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Pectra Targeted For Q1 2025

The upgrade is expected to feature EOF, PeerDAS, and EIP-7702, among other proposals.

Quick Take

  • Pectra upgrade is planned for Q1 2025.

  • EtherFi opens a waitlist for EtherFi Cash.

  • Polymarket settles its ETH ETF prediction market.

  • Arbitrum reaches one billion total transactions.

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Pectra Targeted For Q1 2025

Ethereum core developers are targeting to launch Pectra, the next upgrade for Ethereum, by the end of the first quarter of 2025. The inclusion of EVM Object Format (EOF), which is a set of about 11 EIPs that introduce an opt-in container for EVM code, is a key component that is pushing the upgrade timeline to 2025. The upgrade is set to feature PeerDAS, a data availability sampling solution that uses existing peer-to-peer components within Ethereum. Developers also agreed to replace the account abstraction EIP-3074 with a newer proposal, EIP-7702, introduced by Vitalik. EIP-7702, enables EOAs to function as smart contract wallets during a transaction. Pectra consists of the Prague upgrade on the Execution Layer and the Electra upgrade on the Consensus Layer.  The final scope of the upgrade is still under discussion, with potential changes like postponing Verkle to the Osaka hardfork.

Waitlist Opens For EtherFi Cash

EtherFi launched its waitlist for EtherFi Cash, the third component of its suite, designed to enable users to spend and borrow against their EtherFi balances. Cash consists of a mobile wallet linked to a Visa credit card, allowing users to either borrow USDC against their EtherFi assets or convert them directly into USDC. EtherFi rewards can also be used to settle outstanding balances. EtherFi Cash aims to eliminate the need to offramp crypto for daily transactions. The Visa cards are expected to be shipped in September. EtherFi also has plans for a Layer 2 solution to enhance payment processing and dispute resolution for Cash. Currently, EtherFi is the largest liquid restaking protocol, managing over $5.5 billion in TVL.

Polymarket Settles ETH ETF Prediction

Polymarket resolved its prediction market for the approval of an Ethereum ETF by May 31st. The resolution followed controversy stemming from the SEC's approval of multiple 19b-4 filings for Spot ETH ETFs, while the necessary Form S-1 filings required for trading remain unapproved. Some users argued that an ETF isn't fully approved until both filings are approved. UMA Protocol, an Optimistic Oracle provider, ultimately determined a "Yes" outcome based on the 19b-4 filings that were approved. Bloomberg analyst James Seyffart noted that a 19b-4 approval historically leads to S-1 approvals. The prediction market had a total of $13.2 million in bets.

Arbitrum Hits One Billion Transactions

Arbitrum has achieved over one billion total transactions between Arbitrum One and Arbitrum Nova. Over the past month, Arbitrum One has topped the charts in daily active addresses, recording over 3.6 million active addresses in just the last 24 hours. As the leading Layer 2 network, Arbitrum One holds $18.5 billion in TVL, capturing a 40% market share among all rollups.

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