• Ethereum validators have deposited $52.3 billion into the ETH2.0 contract, reaching a new peak of staked ETH.
• The missed block count on the Ethereum PoS network touched an all-time high of 658 on 13 April 2021 but has since declined to 42 on 21 July 2021.
• High participation rate by Validators is necessary to ensure that the PoS network runs optimally.
Ethereum Network Secured By Over $50 Billion
The Ethereum [ETH] network is currently being secured by a staggering $52.3 billion, marking the highest value it has ever reached. As positive sentiment waned, the price stagnated within a narrow range. Data from IntoTheBlock reveals that this marked the highest value it has ever reached for total ETH staked in the network.
High Participation Rate Crucial for Optimum Performance
To become a validator on the Ethereum Proof-of-Stake (PoS) network, validators are required to deposit 32 ETH into the ETH 2.0 contract and are grouped into sets of committees and block proposers for each 32-slot Epoch . However, if assigned validator is unavailable, it will result in a missed block which can lead to poor performance of the PoS network . Data from Glassnode revealed that on 13 April, the missed block count touched an all-time high of 658 due to some validators taking their nodes offline during upgrade . With only 42 missed blocks recorded on 21 July , missed block count has dropped by 94% since then . This indicates that there needs to be high degree of participation by Validators on the network in order for it to perform optimally .
ETH Withdrawal Post Shanghai
Despite activation of ETH withdrawals post-Shanghai , there continues to be an increase in validator count with 27 million ETH deposits as per data from Glassnode . This represented 22% of total supply at time of writing as more investors continue to back up Ethereum’s security system .
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The amount of ETH staked in Etheruem’s PoS system continues to surge as investors remain bullish about its future prospects despite recent hiccups in price movements . In order for this system run optimally, high participation rate from Validators is key along with proper maintenance and assessment when upgrades take place or changes are introduced in protocol level developments like Shanghai upgrade recently .