What Went Wrong With Ethereum’s Pectra Upgrade
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- The Pectra upgrade for Ethereum has been implemented, but a configuration problem has emerged
- ETH dropped to its lowest point in 2024 at just above $2,000; will it rebound from support?
The much-anticipated Ethereum[ETH] upgrade Pectra was successfully launched on the Holesky testnet on February 24.
However, it faced finalization challenges that necessitate achieving consensus among all nodes regarding the generated blocks to ensure their immutability.
According to ETH developers knowledgeable about the situation, a misconfiguration of core execution clients—Geth, Nethermind, ETHjs, and Besu—caused the finality problem. span > p >
Georgios Konstantopoulos, CTO of Paradigm and part of the team responsible for the update span >
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an issue concerning the deposit contract address (CA) associated with Pectra’s deployment. span >
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) Data acquired from Dora Explorer indicated that finalization problems were still present at this writing. Developers have guaranteed that these issues will be addressed promptly following updates to other execution clients. For those who are not aware, Pectra aims to introduce eleven new features enhancing user experience, blob scalability, and smart wallet capabilities. These upgrades will further bolster Ethereum’s competitiveness and scalability against competitors like Solana [SOL].
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The initial plan was for developers to implement the Pectra upgrade on February 24 on Holesky testnet followed by activation on Sepolia slated for March 5 before launching it onto mainnet. However, uncertainty surrounds this timeline as issues arose during Holesky’s activation phase. Ki Young Ju of CryptoQuant noted that increasing investments by major players in ETH since 2017 serves as a positive sign
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[for altcoins].
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The balances of addresses holding between 10K -100K ETH increased by 24% over one year largely due to inflows from smaller wallets holding around 1K ETH.
In contrast,
*ETH found its way back down into previous lows recorded in early February.*
*This particular price level helped halt liquidations at that time—and should it hold once more—it might lead us toward an upcoming bull run.*
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