Coinbase Overtakes Lido as the Largest ETH Staking Node Operator

This move makes Coinbase the “single largest node operator” in the Ethereum network, surpassing staking platform Lido in terms of individual node operator stakes.

As of March 3, Coinbase had staked 3.84 million ETH—worth about $6.8 billion—on its validators. This move makes Coinbase the “single largest node operator” in the Ethereum network, surpassing staking platform Lido in terms of individual node operator stakes. While Lido may have a larger collective stake, each of its node operators has a much smaller share.

Coinbase’s Validators Lead with 99.75% Uptime

What sets Coinbase apart is not only its substantial stake but also the impressive performance of its validators. Coinbase reported that its validators maintained an uptime of 99.75%, outshining the network average of 99.52%. This upgrade allowed Coinbase to keep validators operational during beacon node maintenance, which played a key role in exceeding their target uptime of 99%. Additionally, Coinbase validators had a participation rate of 99.75%, again outperforming the network’s average participation rate.

Coinbase validators also performed well in other key areas, such as signing and submitting blocks produced by their Maximum Extractable Value (MEV) relays. The exchange’s MEV relay performance stood at 99.76%, surpassing the network average of 99.38%.

We now know how much ETH Coinbase has staked (11.42% of the total stake)

This, of course, makes Coinbase the single largest node operator on the network (Lido is bigger as a collective, but each node operator has a much smaller % share)

Kudos to Coinbase for the transparency! https://t.co/F3WEDdj0da

— sassal.eth/acc 🦇🔊 (@sassal0x) March 19, 2025

Despite its position as the largest centralized exchange platform, Coinbase continues to push the envelope in decentralization. The company ensures its validators are spread across various regions globally, including Japan, Singapore, Ireland, Germany, and Hong Kong. This distribution helps to maintain a decentralized Ethereum network and ensures that the exchange operates securely and efficiently on a global scale.

More About Coinbase

Coinbase is closely following Solana’s evolving economics and supporting key proposals that could reshape the network. With SIMD-96 now live, validators receive 100% of priority fees instead of burning half, making out-of-protocol fees less relevant. Meanwhile, two major proposals—SIMD-123 and SIMD-228—are under discussion. SIMD-123 would allow validators to distribute priority fees to stakers, ensuring rewards are shared more evenly.

Solana’s economics are entering the spotlight. Here’s what you should know, and what Coinbase is doing to support customers and Solana.

SIMD-96 went live, removing the partial burn of priority fees. Previously, 50% were burned—now, validators receive 100%.

Why does this matter?… pic.twitter.com/VREufPKOd7

— Coinbase Platform (@CoinbasePltfrm) March 13, 2025

SIMD-228 proposes adjusting SOL’s inflation rate dynamically based on staking levels, potentially reducing inflation significantly. Additionally, SIMD-204, which introduces automatic penalties for rule-breaking validators, is on the horizon to enhance security. Coinbase, as a Solana validator, is actively participating in these decisions, voting based on customer feedback.

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