Major crypto exchange Coinbase has announced a temporary halt on Ethereum deposits and withdrawals ahead of the upcoming Pectra upgrade set for May 7, 2025, at 3:05 a.m. PT. The exchange shared its plans via a post on X, clarifying that user safety is the priority during this upgrade. The pause will occur from 2:50 a.m. to 3:45 a.m. PT, during which new staking requests might also experience delays, although existing staked positions will remain unaffected.
Pectra follows a series of improvements as part of Ethereum's roadmap and aims to enhance validator performance and overall user experience. Notable features include EIP-7702, enabling smart contract functions for Externally Owned Accounts (EOAs). Additionally, EIP-7251 will significantly increase the maximum balance for validator rewards, and EIP-7691 is expected to double Ethereum's blob throughput, facilitating a smoother Layer 2 scaling experience.
In light of this upgrade, Coinbase is also adding PAX Gold (PAXG) to its roadmap, showing a commitment to expanding offerings on the Ethereum network. Understanding these changes is essential for users engaged with Ethereum, who need to be aware of potential interruptions and new functionalities following the Pectra upgrade.
Pectra follows a series of improvements as part of Ethereum's roadmap and aims to enhance validator performance and overall user experience. Notable features include EIP-7702, enabling smart contract functions for Externally Owned Accounts (EOAs). Additionally, EIP-7251 will significantly increase the maximum balance for validator rewards, and EIP-7691 is expected to double Ethereum's blob throughput, facilitating a smoother Layer 2 scaling experience.
In light of this upgrade, Coinbase is also adding PAX Gold (PAXG) to its roadmap, showing a commitment to expanding offerings on the Ethereum network. Understanding these changes is essential for users engaged with Ethereum, who need to be aware of potential interruptions and new functionalities following the Pectra upgrade.
