Coinbase Becomes Largest Node Operator on Ethereum With 11% of Staked ETH

Coinbase has emerged as the leading node operator on the Ethereum blockchain, according to a report from the company.

The exchange controls a significant 11.42% of the total staked Ethereum, with approximately 3.84 million ETH (worth around $6.8 billion) locked in its validators as of March 3.

Anthony Sassano, the host of The Daily Gwei, highlighted that while Lido, another staking platform, manages a larger collective stake, Coinbase holds the largest individual share of any single node operator in the network.

The exchange also reported stellar performance metrics, exceeding its validator uptime target with an impressive 99.75% uptime, surpassing its 99% goal. Coinbase attributed this success to a 2024 upgrade that enhanced the operation of validators during beacon node maintenance.

Additionally, Coinbase’s validators have a participation rate of 99.75%, which outperforms the Ethereum network’s average of 99.52%. The company also shared that its validators perform exceptionally well in submitting blocks, with an average of 99.76%, slightly higher than the network average.

To ensure a truly decentralized Ethereum network, Coinbase stated it operates validators across multiple regions, including Japan, Singapore, Ireland, Germany, and Hong Kong, even though it runs a centralized exchange platform.