Ethereum

Electra

2024

Million

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The <a href="https://u.today/ethereum-eth-network-explodes-with-484000-interacting-addresses" rel="noopener noreferrer nofollow">Ethereum network</a> has reached a significant milestone, hitting 1 million validators.&nbsp;Terence&nbsp;Tsao, an Ethereum developer&nbsp;who goes by the name&nbsp;"Terence.eth" on X, took to social media to celebrate the milestone.&nbsp;
"We reached 1 million validators," <a href="https://twitter.com/terencechain/status/1784789672759279661" rel="noopener noreferrer nofollow">Terence</a> wrote on X, attaching a screenshot. According&nbsp;to the screenshot, Ethereum active validators have reached 1,000,012, while pending validators total 14,379.&nbsp;
<blockquote>
 We reached 1m validators <a href="https://t.co/DFtva43B2X" rel="noopener noreferrer nofollow">pic.twitter.com/DFtva43B2X</a>— terence.eth (@terencechain) <a href="https://twitter.com/terencechain/status/1784789672759279661?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 29, 2024</a>
</blockquote>
This milestone&nbsp;is accompanied&nbsp;by an impressive figure of approximately 32 million Ethereum staked (32,000,026 ETH).&nbsp;This&nbsp;figure represents around 26% of Ethereum's total supply, demonstrating&nbsp;a&nbsp;substantial&nbsp;degree of&nbsp;participation in ETH staking.&nbsp;Staking&nbsp;is the act of depositing 32 ETH to activate validator software.&nbsp;
Validators are critical to the Ethereum network, especially since its transition to a proof-of-stake (PoS) consensus mechanism in September 2022.&nbsp;They&nbsp;are responsible for storing data, processing transactions and adding new blocks to the blockchain, a&nbsp;role previously filled&nbsp;by miners in the proof-of-work (PoW) model, thus keeping Ethereum secure and earning new ETH&nbsp;in the process.
Reaching one million validators is more than just a statistic; it represents the enormous amount of trust and resources&nbsp;that users&nbsp;are willing to commit to keeping the ETH network running.
The Shapella upgrade, which enabled staking withdrawals, has increased the number of validators on the Ethereum network.
Presently,&nbsp;the <a href="https://u.today/ethereum-developer-reveals-surprising-wish-as-eth-network-about-to-turn-10" rel="noopener noreferrer nofollow">Ethereum</a> network is gearing up for new upgrades: Electra is the consensus layer (CL) upgrade name for the next immediate hard fork scheduled on Ethereum.&nbsp;Deneb&nbsp;refers to the most recent hard fork activated on Ethereum.&nbsp;
At the time of writing, <a href="https://u.today/ethereums-3650-target-might-be-stalled-by-445-million-eth-wall" rel="noopener noreferrer nofollow">ETH</a> was down 5.139% in the last 24 hours to $3,123.&nbsp;According&nbsp;to crypto analyst Ali, the Ethereum price action&nbsp;is facing&nbsp;a brickwall resistance at $3,200, where 2.43 million addresses hold 5.14 million ETH.

Ethereum (ETH) Smashes Major Milestone of 1 Million Validators

U_Today

Other articles published on Apr 29, 2024

Collaborative Security: How Arbitrum Assisted Optimism in Addressing a Critical Vulnerability

Stripe and Avalanche Collaborate for Streamlined Web3 Access

MetaWin Founder Launches $ROCKY Meme Coin on Base Network (29 Apr)

Australia’s $2.3T Pension Market Seen as Potential Driver for Crypto ETFs

Bitcoin Price Stabilizes as Hong Kong Spot Crypto ETFs Set to Launch

Altcoins Expected to Shine This Week: Are You Buying or Selling?

Join our free newsletter for daily crypto updates!