Developers failed to specify the correct smart contract address for Pectra Request Hash Calculations, causing the post-launch disruption and delaying finalization.
By Bena Ilyas
Edited by Marco T. Lanz
Updated
2 mins read
The highly anticipated Pectra upgrade went live on Ethereum’s Holesky testnet on February 25 at 4:55 p.m. ET, activating at epoch 115,968. Developers aim to improve scalability, security, and usability by testing new features under real-world conditions before mainnet deployment. However, the launch encountered complications.
Following activation, network slots remained unfinalized, preventing transactions from becoming irreversible. Blockchain data confirmed Pectra’s activation but revealed a failure in the finalization process. Developers quickly responded, investigating the cause of the disruption.
Security expert Raul Riesco identified a critical mistake. In a post on X, he explained that developers failed to specify the correct smart contract address for Pectra Request Hash Calculations. That oversight caused the post-launch disruption, delaying finalization.
[Ethereum Pectra upgrade not finalizing]
— Raul Riesco, PhD (@rriescog) February 25, 2025
It seems that Holesky upgrade failure was due to a simple bug, the team forgot to specify the proper smartcontract address which is used for Pectra Request Hash Calculations.
Fixhttps://t.co/pRzIxfZEEu https://t.co/oJ2dgBOa8w
The next testing phase will involve deploying Pectra on the Sepolia testnet, initially scheduled for March 5. However, if the Holesky network continues to struggle with finalization, developers might need extra time for bug fixes and stability improvements. Any prolonged issues on Holesky could lead to a shift in Sepolia’s timeline.
Should both testnets operate smoothly, the mainnet activation could happen as early as April. Ethereum developers are keeping a close watch on testnet performance to ensure a seamless transition when Pectra finally reaches the live blockchain.
This is not the first time an Ethereum test upgrade has faced issues. In January 2024, the Dencun upgrade encountered a similar problem when it failed to finalize on the Goerli testnet. The current situation with Pectra adds to the history of testnet challenges that Ethereum developers must navigate before full deployment.
And it seems like we have a chain split! Client teams are looking into it, but it's likely to a while to pin down + fix the issues. Keep an eye out for updates!
— timbeiko.eth (@TimBeiko) January 17, 2024
Beyond the upgrade, Ethereum’s exchange supply is hitting record lows, signaling a shift in investor behavior. As of now, only 6.38% of Ethereum’s total supply is held on centralized exchanges—the lowest level since Ethereum’s inception, according to Santiment.
📈 Ethereum has shown mild signs of a rebound, currently back up to a market value of $2,745 and outpacing most altcoins to start the week. From a long-term perspective, ETH continues to move off of exchanges and into cold wallets at a shocking pace, with just 6.38% of the… pic.twitter.com/4MTJgpOLDT
— Santiment (@santimentfeed) February 17, 2025
While some investors remain cautious, Ethereum’s transaction fees have plummeted to levels not seen since late August. The average transfer fee now sits at just $0.41, a stark contrast from the $15.21 high recorded in the past two years.
Lower transaction fees indicate reduced congestion on the network, suggesting that fewer users are competing for block space. Historically, such conditions have been associated with periods of network stability, often laying the groundwork for long-term growth.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
