What's Pectra?

The Ethereum Pectra upgrade, initially proposed as a minor update targeting the end of 2024, has evolved into one of the most substantial enhancements to the Ethereum network, with its mainnet deployment anticipated in Q1 2025. This comprehensive upgrade integrates multiple Ethereum Improvement Proposals (EIPs) aimed at enhancing scalability, security, and user experience.

💡

The Pectra upgrade is optional. Existing 0x01 validators can continue operating without changes, and there is no requirement to upgrade.

There are two main changes that are relevant to users of our API

• Increased Validator Staking Limits: EIP-7251 raises the maximum Ether (ETH) stake per validator from 32 ETH to 2,048 ETH, aiming to streamline staking operations and improve network efficiency.
• Execution Layer-Triggered Exits: EIP-7002 allows validators to initiate exits and withdrawals directly from the execution layer using their withdrawal keys. This mechanism provides an alternative to presigned Exit Messages offering increased flexibility and security for stakers.

Below we'll outline how our API products will be affected by Pectra

Migration to 0x02 credentials

Will 0x01 validators automatically migrate to 0x02 credentials?

No. Migration has to be manual via a transaction done by the owner of the withdrawal address.

How can I migrate a 0x01 validator's credentials to 0x02?

This is done by consolidating a validator onto itself (source validator == target validator), which involves creating a transaction to the contract explained here. Example transaction that consolidates this validator with itself.

Will Figment provide endpoint to consolidate validators?

Not initially.

Can I create 0x02 validators through the Figment API?

Yes. Create Validators has a credentials_prefix that takes "0x01" (default) or "0x02". We are considering other endpoints to also enable 32+ ETH depositing for 0x02 validators.

Can two different 0x01 validators be consolidated into a 0x02?

No. You cannot consolidate two different 0x01 validators and obtain 0x02 creds. You first need 0x02 credentials, then you can consolidate other validators into that 0x02.

Staking

How much can I deposit to a 0x02 validator?

You can deposit any amount between 32 and 2048 ETH. Additional ETH staked to an active validator is subject to an activation period based on the amount.

I created a 0x02 validator. How can I fund it?

Our batch contract does not support 0x02 with variable deposits amounts for now. You will need to create the staking transaction yourself.

Exiting

How can I exit a 0x02 validator?

You can exit them in 3 ways:

• through a Pre Signed Exit Message. As a reminder, they are now perpetual (download it once and use it anytime without the need to fetch them again.
• through our Exit Validators API endpoint, by specifying the validator public key
• NEW! via an Execution Layer transaction. Until now only the validator credential coudl exit validators but now the withdrawal credential can do that too. One less dependency on us.

Any changes regarding the Exit Validators API endpoint?

Yes. Our Exit Validators endpoint providers two ways to exit validators:

• by providing the specific validator pubkeys. No change from before
• by providing a withdrawal address and an amount of validators. This option will ignore 0x02 validators, as there is no way for us to pick validators based on their count given that 0x02 will now all have different balances.

Any changes regarding Pre Signed Exit Transactions (PSET)?

No. EL-triggerable exits are an improvement to exiting, but PSETs will remain functional alongside them. EL-triggerable exits reduce dependence on Figment in case we are unable to generate a PSET. Figment will keep supporting PSET.

If trigger an exit though the EL, will Figment detect it?

Yes. Figment indexes all active validators. We will catch the EL-triggered exit and this validator's status will be reflected immediately in our Figment app and our API