Tomiwavoldo Olajide
This milestone comes with an impressive 32 million Ethereum staked
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The Ethereum network has reached an important milestone of reaching 1 million validators. Ethereum developer Terence Tsao, who goes by the name Terence.eth at X, celebrated the milestone on social media.
“The number of validators has reached 1 million.” terence I wrote X with a screenshot attached. According to the screenshot, Ethereum has a total of 1,000,012 active validators and 14,379 pending validators.
This milestone comes with an impressive figure of approximately 32 million Ethereum staked (3,2,000,026 ETH). This figure represents approximately 26% of the total Ethereum supply and indicates a significant degree of participation in ETH staking. Staking is the act of depositing 32 ETH to activate the validator software.
Validators are important to the Ethereum network, especially since the transition to a proof-of-stake (PoS) consensus mechanism in September 2022. Validators are responsible for storing data, processing transactions, and adding new blocks to the blockchain. Until now, this was a role played by validators. This keeps your Ethereum safe and allows you to earn new ETH in the process.
Reaching 1 million validators is more than just a statistic. This represents a huge amount of trust and resources that users are willing to commit to keep her ETH network up and running.
Shapella upgrades enable staking withdrawals and increase the number of validators on the Ethereum network.
The Ethereum network is currently gearing up for a new upgrade. Electra is the consensus layer (CL) upgrade name for Ethereum's next planned instant hard fork. Deneb refers to the latest hard fork activated on Ethereum.
At the time of writing, ETH was down 5.139% in the past 24 hours to $3,123. According to crypto analyst Ali, Ethereum price movement is facing resistance at $3,200, with 2.43 million addresses holding 5.14 million ETH.
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Tomiwavoldo Olajide
