Coinbase has announced it will suspend Ethereum deposits and withdrawals for a brief period on May 7, 2025, from 2:50 a.m. to 3:45 a.m. PT, to ensure user fund safety during the Pectra upgrade. This upgrade, seen as a crucial development in Ethereum's evolution, aims to enhance validator performance and streamline user experiences. Existing staked positions will remain unaffected, but new staking requests may face delays during the suspension.
The Pectra upgrade is slated to follow last year's Dencun upgrade, introducing several Ethereum Improvement Proposals (EIPs) designed to improve the network’s capabilities. Among these, EIP-7702 allows for advancements in account abstraction, enhancing Externally Owned Accounts (EOAs) with smart contract functionality. Additionally, EIP-7251 increases the reward-eligible balance for validators, while EIP-7691 will boost Ethereum's blob throughput, vital for Layer 2 scaling.
Coinbase's announcement comes alongside the addition of PAX Gold (PAXG) to its platform, marking ongoing developments in the Ethereum ecosystem. This scheduled pause signals a proactive approach by Coinbase to maintain stability as Ethereum transitions into its next phase of improvements.
The Pectra upgrade is slated to follow last year's Dencun upgrade, introducing several Ethereum Improvement Proposals (EIPs) designed to improve the network’s capabilities. Among these, EIP-7702 allows for advancements in account abstraction, enhancing Externally Owned Accounts (EOAs) with smart contract functionality. Additionally, EIP-7251 increases the reward-eligible balance for validators, while EIP-7691 will boost Ethereum's blob throughput, vital for Layer 2 scaling.
Coinbase's announcement comes alongside the addition of PAX Gold (PAXG) to its platform, marking ongoing developments in the Ethereum ecosystem. This scheduled pause signals a proactive approach by Coinbase to maintain stability as Ethereum transitions into its next phase of improvements.
