The Ethereum network is preparing for the Pectra upgrade to go live on the mainnet in the first quarter of 2025 through the Mekong testnet.
The research and development team on the Ethereum (ETH) network has launched the first short-lived testnet for the upcoming Pectra upgrade dubbed the Mekong, which is named after the Mekong River in Asia. The Mekong testnet will involve all the Ethereum Improvement Proposals (EIPs) in the Pectra fork. Moreover, the Mekong testnet will be a crucial component for web3 developers seeking to experiment with user experience (UX) chances.
Some of the expected EIPs on the Mekong testnet include UX changes via EIP-7702, staking changes via EIP-7251, and changes to the deposits and exit mechanisms via EIP-6110/ EIP-7002. According to the announcement, the Mekong testnet will be short-lived but will encompass all the intended EIPs from the Pectra fork.
“We may see some minor spec changes or smaller EIPs, but the features included here will make it into existing public testnets and finally Ethereum mainnet,” the Ethereum’s R&D team announced.
As for the Ethereum network stakers, the R&D team announced that major changes expected through the Pectra fork will be first introduced to web3 developers through the Mekong testnet.
Impact of the Mekong and Pectra Upgrades on the Ethereum Network
The launch of the Mekong testnet is a signal that the next major Ethereum network upgrade after Dencun, which reduced fees on layer two solutions, is in the pipeline. The Pectra upgrade will further enhance the web3 development on the Ethereum network, which has emerged as the leading smart contract chain.
As of this report, the Ethereum network had a total value locked of about $53 billion and a stablecoins market cap of over $87 billion. However, the Ethereum network has faced intense competition from the Solana (SOL) network, despite having around $6.6 billion in TVL and around $3.7 billion in stablecoins market cap.
The Ethereum network remains a major gateway to the mainstream adoption of real-world assets (RWA) tokenization and web3 development led by institutional investors. As a result, the Mekong testnet and the Pectra fork will play a crucial role in the overall adoption of Ether-based web3 products in the near term.
Meanwhile, Ether price ETH $1 588 24h volatility: 0.7% Market cap: $191.68 B Vol. 24h: $10.44 B against the US dollar has gradually gained bullish momentum fueled by the resounding victory of pro-crypto candidates in the recently concluded US 2024 elections, led by President-elect Donal Trump.
The large-cap altcoin, with a fully diluted valuation of about $339 billion and a daily average traded volume of around $36 billion, pumped over 7 percent in the last 24 hours to retest a crucial resistance level of about $2,820 on Thursday, during the early New York session.
A consistent close above $2,820 in the coming weeks will propel Ether’s price toward its all-time high akin to Bitcoin BTC $84 997 24h volatility: 0.9% Market cap: $1.69 T Vol. 24h: $19.52 B .
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