optimize its network functionality and scalability, enhancing overall performance as the platform moves forward in the competitive cryptocurrency landscape.
