Coinbase has announced that 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 is part of preparations for the Pectra upgrade, a significant update designed to enhance the network’s performance and streamline user experiences. The Pectra upgrade follows previous enhancements in Ethereum's roadmap and aims to optimize validator capabilities.
The Pectra upgrade will introduce several key changes, including EIP-7702, which allows users to enhance their Externally Owned Accounts (EOAs) with smart contract functionalities. Other improvements include EIP-7251, which increases the maximum balance for rewards from 32 ETH to 2048 ETH, and EIP-7691, which doubles Ethereum’s blob throughput, enabling better transaction processing on Layer 2 solutions.
In its X post, Coinbase emphasized that existing staked positions would remain unaffected during the upgrade, although initiation of new staking requests might be delayed. In addition, PAX Gold (PAXG) on the Ethereum network has also been added to Coinbase's roadmap, highlighting ongoing developments within the ecosystem.
The Pectra upgrade will introduce several key changes, including EIP-7702, which allows users to enhance their Externally Owned Accounts (EOAs) with smart contract functionalities. Other improvements include EIP-7251, which increases the maximum balance for rewards from 32 ETH to 2048 ETH, and EIP-7691, which doubles Ethereum’s blob throughput, enabling better transaction processing on Layer 2 solutions.
In its X post, Coinbase emphasized that existing staked positions would remain unaffected during the upgrade, although initiation of new staking requests might be delayed. In addition, PAX Gold (PAXG) on the Ethereum network has also been added to Coinbase's roadmap, highlighting ongoing developments within the ecosystem.
