Ethereum Network Achieves One Million Validators, Securing $114 Billion in Staked Ether
The Ethereum network has surpassed one million validators, with approximately 32 million Ether, worth around $114 billion, staked within the network.
According to data from the Dune Analytics dashboard , which tracks Ethereum staking progress, the validator count reached the one million mark on March 28.
The 32 million ETH staked represents approximately 26% of the total supply, highlighting the substantial commitment to Ethereum’s proof-of-stake (PoS) consensus mechanism.
Among the staking options available, about 30% of the ETH is staked through Lido, an Ethereum staking pool that allows users with smaller amounts of ETH to pool their assets and participate in the staking process.
Validators play a crucial role in maintaining the security of the Ethereum blockchain by monitoring transactions for any malicious activities, such as double-spending.
In Ethereum, validators propose and validate transactions within the network, requiring a stake of 32 ETH.
In return for their participation, validators receive rewards in the form of a portion of ETH.
While a higher number of validators generally enhances blockchain security, some members of the Ethereum community express concerns about potential issues arising from an excessive number of validators.
Evan Van Ness, a venture investor and Ethereum advocate, suggests that there may already be “too much” staked.
Gabriel Weide, operator of a staking pool, warns that an abundance of validators could lead to an increase in “failed transactions.”
Nr. of validator is issue (too many can ultimatively lead to failed transactions). But the max. effective staking amount (>32ETH) should mitigate that risk.
— Gabriel Weide (@AlphapingG) March 27, 2024
Addressing the network’s
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