The Ethereum platform is getting ready for a significant update, which might transform fee payment for operations. The new feature – Pectra update
Ethereum is preparing for a major update that could change how users pay fees for operations. The new feature, part of the Pectra update in March 2025, will allow users to pay with ERC-20 tokens, such as SHIB. This will be made possible by the introduction of account abstraction, which is also expected to enhance transaction methods and provide greater flexibility.
Currently, Ethereum users are limited to paying gas fees with the native cryptocurrency, ETH. However, Pectra will enable the use of other erc-20 tokens, like USD Coin (USDC) and DAI, for this purpose. This adjustment permits tokens such as Shiba Inu to be used for gas fee transactions.
Shiba Inu’s participation in the upgrade was a matter of focus in the crypto space. However, it is not clear whether BONE and TREAT, the tokens native to the Shiba Inu ecosystem, will also be incorporated. If successful, Ethereum users will be able to transact in SHIB for token movements, NFTs, and other activities on dApps.
Shiba Inu’s marketing lead, Lucie, had earlier stated that it was not possible to pay fees with SHIB. She attributed this to technical difficulties that have so far posed challenges. But the new update, Pectra, can facilitate the gas payment options and introduce new tokens like Shiba Inu tokens.
Pectra will also undergo several other significant enhancements. Among the major changes is the increase in the staking amount for Ethereum from 32 ETH to 2,048 ETH. This adjustment aims to improve the staking effectiveness for Ethereum and enhance the network’s overall capacity. Additionally, the update will enrich all smart contract capabilities and address the issue of storage within the network.
Ethereum developers recently encountered a setback when Pectra failed to reach consensus on the Holesky testnet. The team swiftly responded, noting that it was a one-off occurrence and could be rectified. As a result, the upgrade will proceed as planned, with the next testnet set for March 5, 2025, on Ethereum’s Sepolia testnet.
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