This Group Does Not Care About ETH at the Moment
Journalist
- Ethereum has surpassed all other networks in terms of development activity.
- Whale interest in ETH has dropped significantly in recent days.
The recent hype about ETFs on the Ethereum [ETH] network has not halted development activity on the Ethereum network in the slightest.
Major Developments
Ethereum had one of the highest numbers of code commits and active developments on its network.
Source: X
Development Updates
At the recent developer call, Ethereum developers worked out details for the upcoming Pectra upgrade of the Ethereum system. Pectra will be rigorously tested on special test versions called devnets before going live.
The next test version, Devnet 1, will bring two major changes. First, it will implement a more efficient way for validators, the special computers that verify transactions, to work together.
Second, it will introduce a new system called EIP 7702. This system allows users to grant other programs permission to control their transactions, similar to giving someone a key to your digital wallet.
However, there is an ongoing debate about how users can withdraw this permission if necessary. Developers will meet again to finalize this crucial aspect of EIP 7702.
In addition to the Pectra upgrade, the meeting also discussed progress on other Ethereum developments.
For EOF, a separate upgrade focused on data storage, testing of client implementations will begin after the Pectra changes are finalized.
The EOF team will conduct further testing to support development. In addition, EOF meetings have been moved to biweekly as specifications are finalized.
For PeerDAS, another independent upgrade to improve validator communication, the next testnet launch is expected within two weeks. Unlike Pectra, PeerDAS will use the finalized Dencun specifications.
The meeting also included announcements. A new standardized format for writing improvement proposals has been proposed to ensure better reviews.
Notably, a new GitHub resource page “eth-clients” for Ethereum developers has been launched.
ETH Price Update
At press time, ETH was trading at $3,494.20, with its price up 0.12% in the past 24 hours. Retail interest in ETH increased.
Read Ethereum [ETH] Price Prediction 2024-2025
Accumulation by addresses from the 0.001 to 10 cohort has accumulated large amounts of ETH in recent days. Whales did not show similar interest in ETH and abandoned their holdings.
Although this selling pressure is being absorbed by retail investors, a reversal in whale sentiment would be needed for ETH to be back in the black.
Source: Santiment
