Ether’s market value rose 42% in five days after the successful launch of Ethereum’s Pectra upgrade on its mainnet.
On May 12, the company’s Data Racker 8Marketcap Ether (ETH) showed up Coca-Cola and Alibaba, and ranked the world’s 39th largest asset at market value. ETH traded at about $ 2,550 upon publication time, with a market cap of over $ 308 billion.
In comparison, Coca-Cola stock is about $ 70, giving it a market capital of $ 303.5 billion. ALIBABA ACCESSING TO ABOUT $ 125 WITH A MARKET VALUE OF $ 303.7 BILLION.
ETH’s recent price action comes on the heels of a network upgrade that improved storage of LAG-2 scaling data, Validator user experience and smart account wallet user experience features.
Ethereum implements Pectra upgrade on Mainnet
Originally scheduled for March 2025, Pectra faced delays after technical challenges arose during testing.
On February 24, the upgrade was implemented on Ethereum’s Holeky test network. After the implementation, the upgrade could not end on the network, which led to the developers to investigate and solve the problems. On March 5, Pectra was rolled out to the Sepolia test network, but developers encountered errors aggravated by an attacker who caused mining of empty blocks.
To further prepare for the implementation, Ethereum Core developers created a new test network called “Hood” before finally implementing the upgrade to Mainnet on May 7.
With the upgrade, external -owned accounts (EOAS) can act as smart contracts to cover gas fees and payments using tokens that are not ETH. In addition, the validator giggle limits were increased to 2,048 ETH from 32 ETH, which simplifies operations for large stakes. The upgrade also increased the number of data clues per day. Block, allowing better scalability for LAG-2 networks.
Since the upgrade, ETH’s award has escalated. On May 7, Ether traded for approx. $ 1,786 according to CoingeCKO. On May 12, Ether went as high as $ 2,550, representing a 42% increase in value.
Related: Vitalik butterin outlines vision as ethereum -o -ecosystem addresses hit new high
Security professionals warn of risks after pectra upgrade
Still introducing the upgrade security risks. After upgrading, cybersecurity experts have warned that attackers could utilize a new transaction type to control EOAs without users signing onchain transactions.
Solidity Smart Contract Auditor Arda Usman warned earlier in comments on Cointelegraph that these vulnerabilities can allow attackers to drain funds through offchain signed messages.
https://www.youtube.com/watch?v=fwo0hw_94a4
Magazine: 12 minutes of nail -biting excitement when Ethereums Pectra fork goes live