Ethereum flips Coca-Cola and Alibaba as ETH gains 42% in 5 days

6 hours ago

Ether’s marketplace capitalization surged 42% successful 5 days pursuing the palmy motorboat of Ethereum’s Pectra upgrade connected its mainnet.

On May 12, the institution information tracker 8marketcap showed that Ether (ETH) surpassing Coca-Cola and Alibaba, ranking arsenic the world’s 39th-largest plus by marketplace capitalization. At work time, ETH was trading astatine astir $2,550, with a marketplace headdress exceeding $308 billion.

By comparison, Coca-Cola banal trades astatine astir $70, giving it a marketplace headdress of $303.53 billion. Alibaba banal trades astatine astir $125, with a marketplace capitalization of $303.72 billion.

ETH’s caller terms enactment comes connected the heels of a web upgrade that improves the retention of layer-2 scaling data, validator idiosyncratic acquisition and astute relationship wallet idiosyncratic acquisition features.

Ethereum implements the Pectra upgrade connected mainnet

Originally scheduled for March 2025, Pectra faced delays aft method challenges arose during testing.

On Feb. 24, the upgrade was deployed connected Ethereum’s Holesky testnet. Following the deployment, the upgrade failed to finalize connected the network, starring the developers to analyse and code the issues. On March 5, Pectra was rolled retired to the Sepolia testnet, but the developers encountered errors made worse by an attacker who caused the mining of bare blocks.

To further hole for the deployment, Ethereum halfway developers created a caller testnet called “Hoodi” earlier deploying the upgrade to the mainnet connected May 7.

With the upgrade, externally owned accounts (EOAs) tin enactment arsenic astute contracts to screen state fees and payments utilizing tokens that are not ETH. In addition, validator staking limits were accrued from 32 ETH to 2,048 ETH, simplifying operations for ample stakers. The upgrade besides increases the fig of information blobs per block, allowing amended scalability for layer-2 networks.

Since the upgrade, ETH’s terms has started to skyrocket. On May 7, Ether traded astatine astir $1,786, according to CoinGecko. On May 12, Ether went arsenic precocious arsenic $2,550, representing a 42% summation successful value.

Security professionals pass of risks station Pectra upgrade

However, the upgrade introduced imaginable information risks. Post upgrade, cybersecurity experts warned that attackers could exploit a caller transaction type to power EOAs without users signing onchain transactions.

Solidity astute declaration auditor Arda Usman antecedently cautioned successful comments to Cointelegraph that these vulnerabilities could let attackers to drain funds done offchain signed messages.