The update would add an improvement proposal inclusive of new operating instructions for wallets that give them smart contract-like features.
Ethereum’s Pectra upgrade, slated for late 2024 or early 2025, is bringing with it a host of more functionality for crypto wallets and upgrades to their user experience (UX).
Ethereum Improvement Proposal (EIP) 3074 was approved for inclusion in the next update, which allows normal crypto wallets to work like smart contracts.
One of EIP-3074’s functions gives standard externally owned accounts (EOAs), normal wallets such as a MetaMask wallet, smart contract capabilities.
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Source: https://cointelegraph.com/news/ethereum-pectra-hard-fork-upgrade-smart-wallets-eip-3074