- Developers had concerns about 3074 EIP in the recent Ethereum developers call.
- ETH price plummeted, on-chain metrics remained positive.
Ethereum [ETH] The latest Dencun update was a success that helped many L2 solutions reduce fees to extremely low levels.
Following this update, Ethereum developers set their sights on their next update, Prague, in their recent call.
New developments
Ethereum’s Pectra upgrade, scheduled for late 2024 or early 2025, is expected to bring new features to crypto wallets, improving the user experience.
Ethereum Improvement Proposal (EIP) 3074 allows regular crypto wallets to function as smart contracts.
A key aspect of EIP-3074 is its ability to bring smart contract capabilities to standard wallets, such as MetaMask.
Additionally, it allows a third party to cover the gas fees associated with a user’s transaction, potentially making transactions more affordable for users.
It also includes features such as transaction pooling, which reduces the need for multiple signatures, and sponsored transactions, which allow wallets to delegate funds for the use of others, similar to ERC-4337’s account abstraction.
Some developers argue that the proposed changes to EIP 3074 to allow broader use cases and global message revocation significantly increase its complexity, making it difficult to implement and potentially introducing security risks.
Due to these circumstances, the developers decided to hold a separate meeting to discuss the technical aspects of EIP 3074.
Its objective is to reach a consensus on its implementation in a way that satisfies everyone, given its controversial nature.
ETH Status
The developments taking place on the Ethereum network can greatly influence the price movement of ETH in the future.
At press time, ETH was trading at $3,170.97 and its price had fallen by 4.48% in the last 24 hours. However, the volume at which ETH was traded had grown by 9.33% in the same period.
Speculation around ETH spot ETFs was one of the main drivers of ETH price movement in recent days.
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Despite the recent price drop, on-chain metrics provided a positive picture. Network growth for ETH also increased during this period, indicating that the number of new addresses showing interest in ETH had increased.
This renewed interest may help ETH see further bullish momentum in the future. Along with that, the speed also increased, indicating a higher trading frequency for ETH.
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