The Ethereum network will undergo the Pectra upgrade on Wednesday, May 7, 2025, at 10:05:11 AM UTC. This is Ethereum’s most ambitious hard-fork to date, combining changes across both the Execution Layer (“Prague”) and Consensus Layer (“Electra”) with a large number of impactful Ethereum Improvement Proposals (EIPs).
The upgrade introduces enhancements that improve staking flexibility, Layer-2 scalability, and user experience (UX). Below, we summarize the major changes along with the key metrics that may be impacted.
No action is required for users of Coin Metrics’ Network Data Pro. The information below outlines the expected impact on key metrics resulting from this upgrade.
Execution Layer Changes
EIP-7623: Increase Calldata Cost
This proposal raises the cost of call data to incentivize Layer-2s to fully transition to blob-based data availability, improving efficiency and scaling. It directly impacts:
- GasUsedTx, GasUsedTxMean: Changes in call data costs may reduce average gas used per transaction.
- FeeTotNtv, FeeTotUSD: Aggregate fee metrics could reflect increased call data pricing.
- FeeWghtMeanNtv, FeeByteMeanNtv: Indicates changing dynamics in fee efficiency per byte or transaction.
- FeeRevPct: Percentage of fees contributing to total revenue may shift.
- RevNtv: Native revenue may be affected by changes in gas economics.
- FeePrioTotNtv, FeePrioTotUSD: Priority fees could see redistribution based on calldata changes.
- FeeBlobTotNtv, FeeBlobTotUSD: Blob fees will be impacted based on the new gas price parameters defined at the EIP.
Consensus Layer Changes
EIP-6110: Supply Validator Deposits on Chain
Optimizes deposit propagation, reducing validator activation delays. Affects:
- StkDepositTotNtv: Total staking deposits may accelerate.
- CapRealUSD, SplyCur: These supply-related metrics may reflect a faster inflow of validator capital.
EIP-7002: Execution Layer Triggerable Exits
Enables validator exits from the execution layer, enhancing control and decentralization. Impacts:
- StkWithdrawTotNtv: Staking withdrawals may increase post-upgrade.
- ValidatorExtUnslhCnt, ValidatorRemCnt1d: May see an uptick in validator exit activity.
- ValidatorActExtCnt: Specifically tracks the exit of active validators.
EIP-7251: Increase the Max Effective Balance
Raises the maximum effective stake per validator from 32 to 2048 ETH. Affects:
- ValidatorCnt: May decline as validators consolidate.
- SplyStkedNtv, SplyTotStkedNtv, SplyActStkedNtv: Staking supply metrics could shift.
- StkPartRateMean: Participation rate metrics may change with a more efficient validator set.
EIP-7549: Move Committee Index Outside Attestation
Improves attestation structure and network performance. Impacts:
- AttestEpochValCnt: Tracks validator participation per epoch and may change post-restructuring.
Broader Implications
These changes pave the way for a more scalable, secure, and user-friendly Ethereum. In addition to the metrics above, you may see shifts in:
- Validator onboarding/offboarding timelines
- Fee market dynamics for L1 and L2
- Staking participation and consolidation trends
As a reminder, no action is required for users of Coin Metrics’ Network Data Pro, unless you operate infrastructure interacting with affected components of these networks. Coin Metrics is actively monitoring network conditions and will continue to publish insights as the upgrade unfolds.
For an in-depth breakdown of Pectra’s core EIPs and implications, refer to our February State of the Network: Pectra: Ethereum’s Next Major Upgrade
If you have questions or need assistance interpreting post-upgrade data shifts, our team is here to help.
