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Ethereum network has reached 1 million validators. The amount of Ethereum staked continues to increase, currently standing at 32 million Ether worth $114 billion. Although an increase in the number of validators implies greater security, community members believe this increase may cause problems.
As of March 28th, according to data shared on the Dune Analytics dashboard, created by Hildobby for tracking Ethereum staking progress, the Ethereum network has reached 1 million validators. The amount of Ether staked has reached 32 million, representing 26% of the total supply.
According to shared data, about 30% of the staked ETH, a significant portion, is being staked through Lido, a crypto staking platform. Staking platforms like Lido continue to grow in popularity as they allow users who own small amounts of Ethereum to pool their assets in order to participate.
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Increase in Validator Count Might Create Problems!
Validators are individuals who ensure the security of a blockchain by monitoring the network against malicious transactions. In Ethereum, validators can participate in the proposal and verification process within the network by staking 32 ETH, in return, they are rewarded with a small amount of ETH.
Although having more validators signifies greater security within a blockchain, some community members believe that having too many validators could cause problems.
Peter Kim, the head of engineering at Coinbase Wallet, stated that although the number of validators is impressive, it is artificially inflated due to the 32 ETH cap, suggesting this situation might change soon.
As the number of validators continues to increase, Ethereum co-founder Vitalik Buterin proposed a way to improve the decentralization of the network. On March 27, Buterin shared content suggesting punishing validators in proportion to their average failure rates.
According to Buterin, who stated that the penalty for each failure would be higher if a large number of validators fail in a certain area, this approach could reduce the advantage of those who stake more ETH compared to smaller participants.
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