🧐 Understanding Blockchain: Pectra is a "Structural Upgrade," Not a "Narrative Upgrade" | The Deep Waters of $ETH Have Begun —

Introduction:

I believe that Ethereum, in a multi-chain, modular, and data sovereignty era, is the "law + land + currency" of the modular world, not merely an L1, but rather a "digital financial sovereignty layer."

The Pectra upgrade is about to go live —

The Pectra upgrade integrates the "Prague" and "Electra" upgrade plans, aiming to enhance network efficiency and security.

It includes 11 Ethereum Improvement Proposals (EIPs), focusing on scalability, staking optimization, and smart wallet functionality.

Key upgrades include: introducing account abstraction mechanisms (EIP-7702), increasing the validator cap (EIP-7251), and doubling the data block (Blob) throughput (EIP-7691) to reduce Layer 2 transaction costs.

1️⃣ Core Highlights of the Pectra Upgrade —

1) EIP-7251: Increase the maximum staking cap for validators;

Raising each validator's staking cap from 32 ETH to 2048 ETH significantly optimizes staking efficiency.

This benefits large nodes/institutions by simplifying management and improving the balance between network decentralization and security.

2) EIP-3074: Enhance EOA functionality, improving wallet programmability;

Allows traditional wallets to perform advanced operations like batch execution and signature authorization, similar to smart contract accounts.

Paving the way for the subsequent "account abstraction (ERC-4337)."

3) Preliminary work on Verkle Tree;

Although Verkle Tree is not directly launched, it lays the groundwork for significantly improving data compression efficiency in the future, making it friendly for operating nodes.

4) Follow-up optimizations for Proto-danksharding (EIP-4844);

Pectra will continue to lay the foundation for Layer 2 optimizations, promoting the macro strategy of "Ethereum as a settlement layer."

2️⃣ Possible Market and Price Impacts —

In the short term, Pectra may not trigger a major market movement (unlike The Merge, which had direct deflationary logic), but in the medium to long term:

✅ Positive Factors:

Improved staking efficiency → More ETH locked up, reducing circulation;

Enhanced account abstraction → Lowers the usage threshold, benefiting user growth, especially for Layer 2 wallets;

Layer 2 ecosystem benefits → Reduces gas burden, enhances scalability;

Improved infrastructure → Friendly for institutions, making ETH's long-term investment value clearer.

⚠️ Risks or Neutral Factors:

Insufficient narrative, market expectations are muted;

ETH prices are already dominated by macro factors (such as Federal Reserve interest rates, risk asset preferences);

Larger bull market triggers like Verkle Tree and PBS are still expected in the next round (anticipated 2026-2027).

3️⃣ My Judgment on ETH's Future Trend (in conjunction with Pectra) —

As I mentioned in my previous article, ETH is evolving from an "asset" to an "infrastructure protocol," and Pectra is a key link in this evolution, akin to "quietly laying the groundwork for future explosions."

In 2025, ETH is still likely to experience structural fluctuations, with Pectra serving more as a staging point rather than a market ignition point;

The real explosion may occur when the next bull market coincides with the upgrades of Verkle Tree + PBS + Rollup integration.

In Conclusion —

To summarize in one sentence: Pectra is a "structural upgrade" rather than a "narrative upgrade," with its true significance lying in building the future operating system for ETH, rather than creating short-term speculation.

It may not be the peak of the market, but it is likely one of the underlying turning points for the future explosion of the ETH ecosystem.

Ethereum initially was just a vision of a "decentralized world computer." But now, it is gradually becoming: "a global consensus layer + settlement layer + state layer + modular ecological center."

In other words, the value of ETH itself is not just as a currency for gas fee payments, but as a "core protocol for financial and data sovereignty," much like today's TCP/IP for the internet.

If you are a long-term thinker, the value line of ETH is not "how much it is worth in USD," but rather: "in a multi-chain, modular, and data sovereignty era, it is the 'law + land + currency' of the modular world, not merely an L1, but a 'digital financial sovereignty layer.'"

It does not become a narrative symbol like BTC, but rather resembles the true "soil being used" in the Web3 world.

It is becoming the financial hub, legal foundation, and operating system of the entire multi-chain era.

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