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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read

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There is no marked shift in the number of new addresses depositing the required 32 ETH, the minimum amount required to be deposited into the Beacon Chain for holders who wish to operate a validator node, into the official Beacon Chain Deposit Address ahead of the Shanghai Upgrade on Ethereum.

The Shanghai Upgrade is scheduled for March 2023 and this hard fork will allow stakers to unlock ETH locked in the Beacon Chain.

Number of New ETH Depositors Falling

Apart from the spike in new deposits in the second quarter of 2021, the number of new accounts depositing 32 ETH is declining. The figure remains flat throughout the second half of 2021, the better part of 2022, and January 2023. 

Data from Cryptoquant shows that 49 new accounts deposited 32 ETH into the Beacon Chain on January 23, down from 210 recorded less than 10 days earlier on January 13. This is nothing compared to the 2,158 new depositors recorded on May 27, 2021. 

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Ethereum shifted from a proof of work system to a staking system in 2022 via the Merge. During the Merge, the proof-of-work algorithm was officially switched off as the network transited to a staking system, replacing miners with validators. 

Validators are required to stake at least 32 ETH. This amount is needed to ensure that they comply with the network’s rules. Validators are tasked with confirming on-chain transactions and securing the network.

The stake amount is “slashed” whenever they try acting maliciously, or their performance drops, falling lower than the network stipulates. In extreme cases, other Ethereum validators can “slash” the offending validator, wiping out their entire stake.

Proof-of-Stake In Ethereum Fosters Decentralization

The growth in the number of unique accounts, mostly validators depositing over 32 ETH, has been linear since late 2020. To illustrate, the number of unique depositors rose from 77 on November 4, 2020, to 82,634 on January 24, 2023. This steady growth is a positive for Ethereum as a network. It could be an indicator of the positive response from the community. 

By eliminating miners for validators, the playing field is leveled for everyone, including those who couldn’t afford to buy mining gear or actively keep track of graphic card prices. Ethereum validators are required to ensure their nodes operate with high reliability and 100% up-time. This is in place of operating mining rigs which were energy intensive, scarce, and generally expensive.

As of January 25, over $25.2 billion worth of ETH was officially locked in the official Beacon Chain Deposit Address. The dollar value, however, fluctuates depending on the ETH spot rates.

Ethereum Price on January 25
Ethereum Price on January 25| Source: ETHUSDT on KuCoin, TradingView

After peaking in late November 2021, ETH prices have more than halved to spot rates at $1,556 on January 2023 at the time of writing. On June 18, 2022, ETH prices fell to a cycle low of $880. 

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Feature image from Canva, Chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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