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The number of validators has reached one million on the Ethereum network
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The number of validators has reached one million on the Ethereum network

Mar 28, 2024

The Ethereum network has reached a significant milestone, counting one million validators. Currently, 32 million ETH is staking, valued at approximately $114 billion. This represents 26% of Ethereum's total supply. The Dune Analytics dashboard, created by Hildobbi, showed that around 30% of ETH is staking through Lido pools, a liquid staking platform for proof-of-stake (PoS) cryptocurrencies.

Validators play a crucial role in ensuring the security of the Ethereum blockchain, monitoring the network for malicious transactions and participating in proposals and transaction verification. To participate in this process, 32 ETH is required, in exchange for which validators receive a small portion of ETH as a reward.

Some community members have expressed concerns that too many validators could create issues such as "stale transactions." Venture capitalist and Ethereum advocate Evan Van Ness speculated that there may already be "too much" ETH staking. In response to the growing number of validators, Ethereum co-founder Vitalik Buterin proposed penalizing validators proportionally to their deviation from the average failure rate, potentially reducing the advantage of larger ETH holders over smaller ones.

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