Ethereum is preparing for the next major phase of development by launching the Mekong test network in preparation for the upcoming Pectra upgrade. The leading smart contract platform faces challenges from new competitors, especially regarding transaction speed and cost. High gas fees on the main Ethereum network remain an issue, particularly for users trading popular meme coins, while other blockchains, such as Solana, offer more affordable solutions.
To address these issues, the Ethereum community launched the Mekong test network — an experimental platform where new features of the Pectra upgrade can be tested. This network serves as a venue for developers, allowing them to test ideas and identify bugs before fully implementing updates. The Pectra hard fork, scheduled for early next year, promises significant improvements, especially in the area of staking. Among the innovations are enhanced deposit and withdrawal processes, optimized reward distributions, and refined wallet interfaces for user convenience.
The Pectra upgrade is also aimed at increasing the scalability of the network, which should reduce the load and improve operations with meme coins like Pepe and the recently launched Pepe Unchained. Pepe Unchained is a new project on the Ethereum layer two platform, raising over $25 million in its presale stage, and it is particularly sought after due to its focus on the meme coin sector.
The Mekong test network was opened to developers on November 7 during the Devcon event in Bangkok, but unlike other test networks, it will only be available for a limited time and will then be shut down.
Pectra is expected to become an important milestone for Ethereum, following the success of the previous Dencun upgrade, which reduced transaction costs at layer two by 90%. Although activity in the ecosystem has increased, prices for $ETH have remained under pressure; however, the transition to a more deflationary model, according to Ultra Sound Money, is shaping long-term positive prospects for the network.
Ahead of the Pectra launch on the market, optimism remains. Investors are gradually buying ETH on corrections, anticipating a rise to $3500. Technical analysis also supports this picture: key support#ETH is in the range of $2700–$2800, while resistance is at $3000 and $3500, corresponding to previous peaks.
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