Coinbase isn’t playing small ball. The crypto world pegs it as the top Ethereum validator, controlling 11.42% of all staked ETH as of March 2025.
That’s 3.84 million ETH, valued at $6.8 billion. Running 120,000 validators, Coinbase stands as the largest single node operator on the network.
Source: X
Compare that to Lido, the biggest collective staking outfit, which holds 27.3% of staked ETH—over 9 million coins—but splits it across multiple operators. Coinbase’s concentrated grip is what’s turning heads.
Why Decentralization Hangs in the Balance
Ethereum’s built on a promise: no single entity calls the shots. The shift to proof-of-stake in 2022 aimed to spread power wider.
Yet, Coinbase’s 11% stake has some crying foul. A Twitter user on X stated: “We need more distributed validation.” Ethereum educator Sassalnoted Lido’s operators each hold far less individually, spotlighting Coinbase’s outsized role.
The fear? One player with this much clout cou
We współpracy z: https://www.thecoinrepublic.com/2025/03/22/coinbase-validators-achieve-99-75-uptime-as-centralization-questions-loom/
