Coinbase has disclosed that it is the largest Ethereum node operator with 120,000 validators, claiming to stake 11.42% of all Ether with a report on validator performance.
Coinbase Validators' Efficiency and Security
According to a new report, Coinbase validators had an uptime of 99.75% in February 2025, avoiding security issues like double signing and slashing. The participation rate was noted at 99.75%, exceeding the network average.
Impact on Ethereum Decentralization
Coinbase's disclosure of its Ethereum stake has reopened centralization debates. Despite its substantial share, Coinbase claims its diverse validator set proves network decentralization. The company uses two consensus and two execution clients, covering a significant portion of the network.
Geographical Distribution of Validators
Coinbase validators operate in five countries, including Singapore, Japan, Ireland, Hong Kong, and Germany, and use two cloud providers: Amazon Web Services and Google Cloud Platform. This distribution helps avoid a single point of failure and minimize downtime.
As the largest Ethereum node operator, Coinbase emphasizes its commitment to security and resilience while striving to maintain decentralization through client diversity and geographical distribution of its validators.
