- Developers continued to work on the Plectra upgrade for the Ethereum network.
- Changes to wagering rewards were discussed to limit centralization and other risks to the network.
Apart from the market recovery, the increasing attention around Ethereum [ETH] it has helped enormously in recent days. The upcoming Plectra update could help Ethereum see further green.
Developers continue their work
In the 137th Consensus of all core developers (ACDC) call, the primary focus was on the progress of two testnets, Pectra Devnet 1 and PeerDAS Devnet 1.
Pectra Devnet 1 is nearing launch, with both Consensus Layer (CL) and Execution Layer (EL) clients prepared. The Ethereum Foundation’s DevOps team rigorously tests different client combinations to ensure compatibility and stability.
PeerDAS Devnet 1 is currently undergoing bug fixes ahead of its planned relaunch. Once these issues are resolved, the devnet is expected to restart by the end of this week.
In addition to testnet updates, the call also included research into testing fork choices by Consensys’ TxRX team. Their newly developed test generator aims to identify potential bugs and deviations in client software from CL specifications.
The successful launch of Pectra Devnet 1 is an important step towards the Pectra upgrade, which is expected to introduce several improvements to the Ethereum network.
The continued development of the fork selection test generator is crucial to improving the reliability and security of the Ethereum ecosystem.
New changes for strikers
In addition, Ethereum is also considering adjusting its wagering rewards to maintain a lower wagering percentage, possibly around 25% or 12.5%.
This change could have a substantial impact on the returns ETH holders receive from staking. The Ethereum Foundation is exploring this option to address several issues.
A lower stake rate is seen as a way to limit the risk of centralization, where a significant portion of ETH becomes concentrated in a few large stake pools.
This centralization could potentially threaten the security and decentralization of the network.
Furthermore, a lower strike rate could reduce the chance that a massive slash event will lead to a chain fork, a scenario in which ETH holders could put pressure on the protocol to recover lost funds.
Source:
How is ETH doing?
At the time of writing, ETH was trading at $3,455.17 and its price was up 1.16% over the past 24 hours. Despite the recent price increase, network growth for the Ethereum token had slowed, indicating that new addresses were slowly losing interest in the ETH token.
Read Ethereum’s [ETH] Price forecast 2024-25
Furthermore, the rate at which ETH was traded had also dropped significantly, implying that the frequency at which ETH was traded had also dropped.
If these trends continue, ETH’s chances of rising further would decrease even further.
Source: Santiment