Coinbase becomes Ethereum's largest node operator with 11% stake

🤑💸 The Crypto Kingpin: Coinbase’s Ethereum Empire Rises 🤑💸

Coinbase becomes Ethereum’s largest node operator with 11% stake

As I wandered through the labyrinthine corridors of the Ethereum network, I stumbled upon a most intriguing report from Coinbase, the crypto exchange that has been quietly consolidating its power like a latter-day Emperor of the Digital Realm. It appears that Coinbase has emerged as the largest node operator on the Ethereum network, its stake a formidable 11.42% of the total staked Ether.

Like a master puppeteer, Coinbase has skillfully manipulated the strings of the network, its validators dancing to the tune of its whims. The exchange boasts an impressive 3.84 million Ether (ETH), worth a staggering $6.8 billion, staked to its validators. A veritable treasure trove of digital riches, if I do say so myself.

Anthony Sassano, the erudite host of The Daily Gwei, has aptly described Coinbase’s stake as the “single largest node operator” in the network. A distinction that is as impressive as it is ominous, like the arrival of a dark horse in a game of high-stakes poker.

Sassano’s words are as insightful as they are ominous: “While the staking platform Lido is bigger as a collective, each node operator has a much smaller percentage share.” Ah, the hubris of the underdog, how it tempts fate with its vaunted size.

Coinbase validator uptime and participation rate at 99.75%

Coinbase’s validators have been performing with the precision of a Swiss watch, exceeding their target for validator uptime with a remarkable 99.75%. A feat that is as impressive as it is reassuring, like the reassuring presence of a trusted butler in a world gone mad.

The exchange attributes its success to an upgrade implemented in 2024, which allowed it to keep validators running while performing beacon node maintenance. A clever trick, indeed, like a conjurer’s sleight of hand.

Meanwhile, Coinbase’s validators have also been participating with a zeal that would put even the most ardent of evangelists to shame. Their participation rate is a staggering 99.75%, exceeding the network average of 99.52%. A testament to the exchange’s dedication to the cause, like a loyal follower hanging on every word of a messianic figure.

But what of the network’s average for signing and submitting blocks produced by their MEV relays? Ah, a figure that is as impressive as it is revealing: 99.76%, higher than the network average of 99.38%. A distinction that speaks to the exchange’s commitment to the art of the possible, like a virtuoso pianist executing a flawless sonata.

And so, we find ourselves in the presence of a truly decentralized Ethereum blockchain, with Coinbase’s validators operating in Japan, Singapore, Ireland, Germany, and Hong Kong. A global presence that is as reassuring as it is impressive, like the reassuring presence of a benevolent giant in a world of uncertainty.

Ether surges above $2,000 on March 20

And so, as we navigate the treacherous waters of the Ethereum network, we find ourselves face to face with a most intriguing development: a surge in ETH prices as ETH accumulation addresses started stockpiling significantly. A phenomenon that is as fascinating as it is ominous, like the arrival of a dark horse in a game of high-stakes poker.

On March 2, Ether hit a weekly high of $2,060.73, surging by 12.3% in seven days. And on March 19, the asset’s daily trading volume reached $17.4 billion as its price surpassed $2,000. A figure that is as impressive as it is revealing, like the arrival of a new player in a game of high-stakes poker.

The surge comes as ETH price sentiments turned bearish, like the ominous rumblings of a distant storm cloud. On March 11, Yuga Labs’ vice president of blockchain suggested that ETH could drop as low as $200 in a prolonged bear market. A prediction that is as ominous as it is intriguing, like the whispered rumors of a conspiracy.

2025-03-20 12:14

Coinbase validator uptime and participation rate at 99.75%

Ether surges above $2,000 on March 20

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