Ethereum Hits over 500,000 Validators before Shanghai Upgrade

Ethereum News, News

Over 500,000 validators have now been added to the Ethereum Beacon chain, just in time for the widely anticipated Shanghai upgrade that is scheduled to take place in March.

BeaconScan data show that as of January 17th, 2023, Ethereum has roughly 502,218 registered validators.

The number of validators being run on the Mainnet Beacon Chain.
The number of validators being run on the Mainnet Beacon Chain.

In a network that uses proof of stake, a validator is a participant who regularly suggests new blocks while also helping to validate incoming blocks and transactions. In order for users to become validators, they are need to make an initial investment of at least 32 ETH.

All of the Staked Ether has been frozen at this time by the Ethereum Beacon Chain (stETH). After the Shanghai update, validators will be able to withdraw any staked money, including any relevant staking rewards for verifying network transactions. Validators may also withdraw any applicable staking incentives.

A few days ago, it was stated that the public testnet for the Ethereum Shanghai update will be happening by the end of February. This was implied to happen in the announcement that was made a few days ago. Core developers came to the conclusion during the discussion that introducing Ethereum Virtual Machine Object Format was not necessary (EOF).

Lido and RocketPool are two examples of staking platforms that provide users with liquid staking options. These alternatives let users can swap their staked assets for either stETH or rETH.

The previous week, ConsenSys made the announcement that MetaMask has formed strategic partnerships with Lido and Rocketpool. These partnerships would enable MetaMask users to stake with either service and get stETH and rETH from inside the wallet software.

Compiled by Coinbold

ETH, MetaMask, UST