IoTeX to Undergo Hard Fork on June 7
IoTeX announced that its Mainnet v2.4.0 upgrade will officially launch on June 7 at 23:52 UTC at activation height 48,985,561. According to the post, the upgrade introduces the EVM Pectra hard fork, native Account Abstraction via EIP-7702, enhanced network stability and simplified operations for node operators.
What is a hardfork?
The cryptocurrency mainnet operates according to certain rules. To improve network performance or correct errors, changes are periodically introduced into it. A hard fork represents changes that are not compatible with previous versions of software supporting the cryptocurrency network. In order to continue to mine the cryptocurrency, miners need to update the software.
In some cases, as a result of a hard fork, a completely new cryptocurrency may appear, as happened with Bitcoin Cash and EthereumPoW.
@iotex_io
The upcoming IoTeX L1 upgrade introduces the EVM Pectra hardfork, bringing native Account Abstraction (EIP-7702), enhanced network stability, and streamlined node operations.
Key Highlights:
🔹 EIP-7702: Smart contract
