As Ethereum locks in its Pectra fork for May 7, attention is shifting to what comes next. At this week’s All Core Devs call, developers mapped out final steps for Pectra and began defining the scope of Fusaka — the 2025 upgrade centered on PeerDAS, EOF, and performance-focused improvements.

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DXY vs. US10Y:

The US Dollar Index (DXY) is collapsing even as 10-year Treasury yields rip higher — now at 4.46%. This decoupling is rare in developed markets and typically reserved for moments of acute stress in emerging economies.

If today’s daily candle on the DXY closes this week below 100, DXY will break below its July 2023 lows. It will threaten a major technical breakdown, closing below its 200-week moving average for the first time since November 2021.

This kind of divergence — surging bond rates alongside a falling dollar — raises red flags. It implies that despite higher yields, capital is exiting US assets.

If the dollar can't find a bid here, brace for spillover effects across risk assets.

— Macauley Peterson

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Ethereum’s Fusaka fork takes shape

With the Pectra fork now scheduled for May 7, Ethereum core developers have begun to shift their focus toward defining the next major upgrade: Fusaka. During yesterday’s All Core Devs call, the teams aligned on Pectra client release deadlines and began CFI’ing (considering for inclusion) a new set of EIPs for Fusaka.

Client releases for Pectra are expected by late next week, followed by a public announcement around April 22–23. Barring any last-minute issues, nodes will simply need to upgrade in time for the fork on May 7.

One proposal that didn’t make the cut: a small change to EIP-7702 that would have added an "authorization success" flag to transaction receipts. While it would have simplified tooling for account abstraction workflows, client teams warned it was too late in the cycle, and agreed to revisit it post Pectra.

Performance first, with room for growth

Fusaka’s scope is now coming into focus. Devs reaffirmed that PeerDAS and EOF will remain its cornerstone features. The call then moved to evaluate which additional EIPs to include without derailing the 2025 timeline.

Coordinator Tim Beiko set the table: “I think the one thing that literally every single team agreed on with regards to their prioritization is that we should ship Fusaka in 2025, that PeerDAS should be in it,” Beiko said.

Among those CFI’d:

• EIP-7825: Introduces a transaction gas cap, preventing single transactions from monopolizing entire blocks — critical for parallel execution and fair bundling.

• EIP-7907: Raises the runtime code size limit while metering costs more fairly. An init code size increase will also be bundled in.

• EIP-7823: Caps modexp input size, helping reduce attack surface and memory bloat.

Blob fee market fixes: Two mutually exclusive EIPs (7918 and 7762) propose more responsive fee floors for blob data. Both were CFI’d for further discussion.

Raising the global gas limit was discussed at length but left unresolved. Teams acknowledged performance improvements are increasingly essential and should be factored into future forks, even if it means fewer new features per upgrade.

As Pectra enters its final testing phase, dev coordination is getting a shake-up. The ACD calls will now focus exclusively on future forks, while a separate weekly ACD Testing call will handle implementation details for current ones starting with Fusaka. Teams are also invited to contribute to the upcoming “Pectra Pages,” a retrospective effort collecting reflections from client teams, due April 28.

Thanks to narrowing scope decisions and core consensus solidifying, Ethereum’s 2025 roadmap is starting to look less like a brainstorm session and more like an engineering plan.

Some things naturally had to be put off. During the call, Hadrien Croubois presented EIP-7819 — a proposal to generalize 7702-style delegation for smart contracts — live from his local maternity ward, just hours after the birth of his daughter!

“My baby was just born this morning,” Croubois said, explaining his poor audio quality. Now that’s core dev energy! Someone get that man a POAP!

“I think the rule is that we owe him a celebratory EIP inclusion now,” EF researcher Ansgar Dietrichs wrote in the live chat.

Unfortunately, while EIP-7819 ultimately wasn’t included in Fusaka, it will be re-evaluated — alongside those not in time to be CFI’d — for the next fork, known as Amsterdam.  In any case, the moment instantly joined the pantheon of ACD lore.

“We’ll talk to you all next week and let’s get Pectra shipped,” Beiko wrapped.

— Macauley Peterson