The main exchange of crypto Coinbase said that it temporarily suspends ethereum deposits and withdrawals while the ETH network is preparing for a major upgrade.
Ethereum Pectra upgrade is scheduled for Wednesday May 7, 2025, at 3:05 a.m. PT. Pectra, a highly anticipated Ethereum network upgrade, follows a series of previous improvements under the Ethereum roadmap, aimed at optimizing the performance of the validator and rationalizing user experiences through the ecosystem.
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In a Publish on x, Coinbase said that to guarantee the safety of user funds, it temporarily breaks the deposits and Ethereum withdrawals from 2:50 a.m. to 3:45 pm. Meanwhile, the initiation of new implementation requests could be delayed up to 3:45 pm. However, existing punctuated positions will not be affected.
In a separate ad, Pax Gold (Paxg) on the Ethereum network was added to the Coinbase roadmap.
Pectra upgrade approaching
The next upgrade of the Ethereum network, Pectra, arrives on the Mainnet on May 7, in Epoch 364032. Pectra relies on the Dencun upgrade from last year and introduces features to increase Ethereum accounts, improve the validator experience and take care of the L2 scaling.
Pectra introduced EIP-7702, an important step towards generalized abstraction of accounts, allowing users to improve their accounts (EOAS) outside with intelligent contract features.
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Three new EIPs within Pectra should improve the experience of validators: 7251, 7002 and 6110. EIP-7251 increases the maximum balance on which a validator can receive rewards from 32 ETH to 2048 ETH, via an opt-in update of the type of withdrawal.
Another major change in Pectra is the EIP-7691 doubles the Blob flow of Ethereum. Blubs, introduced into Dencun upgrade, are a storage of ephemeral data that L2S can use to submit compressed transaction data and Ethereum L1 evidence. The Mainnet Ethereum currently supports on average three blobs per block, with a maximum of six to manage the peak demand. With EIP-7691, these figures will increase to an average of six and a maximum of nine.
