Coinbase Dominates Ethereum Staking Landscape
When it comes to supporting staking activities on the Ethereum network, Coinbase stands out as the largest single-node operator. The US-based exchange has made significant strides in this area, as evidenced by its recent Validator Performance report.
Staking Activities
- Coinbase has staked a total of 3.84 million ETH through 120,000 validators, representing 11.42% of the total staked ETH on the network.
- In addition to its direct staking operations, Coinbase has also staked an extra 581,500 ETH through partners as of March 4, 2025.
- Comparatively, Binance stakes around 2 million ETH, while Kraken stakes approximately 1 million ETH, placing Coinbase ahead of its centralized competitors.
Legal Challenges and Expansion
Despite facing legal challenges from the US Securities and Exchange Commission (SEC) regarding its staking services, Coinbase has continued to expand its Ethereum staking operations. The exchange has refuted claims that its staking activities violate securities laws, emphasizing the role staking plays in enhancing blockchain security.
Validator Performance
Validators are crucial to the Ethereum network as they verify and validate new transactions and blocks on the blockchain. Coinbase’s validators have demonstrated exceptional performance, boasting a 99.75% uptime and participation rate.
Key Highlights
- Coinbase’s validators are distributed across multiple jurisdictions, including Japan, Singapore, Ireland, Germany, and Hong Kong.
- The exchange employs multiple execution and consensus clients to enhance security and decentralization, reducing the risk of network failures and potential attacks.
- Coinbase’s validators have maintained a flawless track record of never double-signing or being slashed.
Largest Node Operator
According to Ethereum educator Anthony Sassano, Coinbase holds the title of the largest individual node operator on the network. While Lido remains a dominant force in Ethereum staking, with over 9 million ETH staked, Coinbase’s individual node operator status sets it apart.
