Ethereum (ETH) Smashes Major Milestone of 1 Million Validators

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As a seasoned crypto investor with a strong interest in Ethereum, I can’t help but feel a sense of awe and excitement upon hearing about Ethereum reaching the milestone of one million validators. Terence.eth’s announcement on social media was like music to my ears, confirming the massive participation and commitment from users to keep the ETH network secure and thriving.

As a researcher studying the Ethereum network, I’m thrilled to report that we’ve reached an impressive achievement – surpassing the 1 million mark in active validators. This significant growth is a testament to the growing adoption and trust in Ethereum’s decentralized infrastructure. Terence Tsao, a well-known Ethereum developer, enthusiastically shared this news on various social media platforms under his alias “Terence.eth.”

“Terence announced on X that we’ve surpassed 1 million Ethereum validators, as shown in the screenshot. The snapshot reveals a grand total of 1,001,012 active validators, with 14,379 still pending.”

We reached 1m validators

— terence.eth (@terencechain) April 29, 2024

Approximately 32 million Ethereum tokens, which is around 26% of Ethereum’s total issuance, have been staked in this milestone. Staking involves locking up 32 Ethereum tokens to operate validator software.

In the Ethereum network’s transition to proof-of-stake consensus in September 2022, validators have taken on a crucial role. They ensure data security, process transactions, and add new blocks to the blockchain. Previously, these tasks were handled by miners through proof-of-work. Validators maintain Ethereum’s security while also earning newly minted ETH as compensation.

Achieving one million validators signifies more than just a numerical milestone; it symbolizes the substantial trust and resources that users are prepared to invest in maintaining the Ethereum network’s operational integrity.

The Shapella update, responsible for introducing staking withdrawals, has led to a rise in the count of validators on the Ethereum blockchain.

As a researcher studying the Ethereum network, I can share that we’re currently preparing for some new upgrades. The consensus layer (CL) upgrade goes by the name Electra and is scheduled for the next immediate hard fork on Ethereum. Previously, we activated Deneb as the most recent hard fork on the network.

When I penned this, Ethereum’s value had decreased by 5.139% over the past 24 hours to reach $3,123. As per crypto analyst Ali’s assessment, Ethereum’s price movement encounters a formidable resistance level at $3,200. Approximately 2.43 million wallets contain around 5.14 million ETH at this price point.

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2024-04-29 17:55