A highly anticipated upgrade to the Ethereum (ETH) blockchain network has been postponed following disappointing initial tests.
The Pectra upgrade, which is Ethereum’s biggest upgrade in a year, has been put off following what’s being described as two “buggy test runs.” Consequently, network developers have decided to postpone the upgrade pending further trials.
The Pectra upgrade is designed to improve Ethereum’s speed and ease of use. The decision to postpone the upgrade comes after Pectra’s tests on Holesky and Sepolia, Ethereum’s two primary test networks, each encountered bugs.
Additional Tests Needed
Developers say that Pectra needs to undergo additional testing before it goes live on Ethereum’s main network. It is not clear when the Pectra upgrade will now be completed. However, Pectra is set to be one of the Ethereum blockchain’s most ambitious and consequential changes to date.
The upgrade is aimed at improving ease of use for both users and operators of the network. The upgrade is also supposed to give crypto wallets some smart contract capabilities. Ethereum is trying to better compete against other cryptocurrencies such as Solana (SOL).
The price of Ethereum has declined 34% so far this year.
Is ETH a Buy?
Most Wall Street firms don’t offer ratings or price targets on Ethereum , so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of ETH has declined 45% in the last 12 weeks.
