In the last three months, the number of validators increased by 25%.
Along with advances in testnets, this helps strengthen Ethereum 2.0.
Ethereum 2.0 continues to strengthen its foundations before the Ethereum mainnet merges with this new version. In the coming days, it could reach the milestone of 400,000 validators who will verify transactions and ensure the proper functioning of the blockchain.
At the time of writing this article, there are 396,465 validators who deposited their ethers (ETH) in the smart contract of the Beacon Chain, the “beacon chain” or original fragment of the new network. This means that 3,535 are missing to reach 400,000. With the growth rate of the last week, this milestone could be reached in the next 2 or 3 days.
Ethereum 2.0 reaches this important number 18 months from the creation of the contract to deposit ETH in staking, with which a user acquires the right to be a validator on the network. In fact, 100,000 validators were added in three months, considering that the network had reached 300,000 in February 2022, as reported by CriptoNoticias.
Statistics on the current state of the network, which can be consulted on the site beaconcha.in, They also indicate that the ETH deposited amount to 12,686,773. It should be noted that all deposits must remain at least until after the merge, since they are locked in the smart contract until that event happens.
Furthermore, it is important to note that the final number includes both those deposited by independent nodes and those in staking pools, which offer the possibility for many people to combine their resources to collaborate with the maintenance of Ethereum 2.0 and obtain rewards for it.
After the merger with the new chain, projected by the developers for the second half of the year, Ethereum will go live with proof of stake (Proof of Stake or PoS) instead of proof of work (Proof of Work or PoW).
This means that transactions and new coins will not be mined with rigs of graphic plates as before, but with designated validators who will put their funds in guarantee of the transactions they approve. If they don’t act honestly, validators are penalized and lose their funds.
Why do you have to deposit ETH to be a validator?
Ethereum Foundation, which brings together the main developers of the network, indicates on your blog that the role of the validator is essential. These, as evaluators of new blocks in the network, are incentivized to act honestly so as not to lose their funds in staking.
As has been detailed in recent publications of this newspaper, the amount of 32 ETH has been arbitrarily appointed by network developers. With this amount, equivalent to USD 62,859 at the closing of this note according to the CriptoNoticias price index, the formula that determines the number of validating nodes allowed is regulated. In turn, this preserves the efficiency of the network by reducing the information that is transmitted between them.
Testnets move toward merger
As the number of validators grows, Ethereum 2.0 developers “do homework” and continue to rehearse all stages and circumstances of the merger in test networks.
Without going further, Ethereum 2.0 has already been launched on the Ropsten testnet. Days before, this same testnet had suffered an involuntary stoppage caused by an excess of hashrate and the lack of a Beacon Chain in it.
Despite all these advances, the developers decided to postpone the difficulty bomb on the Ethereum mainnet for at least two months. This stage of the process will be the one that will put a definitive end to mining, a scenario that is getting closer and closer and that has the miners of this network looking for alternatives between selling their equipment or migrating to another cryptocurrency.