The Ethereum network has achieved a significant milestone, surpassing one million validators, with approximately 32 million Ether currently staked, valued at around $114 billion. Here are the key details:
The Dune Analytics dashboard, created by Hildobby to track Ethereum staking progress, revealed that the network reached a validator count of one million on March 28.
The 32 million ETH staked represents about 26% of the total supply of Ether.
Approximately 30% of the ETH is staked using platforms like Lido, a popular liquid staking platform for proof-of-stake (PoS) cryptocurrencies.
Staking pools like Lido allow users with smaller amounts of ETH to pool their assets and participate in staking.
Validators play a crucial role in maintaining the security of the Ethereum blockchain by monitoring for malicious transactions such as double-spending.
To become a validator on Ethereum, individuals are required to stake 32 ETH, and they receive rewards in return for their participation.
Some community members express concerns that an excessive number of validators could lead to issues such as failed transactions.
Ethereum co-founder Vitalik Buterin proposed a solution to improve decentralization by penalizing validators in proportion to their average failure rate. This approach aims to reduce the advantage of large ETH stakers over smaller ones.
The Ethereum network’s achievement of one million validators marks a significant milestone in its journey towards decentralization and security. However, ongoing discussions and proposals suggest a commitment to addressing potential challenges and optimizing the network’s performance in the future.
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