Ethereum core developer Tim Beiko posted on social media platform X earlier today (28th) that the Pectra upgrade, which launched on the Holesky testnet this Monday, has encountered issues. An execution layer (EL) bug caused a chain fork, leaving only a minority chain valid and deteriorating the network’s health. Holesky validators are required to take immediate action to address the situation.

Ethereum core developer Tim Beiko stated earlier today (28th) on social media platform X that Ethereum’s major update for this year, the Pectra upgrade, officially launched on the Holesky testnet this Monday. However, the test upgrade has encountered some issues, prompting validators to take immediate action:

“The Pectra upgrade launched on Holesky this Monday, but an execution layer (EL) bug caused a chain fork, leaving only a minority chain valid. The network’s health is deteriorating. Holesky validators need to act immediately, and some Sepolia testnet users must upgrade their clients.”

Tim Beiko added that Holesky validators need to coordinate a large-scale slashing event at 3:00 PM UTC on February 28. The specific steps are as follows:

• Update nodes
• Sync nodes to the latest state
• Use anti-slashing features only before slot 3737760

Sepolia Testnet Proceeds as Planned

Additionally, Tim Beiko reminded Sepolia node operators that the fork will proceed as scheduled on March 5 at 7:29 UTC. However, validators using Geth, Besu, Nethermind, or Lodestar must update their clients as required.

Regarding the large-scale slashing event on Holesky, Tim Beiko explained:
“While this strategy is not feasible on the mainnet, we hope to get enough Holesky validators online simultaneously to finalize a block on the correct chain. During this process, validators who previously attested to the invalid chain will be slashed. With a finalized block, consensus layer (CL) clients will find it easier to locate peers and sync to the valid minority chain. After the large-scale slashing, Holesky will experience another prolonged period (2-3 weeks) of non-finality as slashed validators exit and their stake ratio drops below 33% of the total network stake. Once this happens, validators who never attested to the invalid chain will finalize the valid minority chain. Again, this approach is not feasible on the mainnet. Consensus layer client teams are already discussing how to better force nodes to switch to the minority chain in the future. A deeper discussion on this topic is expected at next week’s ACDC (All Core Developers Consensus) meeting.”

Regarding the Sepolia testnet proceeding as planned, Tim Beiko further explained:
“The root cause of this issue is easy to fix. Some execution layer (EL) clients used the wrong deposit contract address on the testnet. Patched versions have already been released. Unlike Holesky or the mainnet, Sepolia’s validator set is permissioned, with a significant portion run by client and testing teams. This allows for quick coordination of upgrades. With this approach, only validators running Besu, Geth, Nethermind, and Lodestar need to make changes. Validators using other clients can continue running the previously announced versions. Forking Sepolia early will give us a longer Pectra testing window.”

Here’s a quick explanation:

• Holesky Testnet: The first phase of formal testing
• Sepolia Testnet: The second phase of testing

If both the Holesky and Sepolia testnets successfully complete the upgrade and achieve stability, Ethereum will determine the specific epoch for mainnet activation in subsequent All Core Developers (ACD) meetings based on the test results. Previously, the mainnet activation was expected around early April 2025. However, if testnet issues persist, the timeline may be delayed.

Ethereum Falls Below $2,100

Earlier today (28th), the cryptocurrency market faced significant pressure due to Trump’s announcement that the 25% tariffs on Mexico and Canada will proceed as planned in March, with an additional 10% tariff (increasing to 20%) imposed on China.

Now, with the Pectra upgrade seemingly encountering issues, ETH has dropped to a low of $2,092.5, marking a 9% decline in the past 24 hours.