**Ethereum Set for Major Upgrade to Boost Scalability**

Ethereum developers are gearing up for the Pectra fork, which aims to enhance network scalability. A key part of this upgrade is EIP-7742, designed to optimize blob-carrying transactions. Blobs are large, temporary data chunks in Ethereum transactions that make layer 2 transactions cheaper.

Christine Kim from Galaxy Digital noted that EIP-7742 will dynamically adjust blob gas targets, addressing concerns about nearing full capacity. Developer Alex Stokes added that this change will reduce the rigidity of the current system.

The Pectra upgrade is expected by late 2023 or early 2025. This move aligns with Ethereum co-founder Vitalik Buterin's vision for achieving 100,000 transactions per second.

However, scaling through layer 2 solutions has impacted Ethereum's mainnet revenue. Matthew Sigel from VanEck highlighted a 10:90 revenue split between Ethereum and its layer 2s, prompting a revision of their bullish Ether price prediction from $22,000 to $7,330 by 2030. Ether is currently trading at $2,615.