A new update regarding Ethereum’s Pectra update has been shared. According to Christine Kim, Vice President and researcher at Galaxy Digital, developers discussed this update during the 144th All Core Developers Consensus Meeting (ACDC). As a result of the meeting, it was decided to include EIP 7742 in the Pectra update.
Details of EIP 7742 and EIP 3074
EIP 7742 aims to provide the ability to dynamically adjust blob gas targets and maximums in Ethereum 
$3,139’s Consensus Layer. With this change, the network will have more flexible gas management. Additionally, the number of blobs on the network is expected to increase with the Pectra update.
Kim noted that there is a high likelihood of incorporating other scalability improvements, such as gas limits or slot durations, in this update. These innovations aim to further enhance the performance of the Ethereum network.
Key Features of the Pectra Update
The Pectra update is planned to be implemented by the end of 2024 or early 2025. In addition to EIP 7742, EIP-3074 will also be a significant part of Pectra. EIP-3074 introduces a social recovery feature, allowing users to recover lost private keys.
This innovation brings smart contract capabilities to Ethereum wallets, enabling users to delegate their assets to an “invoke” contract. As a result, wallets can be used more flexibly and securely.
Developers are taking additional steps to ensure the reliability of invoke contracts with the Pectra update. These contracts will minimize security risks by connecting users with audited and secure options. Furthermore, with the social recovery feature, users will not need to hold Ethereum in their wallets to send transactions, as the invoke contract can prepay transaction fees.
Other Updates in Ethereum
In August, Go Ethereum (Geth), one of the most widely used clients of Ethereum, released version 1.14.18 in preparation for the Pectra update. This update includes important revisions that improve network performance and fix bugs.
Ethereum co-founder Vitalik Buterin continues to work tirelessly to enhance the network’s scalability. Recently, Buterin has reintroduced the concept of “economic certainty” to strengthen the Proof-of-Stake (PoS) system.
At the end of July, another Ethereum client named Nimbus also released version 24.7.0 to prepare for the Pectra update.
