Coinbase is the largest node operator on the Ethereum network, controlling 11.42% of the total staked Ether

A Coinbase report revealed that the crypto exchange is the largest node operator on the Ethereum network, controlling 11.42% of the total staked Ether.

Crypto exchange Coinbase is the largest node operator on the Ethereum network, with 11.42% of the total staked Ether allocated to the exchange’s validators, according to a new report.

In its recent performance report, Coinbase said it has 3.84 million Ether (ETH), worth about $6.8 billion, staked to its validators.

As of March 3, the exchange has 11.42% of the total staked ETH, which is also the percentage of the total ETH 1559 prioritized for Coinbase’s MEV relays.

Anthony Sassano, host of The Daily Gwei, said that makes Coinbase the “single largest node operator” in the network.

Each node operator in the collective has a much smaller percentage share. For instance, the biggest staking platform, Lido, has around 9% of the total staked Ether allocated to its pool. However, if you look at each individual node operator, they typically have a much smaller percentage share. For example, the largest node has about 3% of the total staked Ether.

Coinbase also shared that it exceeded its target for validator uptime and participation rate. Together, these metrics indicate how well validators are performing their consensus duties.

Coinbase’s validators had an average uptime of 99.75%. This outperforms the target of 99% uptime that Coinbase set for itself without compromising security standards.

The exchange attributed the performance to an upgrade it implemented in 2024, which allowed Coinbase to keep validators running while performing beacon node maintenance.

Meanwhile, Coinbase’s average for signing and submitting blocks produced by their MEV relays is 99.76%, which is higher than the network average of 99.38%.

Coinbase’s validators also had an average participation rate of 99.75%, exceeding the network average of 99.52%.

Coinbase’s average performance vs. the Ethereum network averages. Source: Coinbase

Coinbase’s validators are distributed across Japan, Singapore, Ireland, Germany and Hong Kong to help maintain a truly distributed and decentralized Ethereum blockchain.