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Despite Ethereum’s development, this group isn’t interested in ETH right now

2min Read

Ethereum leads the pack in development activity among all other networks.

Despite Ethereum's development, this group isn't interested in ETH right now

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  • Ethereum outperformed all other networks in terms of development activity.
  • Whale interest in ETH declined significantly in the last few days.

The recent buzz around ETFs on the Ethereum [ETH] network did not interrupt development activity on the Ethereum network one bit.

Development on the rise

Ethereum had one of the highest number of code commits and active developments on its network.

Source: X

What exactly are the devs up to?

In the recent developers call, Ethereum developers ironed out details for the upcoming Pectra upgrade to the Ethereum system. Pectra is being rigorously tested on special test versions, called Devnets, before going live.

The next test version, Devnet 1, will introduce two major changes. First, it will implement a more efficient way for validators, the special computers that verify transactions, to work together.

Second, it will introduce a new system called EIP 7702. This system allows users to grant permission to other programs to control their transactions, similar to giving someone a key to your digital wallet.

However, there’s an ongoing debate about how users can take back this permission if needed. Developers are scheduled to meet again to finalize this crucial aspect of EIP 7702.

Beyond the Pectra upgrade, the meeting also covered progress on other Ethereum developments.

For EOF, a separate upgrade focused on data storage, testing of client implementations will begin after finalizing Pectra changes.

The EOF team will provide more tests to aid development. Additionally, EOF meetings have shifted to bi-weekly as specifications are finalized.

For PeerDAS, another independent upgrade enhancing validator communication, the next testnet launch is expected within two weeks. Unlike Pectra, PeerDAS will use finalized Dencun specifications.

The meeting also included announcements. A new standardized format for writing improvement proposals was suggested to ensure better reviews.

Notably, a new GitHub resource page “eth-clients” was introduced for Ethereum developers.

ETH remains stable

At press time, ETH was trading at $3,494.20, with its price had grown by 0.12% in the last 24 hours. Retail interest in ETH was rising.

Read Ethereum’s [ETH] Price Prediction 2024-2025

Accumulation by addresses ranging from the 0.001 to 10 cohort collected large amounts of ETH over the last few days. Whales did not show similar interest in ETH and were letting their holdings go.

Even though this selling pressure is being absorbed by retail investors, a reversal in whale sentiment would be required for ETH to see green again.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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