We know the Ethereum price is going crazy, we recognize the headlines, and crypto-sphere is abuzz with all things Pectra upgrade. However, before everyone pops their celebratory champagne cork, let’s look at the project and start asking one key question. Whose champagne are we really celebrating? Will Pectra help create a more equitable Ethereum, or just further entrench the power of the powerful? The devil, of course, is in the details – and in the EIPs.

Pectra: A Rising Tide Lifts All Boats?

Common wisdom holds that a rising tide lifts all boats. Now imagine that some of those boats are yachts, and others are leaky dinghies. The Pectra upgrade aims to improve staking efficiency, network scalability and governance. Sounds great, right? Who benefits most from efficient staking? Or those of us with huge piles of ETH to stake. It’s the whales that go the deepest–swim the fastest, healthiest, they go furthest!

The hopeful story here is that lower barriers are being introduced, but are they? Within those efforts, and even more importantly, are the voices of everyday users finally being heard? Or is the implementation process already being hijacked by those with the most powerful stakeholders?

I'm not saying Pectra is inherently bad. The prospect for more centralization, that’s the dark side of that coin, is a very frightening prospect and we need to be real about that. Remember the Occupy movement? The anger at the 1%? We’re seeing the same exact dynamics here, just in a decentralized setting.

Solana's DEX Dominance: A Wake-Up Call

Ethereum's DEX volume is impressive, sure. But let's not ignore the elephant in the room: Solana is eating its lunch. Solana's DEX activity is outperforming Ethereum. That's a problem. And here’s the unexpected connection: Solana's rise is, in part, fueled by frustration with Ethereum's gas fees and perceived complexity. Arbitrarily high gas fees function as a regressive tax on smaller users, moving them to seek out alternatives.

Is Pectra addressing this core issue effectively? Will it really make the average user’s gas fees significantly cheaper? If so, won’t most of the actual benefits just accrue to high-frequency traders and DeFi power users? Without this, if Pectra doesn’t improve Ethereum’s accessibility and usability, it might actually speed up our exodus to the competing chains. And that, dear reader, would be a crime.

Community Voice; Who Is Really Heard?

At its core, this is the beauty of Ethereum—the collaborative, community-driven ethos. On the surface of things—that may seem like a pretty community driven upgrade process. Was the peace, responsible, pro-decentralization voice of the average ETH holder finally being heard? Or is the conversation being hijacked by VCs, big staking pools, and powerful devs?

This isn’t purely about investing in technical upgrades, this is a conversation that gets to the core of power dynamics. It’s about making sure Ethereum is a space for the many, not a playground for the privileged.

Here's a thought experiment: Imagine Ethereum as a public park. Is that the kind of park we want—one dotted with golf courses and private enclaves for the 1 percent? Or do we imagine a new town square or park filled with greenery and accessible to all? Pectra represents an opportunity to create the latter, but we can achieve that only if we’re intentional and willing to struggle against the tide of centralization.

Ethereum’s power lies in its ability to be that revolutionary force for good. It’s up to us to make sure that this promise enables us to have an empowered citizenry. If we don’t, it will just help the whales. We shouldn’t allow Pectra to be another lost opportunity.

  1. Educate Yourself: Dive deep into the EIPs included in the Pectra upgrade. Understand the potential implications for different user groups.
  2. Engage in the Conversation: Participate in online forums, social media discussions, and governance proposals. Make your voice heard.
  3. Support Projects that Promote Decentralization: Invest in and support projects that are committed to building a more equitable Ethereum ecosystem.
  4. Demand Transparency: Hold Ethereum developers and governance bodies accountable for their decisions. Demand transparency in the upgrade process.

Ethereum has the potential to be a revolutionary force for good. But that potential will only be realized if we actively work to ensure that it empowers the people, not just the whales. Let's not let Pectra become another missed opportunity.