The Ethereum network is gearing up for a major upgrade known as Pectra, which will incorporate the EVM Object Format (EOF) and implement Vitalik Buterin’s suggested EIP-7702. This update will enable Ethereum account addresses to function as smart contract wallets temporarily during transactions. Scheduled for release in the first quarter of 2025, the Pectra upgrade seeks to improve user experience by tackling issues like transaction fees on Layer 2 platforms and incorporating approximately 19 EIPs. Among the changes included in this upgrade is the increase in the maximum effective balance for validators.
