Ethereum News: Unexpected Holesky Setback Delays Pectra Upgrade

Ethereum’s much-anticipated Pectra upgrade hit a significant snag during testing, raising concerns about the network’s upgrade process and future scalability plans.

Ethereum Faces Unexpected Holesky Setback in Pectra Upgrade Testing

Ethereum’s upcoming Pectra upgrade encountered an unexpected challenge on Feb. 24 during testing on the Holesky testnet. The failure was due to incorrect deposit contract addresses used by execution clients—Geth, Nethermind, and Besu. This misconfiguration triggered an execution layer bug, causing chain splits and degrading the network’s health. Discussions have arisen about the resilience of Ethereum’s upgrade process, as Pectra is set to introduce significant changes.

Whales Stacking Up Ethereum, Price Movements Observed

Three related cryptocurrency wallets purchased substantial Ethereum, paying 39.85 million DAI for 16,114 ETH at $2,473 per unit. This buyback occurred shortly after selling ETH worth $23.46 Million at $3,246. The strategic reorganization appears to have been driven during market declines. Ethereum’s price surged by 3% for the day, approaching the $2.5K threshold, currently standing at $2,433 on CoinMarketCap with a 0.14% decline since its previous peak. The total market capitalization is $293.4 Billion, and the 24-hour volume settled at $24.35B.

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Base Unveils New Tech to Speed Up and Simplify On-Chain Operations

Base, a leading Ethereum Layer-2 network, has introduced Flashblocks, Base Appchains, and Smart Wallet Sub Accounts to enhance on-chain efficiency. Flashblocks significantly speed up block confirmation times to 200 milliseconds, making Base the fastest EVM chain to date. Base Appchains and Smart Wallet Sub Accounts aim to simplify scalability and user experience for decentralized applications.