Ethereum Prepares To Launch Pectra Upgrade, This Is The Goal!

JAKARTA - The blockchain ecosystem continues to innovate by implementing updates. Recently, the second largest blockchain network by market capitalization, Ethereum, is preparing a significant update called Pectra.

The update, which is planned to be implemented in March 2025, will carry a number of important upgrades to strengthen Ethereum's position amid the tight competition of blockchain platforms. This information was announced at a meeting of Ethereum core developers on January 16.

In preparation for the launch of Pectra, the updated client software or software will be released in February 2025. This process will be followed by hard fork testing on the Sepolia and Holesky test networks. If the testing stages run smoothly, this update will be implemented on Ethereum's main network in March.

The Pectra update was originally planned for release at the end of 2024. However, its implementation has been postponed to accommodate a number of additional Ethereum Improvement Proposals (EIPs) proposals.

Some of the key features in this update include simplifying the experience of digital wallet ( wallet) users, account abstraction, increasing the validator staking limit from 32 ETH to 2,048 ETH, as well as improving deposit and withdrawal mechanisms.

All of these updates aim to strengthen Ethereum's position as the main foundation of the decentralized financial ecosystem (DeFi). Launching CoinSpeaker, as the first step in testing, a temporary test network called Mekong has been activated since November 2024 to test these crucial upgrades.

Rivalry With Solana

In the midst of preparations for the Pectra update, Ethereum must compete with its competitors. One of them is Solana. Although Ethereum still dominates with a total locked value (TVL) of more than 68 billion US dollars (around Rp1,101.6 trillion), rivalry with Solana is getting stronger.

Solana recorded a significant growth in the number of developers, namely 83%, and for the first time since 2016, surpassing Ethereum in this aspect. Although TVL Solana is lower, which is 9.6 billion US dollars (approximately IDR 155.5 trillion), its efficiency and scalability make Solana an attractive alternative to new projects and investors.

However, Ethereum still has strong support from institutional investors. Data from SoSoValue shows that on January 16, 2025, Ether's Exchange Trade Fund (ETF) spot fund recorded the largest inflow this year, reaching 166 million US dollars (around Rp. 2.7 trillion).

Grayscale Ethereum Mini Trust is a major contributor with a total inflow of US$565.87 million (around Rp9.2 trillion). Since its launch in July 2024, these funds have collected a total net flow of US$2.64 billion (around Rp42.8 trillion), reflecting investor confidence that remains solid even though Ether's price performance tends to move slowly compared to SOL price movements.