Coinbase has temporarily halted Ethereum deposits and withdrawals as the network prepares for a critical upgrade. According to a post on X, the pause began at 2:50 a.m. PT and will last until 3:45 a.m. PT on May 7, 2025.
The exchange stated that this temporary action protects funds because of the Pectra upgrade to the Ethereum network. ETH staking ability could experience a temporary delay while this period continues, yet all active stake positions remain untouched.
Petra, scheduled to go live at epoch 364032, marks the next phase in Ethereum’s development roadmap. The upgrade builds on the momentum of last year’s Dencun upgrade and introduces several key proposals designed to enhance network performance.
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New Proposals Aim to Reshape Ethereum Accounts and Validator Operations
Is EIP-7702 a proposal that brings smart contract functionality to regular Ethereum accounts? This development pushes Ethereum closer to complete account abstraction, changing how users interact with the network.
One important enhancement in the upgrade introduces EIP-7251, which allows validators to earn rewards of up to 2048 ETH versus the previous maximum of 32 ETH. For this choice to take effect, validators need to activate it by updating their withdrawal credentials.
EIP-7002 and EIP-6110 run as part of Pectra’s rollout to advance validator operation flexibility and efficiency. The update’s enhanced features simplify staking operations while providing validators with improved management tools.
EIP-7691 represents a key feature that will increase Ethereum’s blob throughput by 100 percent. The Dencun upgrade introduced Blobs to L2 rollups, making it possible to send compressed transaction data to Ethereum L1. The disclosure increases blob block capacity to reach six blobs for typical blocks and shows an ultimate peak at nine blobs.
Coinbase released another statement about adding PAX Gold (PAXG) to Ethereum’s asset roadmap. The recent addition of PAX Gold to Ethereum has happened as digital asset adoption on the platform has increased.
Conclusion
Coinbase’s sudden suspension of ETH transfers reflects the high stakes of Ethereum’s Pectra upgrade. With new features set to change how users and validators engage with the network, the brief pause signals a major transition for the blockchain.
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