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Ethereum validators hit 1 million, but not everyone is happy

Cryptocurrency Ethereum (ETH) has reached the 1 million validator milestone, with 32 million Ethereum currently staked. Based on current market prices, these 32 million coins are worth approximately US$114 billion.

According to a report from Cointelegraph, “The network has reached 1 million validators, with 32 million ETH staked, accounting for 26% of the total supply.”

BlackRock CEO Larry Fink sparked a surge in Ethereum prices this week following comments he made during a recent interview panel. Fink says Designating ETH as a security would not be “harmful”.

Following Fink’s comments, the price of Ethereum will rise to $3,658. Last year we reported on BlackRock’s filing for an ETH exchange-traded fund.

Ethereum reaches milestone

Staking platform Lido holds 30% of total ETH and allows cryptocurrency investors to stake smaller amounts as part of a collective.

This collective then participates in the staking process (maximum effective staking is limited to 32ETH), and their presence helps approve transactions. For performing their role, these validators receive small rewards in the form of ETH.

Not all onlookers are happy to see the increase in the number of validators as they believe it could create transaction issues. Investors such as Evan Van Ness shared his concerns about the increase in validator numbers on X:

Gabriel Weide, who runs a staking pool, said in response to Van Ness’ post that too many validators could lead to “transaction failures.”

The U.S. Securities and Exchange Commission (SEC) has filed several legal challenges against the practices of cryptocurrency operators. As we reported earlier this month, Ethereum has not escaped this scrutiny.

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has been outspoken about his and the regulator’s stance on cryptocurrency operators, recently speaking at Columbia Law School, he said, “Cryptocurrency securities Some participants in the market try to avoid these (SEC) registration requirements. Not registering means no mandatory disclosure. Many would agree that the cryptocurrency market could use a little sanitizer.”

The U.S. Securities and Exchange Commission is currently locked in a legal dispute with Coinbase, and the case is about to reach a trial date. “The court finds that the SEC has sufficiently established that Coinbase operated as an exchange, broker, and clearing agency under the federal securities laws and engaged in unregistered activities through its Stake program,” U.S. District Judge Katherine Polk Failla wrote. “

As we reported last week, government regulators are also demanding a $2 billion fine from Ripple Labs.

Image: Ethereum.

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