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In recent Ethereum news, the Pectra Upgrade has successfully finalized the Hoodi testnet after facing disruptions on Holesky and Sepolina.
The launch of the Hoodi testnet now paves the way for the Pectra mainnet to debut in April.
Analysts and investors believe the potential Pectra mainnet launch will benefit the general Ethereum ecosystem.
They also anticipate that the ETH price will rally to new highs once Pectra goes live on the mainnet.
Latest Update on Hoodi Testnet and Pectra
Market researcher Christine Kim announced the deployment of the Pectra upgrade on the Hoodi testnet.
She added that network participation rates have been high since Hoodi’s launch. The testnet is expected to provide a stable environment for validator-related testing.
Kim added that she expects developers, infra providers, and applications to begin testing Pectra features like validator deposits and consolidations on Hoodi.
Ethereum developers had initially introduced other testnets like Holesky and Sepolia before informing the public about the launch of Hoodi.
However, both faced configuration issues that affected their performance.
The Holesky testnet faced challenges with client software misconfiguration, which prevented finality.
Similarly, Sepolia failed to finalize Pectra due to a flawed deposit contract that triggered incorrect events.
The issue worsened after an unknown attacker used an “edge case” to cause the mining of empty blocks.
This informed the reasons for the Hoodi testnet to better prepare for the Pectra mainnet launch.
The Next Step for Pectra Upgrade
As reported in recent Ethereum news, as Hoodi testnet is now live, Pectra may hit the mainnet as early as April 25.
Ethereum developers plan to keep Hoodi stable to provide a sustainable and reliable staging environment.
Hoodi will maintain a similar configuration and validator counts as the Ethereum mainnet.
Several reports suggest Hoodi will host 1 million validators and also serve as the primary location for staking provider testing.
Therefore, Pectra’s successful mainnet launch could boost investor confidence and staking participation.
It may also strengthen Ethereum’s position as a leading smart contract platform.
Pectra will bring several features to Ethereum, like transaction batching and sponsored transactions.
The upgrade will also increase the maximum staking balance from 32 ETH to 2,048 ETH.
This will enable validators to consolidate their holdings and expand blob spaces within Ethereum blocks.
In addition to Pectra, Ethereum developers are considering a proposal, EIP-7688, which introduces stable data structures for consensus and will help maintain consistency across network forks.
Ethereum News: Price Breakout Imminent?
The price of ETH continues to fluctuate ahead of the Pectra upgrade.
Historically, major upgrades have led to price surges. However, volatility remains in the Ethereum network.
At press time, the ETH price is $2,028.35, down 2.26% in the last 24 hours and up around 1.1% over the past week.
However, the daily trading volume has surged by 5.73% to $12.41 Billion, suggesting investors’ renewed interest.
Many experts maintain that any major delays or technical challenges might trigger short-term sell-offs with the current volatility.
Despite the recent market weakness, Ethereum’s on-chain data reveals rising network engagement.
Daily active addresses spiked from 346,000 to 361,000 based on the 7-day moving average.
Ethereum’s stablecoin balance surged 61.5% in 12 months, reaching $129.4 Billion. This data puts ETH on a good path towards hitting new highs.
Besides, data from Ali Martinez confirms ETH now faces strong resistance at $2,300.
