Emre Yumlu 
Coinbase, as the largest node operator on Ethereum, holds 11.42% of the total staked ETH.
Coinbase Becomes Ethereum’s Largest Node Operator
According to a Coinbase report, the cryptocurrency exchange has become the largest node operator on the Ethereum network, controlling 11.42% of the total staked Ether.
Coinbase stated that 3.84 million Ether, worth approximately $6.8 billion, has been staked with its validators. As of March 3, Coinbase holds 11.42% of the total staked ETH.
Anthony Sassano, host of The Daily Gwei, mentioned that Coinbase’s stake makes the exchange the “single largest node operator” on the network. He also added that while staking platform Lido has a larger collective stake, each node operator within it holds a much smaller share.
Coinbase Validator Uptime and Participation Rate Surpass Network Averages at 99.75%
Coinbase also exceeded its target for validator uptime, a metric showing the percentage of time validators are operational. The exchange reported that this figure is at 99.75%, and its participation rate, indicating how well validators perform their consensus duties, is similarly 99.75%.
Through an upgrade implemented in 2024, Coinbase was able to keep validators running while performing beacon node maintenance, achieving uptime above its target without compromising on security standards.
Additionally, Coinbase’s validators had an average rate of 99.76% for signing and submitting blocks produced by their MEV relays, which is higher than the network average of 99.38%.
Coinbase’s Distributed and Decentralized Validator Structure
Although Coinbase operates as a centralized exchange platform, the company stated it distributes its validators across multiple regions to help maintain a truly distributed and decentralized Ethereum blockchain. The exchange’s validators are operating in regions such as Japan, Singapore, Ireland, Germany, and Hong Kong.
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