Coinbase has announced a suspension of Ethereum (ETH) deposits and withdrawals on May 7, 2025, as the network prepares for a significant upgrade known as Pectra. The pause will take place from 2:50 a.m. to 3:45 a.m. PT to ensure the safety of user funds during the upgrade process.
The Pectra upgrade is part of Ethereum’s ongoing roadmap, which aims to enhance various functionalities of the network. This upgrade builds on the previous Dencun changes and introduces several Ethereum Improvement Proposals (EIPs) that focus on improving validator performance and optimizing user experience.
Notably, EIP-7702 is set to allow users to enhance their Externally Owned Accounts (EOAs) with smart contract capabilities, marking a key development in account abstraction. Other proposals, including EIP-7251, will increase the maximum balance on which validators can earn rewards from 32 ETH to 2048 ETH. With EIP-7691, the upgrade will also double Ethereum's blob throughput, which allows Layer 2 solutions to efficiently process transaction data.
The brief suspension of services may delay new staking requests, but existing staked positions will remain unaffected during this upgrade period. Coinbase also mentioned adding PAX Gold (PAXG) to its roadmap, hinting at broader integration possibilities on the Ethereum network.
The Pectra upgrade is part of Ethereum’s ongoing roadmap, which aims to enhance various functionalities of the network. This upgrade builds on the previous Dencun changes and introduces several Ethereum Improvement Proposals (EIPs) that focus on improving validator performance and optimizing user experience.
Notably, EIP-7702 is set to allow users to enhance their Externally Owned Accounts (EOAs) with smart contract capabilities, marking a key development in account abstraction. Other proposals, including EIP-7251, will increase the maximum balance on which validators can earn rewards from 32 ETH to 2048 ETH. With EIP-7691, the upgrade will also double Ethereum's blob throughput, which allows Layer 2 solutions to efficiently process transaction data.
The brief suspension of services may delay new staking requests, but existing staked positions will remain unaffected during this upgrade period. Coinbase also mentioned adding PAX Gold (PAXG) to its roadmap, hinting at broader integration possibilities on the Ethereum network.
