Coinbase has announced that it will suspend Ethereum deposits and withdrawals due to an impending upgrade to the Ethereum network known as the Pectra upgrade. This upgrade is set to take place on May 7, 2025, at 3:05 a.m. PT, and it aims to improve validator performance and user interactions across the network.
To protect user funds, Coinbase will pause these services from 2:50 a.m. to 3:45 a.m. PT. New staking requests may also experience delays during this window, although existing staked positions will not be affected. The Pectra upgrade builds on the previous Dencun upgrade and introduces several key features, including EIP-7702, which allows users to add smart contract capabilities to their Externally Owned Accounts (EOAs).
Additional improvements include EIP-7251, which allows validators to increase their maximum reward balance from 32 ETH to 2048 ETH, and EIP-7691, which enhances blob throughput, enabling better transaction data handling. This anticipated upgrade highlights Ethereum's ongoing development and its commitment to evolving user experience alongside network capabilities.
To protect user funds, Coinbase will pause these services from 2:50 a.m. to 3:45 a.m. PT. New staking requests may also experience delays during this window, although existing staked positions will not be affected. The Pectra upgrade builds on the previous Dencun upgrade and introduces several key features, including EIP-7702, which allows users to add smart contract capabilities to their Externally Owned Accounts (EOAs).
Additional improvements include EIP-7251, which allows validators to increase their maximum reward balance from 32 ETH to 2048 ETH, and EIP-7691, which enhances blob throughput, enabling better transaction data handling. This anticipated upgrade highlights Ethereum's ongoing development and its commitment to evolving user experience alongside network capabilities.
