Imagine your everyday Ethereum account could temporarily transform into a powerful smart contract wallet. This is exactly what EIP-7702, a core part of the Pectra upgrade, promises. This new feature will allow normal Ethereum account addresses (EOAs) to act as smart contracts during transactions, only to revert to their original state afterwards. This upgrade has the potential to improve UX and change how we interact with the Ethereum blockchain, making it more user friendly and versatile.
With EIP-7702, you can batch multiple transactions such as approvals and swaps into a single transaction, simplifying the process and cutting down on costs.
Moreover, the concept of sponsorship allows one account to pay for another’s transaction fees. This feature could be a game-changer for decentralised applications (dApps), enabling them to cover gas fees on behalf of their users. This makes the Ethereum network more accessible and user-friendly, potentially driving wider adoption.
In the long term we will see end users migrate to L2’s, particularly enshrined rollups in my opinion and there will be free “transactions” in the background as a dApp transfers data to and from a decentralised network.
What Else Does Pectra Bring?
The Pectra upgrade isn’t just about EIP-7702. It encompasses several other Ethereum Improvement Proposals (EIPs) aimed at enhancing the network’s efficiency, security, and functionality. Here are some key highlights:
- EIP-7251 Increases the maximum validator stake from 32 to 2,048 ETH, reducing the number of required validators and simplifying staking operations.
- EIP-3074 Makes Ethereum accounts more programmable, paving the way for more complex and secure interactions.
- EIP-7523 Enhances network efficiency by eliminating empty accounts from the Ethereum state.
- EIP-7594 (PeerDAS): Optimises Layer 2 solutions like Arbitrum and Base, improving transaction processing for scalable applications.
When Will Pectra Go Live?
The update is still in the early stages and it will be some time before we start to see it getting rolled out on testnets and then eventually mainnet.
Current estimates are for it to go live on the Ethereum mainnet between Q4 2024 and Q1 2025. This upgrade builds on the foundation laid by previous updates like Dencun, aiming to address current challenges while unlocking new opportunities for dApp developers and users alike.
By enhancing scalability, security, and functionality, Pectra will help cement Ethereum’s status as the leading platform for decentralised innovation. Whether you’re a seasoned developer or a casual user, these changes will streamline your experience and open up new possibilities for engagement with blockchain technology.
The ability to batch transactions, sponsor fees, and leverage more efficient staking options will make interacting with Ethereum smoother and it’s a step closer to having a world computer that can compete with cloud services for web developers and end users.
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