Journalist
Posted:
- Ethereum Pectra upgrade was shipped out but encountered a misconfiguration issue.
- ETH dropped to its 2024 lows above $2K; will it recover from the support?
The much-awaited Ethereum[ETH] upgrade, Pectra, was shipped out on the Holesky testnet on the 24th of February.
However, it encountered finalization issues, where all nodes must reach a consensus on the blocks produced to make them immutable.
According to ETH developers familiar with the matter, the finality issue was caused by a misconfiguration on major execution clients, namely Geth, Nethermind, ETHjs, and Besu.
Georgios Konstantopoulos, Paradigm CTO, and one of the team members behind the upgrade highlighted a bug connected with the deposit Contact Address (CA) for the Pectra upgrade.
Source: X
What’s Pectra upgrade?
At the time of writing, finality issues were still present according to data from Dora Explorer. However, the developers reassured that these issues would be resolved soon after new updates on other execution clients.
For those unfamiliar, the Pectra upgrade aims to introduce eleven updates related to user experience, blob scaling, and smart wallet functionality. These updates would further enhance Ethereum’s scalability and competitiveness against rivals like Solana [SOL].
The developers initially planned to activate the Pectra upgrade on the Holesky testnet on the 24th of February, then on Sepolia on the 5th of March, before going live on the mainnet.
Since the Holesky activation didn’t go smoothly, the timeline for the upgrades is now uncertain.
That said, large players doubled down on ETH last year which was a bullish cue for the altcoin, per CryptoQuant’s founder, Ki Young Ju.
“10K-100K ETH address balances grew 24% in a year, mostly fueled by inflows from <1K ETH wallets.”
Source: CryptoQuant
Meanwhile, ETH was back to its 2024 lows above $2000 on the price charts.
The price area stopped the early February liquidation cascade and could offer a relief bounce if it holds again.
Source: ETH/USDT, TradingView
