Ethereum’s continuous drive for innovation has brought us through various transformative upgrades over the years. From the transition to Proof of Stake with The Merge to the improved fee structures of the London hard fork, Ethereum has proven time and again that it can adapt, scale, and evolve. Now, the Ethereum community is on the cusp of something even more significant: the Pectra upgrade—Ethereum’s most ambitious overhaul yet.
The Pectra upgrade, poised to begin its roll out in early 2025, promises to push the boundaries of Ethereum's scalability, security, and efficiency, each focusing on different aspects of Ethereum’s architecture. These enhancements will ensure Ethereum is equipped to handle the next phase of decentralized applications and economic activity.
This introductory article will give you a comprehensive overview of Pectra, explain the rationale behind splitting the upgrade into two phases, and provide a sneak peek into the key staking oriented Ethereum Improvement Proposals (EIPs) that will shape the network’s future. In subsequent articles, we will dive deeper into each major EIP, exploring their implications for both developers and users.
The decision to split Pectra into two phases—Pectra A and Pectra B—was driven by the growing complexity of the planned upgrades. To manage this scope without introducing bugs or security risks, Ethereum developers opted for a phased approach, with Pectra A launching in early 2025 and Pectra B following later in the year. This approach allows for a smoother, more controlled rollout, giving developers the time to test and refine each change thoroughly.
Pectra A focuses on critical improvements such as reducing node data storage through Verkle Trees, which will lessen the load on validators, as well as introducing "smart account" features and other staking changes, like MAX-EB.
Pectra B, while not yet finalized, is expected to include PeerDAS, a feature aimed at enhancing Layer 2 scalability, along with changes to the Ethereum Virtual Machine (EVM).
Each phase of Pectra comes with its own set of EIPs, aimed at enhancing Ethereum’s performance, security, and developer experience. Some key staking-related EIPs confirmed for the first phase include:
For the full list of Pectra-related EIPs, visit this link.
The Pectra upgrade is more than just a technical enhancement—it represents the future of Ethereum. By addressing critical issues such as scalability, transaction costs, and decentralization, Pectra prepares the network to handle the demands of tomorrow’s decentralized applications.
In the following articles, we'll explore these EIPs in greater detail. From streamlining staking operations to the benefits of "MAX-EB," we’ll examine how these changes will impact the ecosystem, particularly in the realm of staking, and why they’re crucial to Ethereum's continued growth.
Stay tuned as we unpack each EIP and see how Pectra will redefine Ethereum for the years to come.
About Chorus One
Chorus One is one of the largest institutional staking providers globally, operating infrastructure for over 60 Proof-of-Stake (PoS) networks, including Ethereum, Cosmos, Solana, Avalanche, Near, and others. Since 2018, we have been at the forefront of the PoS industry, offering easy-to-use, enterprise-grade staking solutions, conducting industry-leading research, and investing in innovative protocols through Chorus One Ventures. As an ISO 27001 certified provider, Chorus One also offers slashing and double-signing insurance to its institutional clients. For more information, visit chorus.one or follow us on LinkedIn, X (formerly Twitter), and Telegram.
The cryptocurrency ecosystem experienced a remarkable month in September 2024, marked by market resilience, major network developments, and high-profile events, such as Token2049. Key networks like Bitcoin, Ethereum, Solana, and Cosmos made significant strides, and institutional momentum surged. With a blend of market performance, regulatory clarity, and network advancements, the month underscored the growing maturity and interconnectedness of the crypto landscape.
Bitcoin (BTC) defied its typical September slump, recording its best monthly performance in over a decade with a 7.3% gain and closing just above $63K. This historic uptrend pushed Bitcoin’s market cap beyond $1.2 trillion, with daily trading volumes averaging $32.4 billion. This surge in Bitcoin’s value reflects increased institutional demand, aided by global monetary easing and a weaker U.S. dollar, which created favorable market conditions.
Despite geopolitical uncertainties, Bitcoin maintained a solid position above $60K, signaling strong market confidence as investors anticipate a continued rally in “Uptober.”
In contrast, Ethereum (ETH) underperformed relative to Bitcoin, with the ETH/BTC pair hitting a three-and-a-half-year low. Still, the broader market momentum remained intact, driven by regulatory developments:
Ethereum’s ecosystem made strides in scalability and infrastructure development, though it faced challenges in price performance. Notable developments included:
September was an active month for Bitcoin staking initiatives. Babylon Labs raised its second deposit cap, opening the door for increased staking participation. With nearly 23889.62550726 BTC deposited (~$1.5B), Babylon has now claimed the spot as the third largest restaking protocol by TVL, right behind EigenLayer and Symbiotic.
The Cosmos ecosystem introduced major upgrades and partnerships:
Institutional momentum and regulatory clarity played a crucial role in September’s market performance. Alongside Bitcoin’s success, Ethereum, Solana, and Cosmos made significant progress in staking infrastructure and interoperability. The introduction of EigenLayer incentives and Solayer partnerships highlighted the importance of restaking for both network security and validator rewards.
With the UK clarifying digital asset ownership, Nigeria issuing exchange licenses, and Kazakhstan approving Binance’s operations, the global crypto landscape continues to evolve toward greater regulatory clarity and acceptance.
September 2024 marked a significant shift toward market maturity, with key networks delivering on governance, scaling, and restaking initiatives. As Bitcoin continues to trade above $60K, and Ethereum advances with Layer 2 and restaking solutions, the market is well-positioned for further growth in Q4 2024.
The market’s ability to weather geopolitical uncertainty while embracing new technologies and regulatory frameworks reflects its resilience and readiness for wider institutional adoption. The combination of network upgrades, governance innovations, and cross-chain interoperability suggests a promising future for the decentralized economy.
As we move into Q4, the focus remains on sustaining market momentum, and unlocking the full potential of (re)staking infrastructure—setting the stage for another transformative phase in the blockchain industry.
About Chorus One
Chorus One is one of the largest institutional staking providers globally, operating infrastructure for over 60 Proof-of-Stake (PoS) networks, including Ethereum, Cosmos, Solana, Avalanche, Near, and others. Since 2018, we have been at the forefront of the PoS industry, offering easy-to-use, enterprise-grade staking solutions, conducting industry-leading research, and investing in innovative protocols through Chorus One Ventures. As an ISO 27001 certified provider, Chorus One also offers slashing and double-signing insurance to its institutional clients. For more information, visit chorus.one or follow us on LinkedIn, X (formerly Twitter), and Telegram.
At Chorus One, our primary goal is to provide our users with the best possible experience across a wide variety of networks. In light of current market conditions and lower network activity, we’ve made the decision to offboard a few networks. This change allows us to streamline our focus and dedicate more resources to networks that offer stronger long-term growth and user adoption.
While we have enjoyed working with and supporting these networks, we’ve observed a few trends that have led to this decision:
If you’re currently staking tokens on any of the networks we are offboarding, please take note of the following important details:
In alignment with our focus on networks that demonstrate long-term sustainability and growth, we will be adjusting our staking fees on the following networks:
These fee changes reflect our ongoing efforts to ensure high-quality service while maintaining sustainable operations across networks with strong potential.
This decision allows us to allocate more resources and attention to the networks that show the most promise in terms of activity, user growth, and long-term sustainability. As we continue to grow and evolve, we remain committed to offering the best staking services and supporting the most innovative and active networks in the industry.
If you have any questions or need assistance with unstaking your tokens, our support team is here to help. Feel free to reach out to us via support@chorus.one.
About Chorus One
Chorus One is one of the largest institutional staking providers globally, operating infrastructure for over 60 Proof-of-Stake (PoS) networks, including Ethereum, Cosmos, Solana, Avalanche, Near, and others. Since 2018, we have been at the forefront of the PoS industry, offering easy-to-use, enterprise-grade staking solutions, conducting industry-leading research, and investing in innovative protocols through Chorus One Ventures. As an ISO 27001 certified provider, Chorus One also offers slashing and double-signing insurance to its institutional clients. For more information, visit chorus.one or follow us on LinkedIn, X (formerly Twitter), and Telegram.
On June 4th 2024, the Tezos blockchain successfully activated the Paris protocol upgrade proposal at block 5,726,209. This marks a new era for the chain, with significant effects on its Proof-of-Stake model in three key areas: Faster Finality, Higher Scalability, Stronger PoS.
We will focus this guide on the last point, and describe the new PoS mechanism brought by this upgrade, as it has a significant impact on the staking rewards that can be accrued on the blockchain.
For this upgrade, a new mechanism called “Adaptive Issuance and Staking“ has been implemented, which sets a new calendar for the inflation rewarded to bakers as well as a new staking system, adapting the economics of Tezos to fit better with real-world usage.
Adaptive Issuance means that staking rewards are no longer issued at a fixed (constant) rate, but instead will adjust depending on the share of total supply involved in staking. At the end of each cycle, the protocol adjusts reward values automatically, in order to bring the staked funds ratio towards a chosen target (50% in Paris).
Staker has also been introduced as a new role along with Adaptive Issuance. As a reminder, Tezos previously only allowed bakers (or delegators) to receive rewards through their assets. Like delegators, stakers delegate consensus and voting rights to a chosen baker. Unlike delegators, they can stake funds, which count towards their baker’s staking balance. Staked funds are frozen, and subject to slashing if the baker misbehaves.
With the new mechanism, staked funds are worth twice as much as delegated funds for the computation of consensus rights. Rewards arising from stakes are accrued automatically by the economic protocol for both bakers and stakers alike.
The other side of this coin is Adaptive Slashing. As stakers are subject to slashing if their chosen bakers misbehaves, the effect of penalties extends to more users. It becomes important then to differentiate between sporadic incidents arising from involuntary errors, from malicious, sustained attacks. This new mechanism then introduces changes in how penalties for double-signing consensus operations are computed, adapting to the fraction of the total attesting stake involved (more stake, higher penalties).
We recommend all delegators to familiarize themselves with the changes implemented in this Tezos Paris upgrade: Quick Start Guide for Adaptive Issuance.
On our side, Chorus One has implemented the Paris upgrade and is now accepting stakers. Through the previous guide, you will be able to complete the steps needed to start staking on Tezos and avoid any diminished rewards due to the new issuance model.
Please contact us if you have any issues.
About Chorus One
Chorus One is one of the biggest institutional staking providers globally, operating infrastructure for 60+ Proof-of-Stake networks, including Ethereum, Cosmos, Solana, Avalanche, and Near, amongst others. Since 2018, we have been at the forefront of the PoS industry and now offer easy enterprise-grade staking solutions, industry-leading research, and also invest in some of the most cutting-edge protocols through Chorus Ventures. We are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.
