Ethereum recorded a major decline in its price, resulting in a notable downturn in both network growth and velocity...
ETH fell on the charts, precipitating a fall on other fronts too. However, it’s not all bad news…recorded a massive decline in price over the last 24 hours, along with the rest of the cryptocurrency market. At press time, ETH was trading at $3,267.60, with its value down by 7.22% on the charts.Over this period, the network growth for Ethereum declined significantly.
For example – Staked Ether has seen significant growth over the past year, according to Nansen data, surging from 20 million to 32.2 million ETH. Despite a minor dip in staked ETH due to withdrawals from centralized exchanges following the roll-out of Shapella, there has been a remarkable 61% surge in staked ETH.Validator numbers have also seen significant growth since Shapella, alleviating concerns within the Ethereum community about a potential mass exodus of validators.
This time last year, there were nearly 563,000 validators securing Ethereum. Since then, this figure has surged by over 74% to approximately 981,000 validators. Sustained growth in validators has raised additional concerns among protocol developers and researchers, as outlined in a September 2023 report. A large validator set size strains peer-to-peer networking and messaging, potentially causing node failures due to high computational load and bandwidth requirements.Additionally, a sizeable validator set makes future upgrades harder and riskier to achieve.
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