According to Cas Abbé on Twitter, Ethereum's Pectra upgrade is now live on mainnet, marking the largest update since The Merge. This upgrade introduces active smart account wallet UX features, doubles L2 scaling data storage blobs, and brings live validator UX improvements. These enhancements are expected to increase Ethereum's throughput and efficiency, potentially driving higher on-chain activity and impacting ETH price action as traders anticipate improved Layer 2 adoption and network utility (source: @cas_abbe, May 7, 2025).