Coinbase Halts Ethereum Deposits/Withdrawals for Pectra Upgrade
1min read Coinbase has announced that it will temporarily suspend Ethereum network deposits and withdrawals on May 7th to support the Pectra upgrade. This suspension is scheduled to occur between 17:50 and 18:45 Beijing Time. The upgrade, which is set to take place at 3:05 am Pacific Time, is a significant event for the Ethereum network, aimed at enhancing its functionality and security. Coinbase's decision to halt these services is a precautionary measure to ensure the safety of user funds during the upgrade process.
New pledge requests will resume processing after 18:45, and existing pledge positions will remain unaffected. This temporary suspension underscores the importance of the Pectra upgrade and its potential impact on the Ethereum ecosystem. The upgrade is expected to boost Ethereum's usage and lead to higher transaction volumes in the near future, although the exact extent of these improvements remains to be seen. The successful deployment of the Pectra upgrade on the Sepolia testnet marks a major milestone in its development, indicating that the upgrade is on track for a smooth implementation.
Coinbase's proactive approach to managing this upgrade demonstrates its commitment to maintaining the security and reliability of its services for users. The Ethereum Pectra upgrade is a critical development for the network, and Coinbase's actions reflect a broader trend in the cryptocurrency industry towards prioritizing user security and system stability during major network upgrades.
Ask Aime: Coinbase Suspends Ethereum Services Before Pectra Upgrade
