Ethereum Network Approaches One Million Validators
The Ethereum network has seen a surge in validator numbers, nearing one million in count.
On-chain data from Beacon Chain and Ethereum’s Validator Queue indicate an active validator count of 979,686. However, a Dune Analytics dashboard by Dragonfly analyst Hildobby suggests the total number on the network surpasses one million.
These validators have staked a collective 31.36 million ETH, around 26% of the digital asset’s total supply. Most validators staked their assets via the liquid staking platform Lido, accounting for roughly 30% of staked ETH, according to Nansen data.
Validators play a crucial role in maintaining network security through Ethereum’s proof-of-stake mechanism. Requiring a minimum stake of 32 ETH, they receive ETH rewards in return.
An increasing number of validators signifies a stronger network and heightened security.
This milestone is significant amid a surge in validator interest, with a queue of over 10,000 validators awaiting network entry—the highest seen this year. This waitlist, representing over 320,000 ETH (worth $1.1 billion), is expected to clear within seven days.
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Vitalik Buterin, Ethereum’s co-founder, proposed improvements to the network’s staking mechanism. He suggested penalties for validators proportional to their average failure rates to address advantages larger ETH stakes have over smaller ones. Stricter penalties were recommended for simultaneous failures among validators controlled by one entity.
According to Buterin, these measures would encourage larger entities to diversify operations, reducing the risk of widespread network failures.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
