Fun

Ethereum reaches 1M validators, community thinks it’s ‘too much’

News Feed - 2024-03-28 05:03:35

Ezra Reguerra40 minutes agoEthereum reaches 1M validators, community thinks it’s ‘too much’While more validators could mean more security, community members think too many could be problematic.2732 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Ethereum network recently hit the one million validator milestone, with 32 million Ether (ETH) currently staked, valued at approximately $114 billion based on current market prices.


On March 28, the Dune Analytics dashboard created by Hildobby to track Ethereum staking progress showed that the network achieved a validator count of one million, with the 32 million ETH staked accounting for 26% of the total supply.


The data also showed that around 30% of the ETH is staked using the Ethereum staking pool Lido, a liquid staking platform for proof-of-stake (PoS) cryptocurrencies.


Staking pools like Lido remain popular because they allow users with a smaller amount of ETH to pool their assets and participate.Ethereum reaches one million validators. Source: Dune


Validators ensure the security of a blockchain by monitoring the network for any malicious transactions, such as double-spending, which is essentially spending the same currencies twice.


In Ethereum, validators participate in proposing and validating transactions within the network. Those who wish to participate in this process are required to stake 32 ETH. In return, they get a small portion of ETH as a reward.


While the number of validators could translate into higher security for a blockchain, some community members think too many validators could pose a problem.Source: Gabriel Weide


Venture investor and Ethereum advocate Evan Van Ness said there’s arguably already “too much” staked. Gabriel Weide, who runs a staking pool, believes that too many validators can eventually lead to “failed transactions.”


Meanwhile, Peter Kim, the head of engineering at Coinbase Wallet, said that while the number of validators is “impressive,” it’s “artificially inflated by the 32 ETH cap.” However, he suggested this may change soon.


Related:Vitalik Buterin on fix for Ethereum centralization: Make running nodes easier


As the number of validators continues to rise, Ethereum co-founder Vitalik Buterin proposed a way to improve the network’s decentralization. On March 27, Buterin published a blog post proposing to penalize validators in proportion to their average failure rate.


If many validators fail in a given slot, each failure’s penalties will be higher. Such an approach could potentially reduce the advantage of large ETH stakers over smaller ones, according to Buterin.


Magazine:ETH a security? Celsius clawbacks, SBF says sentence too harsh: Hodler’s Digest, March 17-23# Proof-of-Stake# Ethereum# Validator# Staking# Lido DAOAdd reactionAdd reaction

News Feed

Financial system ‘outdated’ but crypto is no fix either — US swing voters
Brayden Lindrea3 hours agoFinancial system ‘outdated’ but crypto is no fix either — US swing votersIn a survey by the Digital Currency Group, 70% of swing state voters agreed the current financial system is “outd
Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto
Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto According to an executive with the Dubai-based DAMAC Properties, the real estate development “comp
Federal Security Service of Russia Seeks Powers to Obtain Information From Crypto Platforms
Federal Security Service of Russia Seeks Powers to Obtain Information From Crypto Platforms The Federal Security Service of the Russian Federation has issued a draft order allowing
Bitcoin.com Wallet Launches New Portfolio Breakdown and Stablecoin Swap Features
Bitcoin.com Wallet Launches New Portfolio Breakdown and Stablecoin Swap FeaturesWith over 11 Million Bitcoin.com Wallets created, we’re building new features our users need mo
WATCH: Ecash Creator David Chaum On His New ‘Quantum-Resistant’ Cryptocurrency, Praxxis 
  Digital money pioneer David Chaum is creating his second digital currency and we caught up with him at Devcon in Osaka, Japan.
Stablecoin, retail CBDC sandboxes are on South African payments roadmap
Derek Andersen5 hours agoStablecoin, retail CBDC sandboxes are on South African payments roadmapThe South African Reserve Bank has declared goals for 2025 that it needs to pick up speed on.690 Total views11 Total sharesN
Arijit Sarkar17 minutes agoUS FSC Chairman eyes regulatory clarity for crypto, stablecoin ecosystemsThe upcoming FCA meeting is aimed at providing regulatory clarity for the digital asset ecosystem — cryptocurrencies,
Crystal Blockchain Study Reveals $16.7 Billion in Crypto Assets Stolen Since 2011
Crystal Blockchain Study Reveals $16.7 Billion in Crypto Assets Stolen Since 2011 Crystal Blockchain, a company that provides blockchain data and analytics, published a study cover
Ethereum Nears Critical Price Level – Reclaiming $3,000 Would Spark A Market-Wide Rally
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Flow NFTs Are Coming to OpenSea
Flow NFTs Are Coming to OpenSea press release PRESS RELEASE. February 23, 2021 – OpenSea, the largest marketplace for blockchain-enabled non-fungible tokens
BA-Backed Firm Raises $5 Million to Put Airline Security on a Blockchain
Blockchain firm Zamna has raised $5 million in a seed funding round led by VC firms LocalGlobe and Oxford Capital for the continued development of its airport security system. Forme
Ezra Reguerra11 hours agoHECO Chain bridge compromised over $86.6M sent to suspicious addressesBlockchain security firm PeckShield reported that assets like stablecoins, ETH, SHIB, LINK and more were transferred from the