Ethereum advances at full speed in Proof of Stake (POS), and guess who is in control of a good part of the network? Coinbase. With 11.42 % of the ETH Staké, or nearly $ 6.8 billion, the platform stands out as the largest node operator. Good news for stability … or beginning of a future monopoly? Decryption.
Coinbase, this stuking boss
If you've already tried to stake eth, you know it's a bit like planting a tree hoping that it grows without too much maintenance. But Coinbase, for his part, has a forest: 120,000 validators work day and night to secure Ethereum. With a participation rate of 99.75 %, as much to say that these validators do not even take their weekend.
It is no coincidence that Coinbase stands out as the boss of node operators. While some stuking protocols are struggling to ensure correct availability, Coinbase plays the first in class with almost perfect performance.
A junk that worries?
Of course, there is always an elephant in the room (and there, it is a mammoth): centralization. If Coinbase continues on this momentum, Ethereum could see its network controlled by some big players. Admittedly, Lido remains the first in total staking, but Coinbase is The largest unique operator. And that makes you think …
On the other hand, the platform tries to limit the breakage by distributing its validators in several regions, notably Singapore, Germany, Ireland, Japan and Hong Kong. Not yet perfect decentralization, but that's it already.
Good for Ethereum or not?
From a user point of view, see an actor like Coinbase dominating stuking has good: more stability, less risk of slashing, easy participation. But to want simplicity too much, we run the risk of an overly controlled network, which goes completely against the decentralized spirit of Ethereum.
So, Coinbase, hero or naughty of Stuking? The debate is open. What is certain is that with such a weight in the scale, the platform could well influence the future of stuking and, by ricochet, the price of the ETH, whose indicators announce a fall under 1500 dollars. It remains to be seen if the Ethereum community will let it go or if it will find a way to balance the forces. Game on!
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