Coinbase is the largest single-node operator supporting staking activity on the Ethereum Network.
According to its Maiden Validator Performance Report, the US-based exchange bets 3.84 million ETH through 120,000 validators, accounting for 11.42% of total stained ETH.
Beyond its direct staking operations, Coinbase added an additional 581,500 ETH through its partners as of March 4, 2025.
These combined staking tasks solidify Coinbase’s leads among concentrated competitors. By comparison, Binance is currently betting around 2 million ETH, using around 1 million Kraken to put Coinbase clearly ahead.
The company’s rapid expansion in Ethereum staking occurs despite previous legal challenges from the U.S. Securities and Exchange Commission (SEC). Financial regulators had alleged that Coinbase’s staking services were violating securities laws.
However, the exchange denied these claims, claiming that staking enhances the security of the blockchain and does not meet legal standards outlined in the US Securities Act or Howie Test.
Validator performance
Validators play a key role in the network as they are responsible for verifying and verifying new transactions and blocks on the blockchain.
The report highlights Coinbase’s efficiency, with its variators achieving an uptime and participation rate of 99.75%.
The exchange said its variators are distributed across multiple jurisdictions, including Japan, Singapore, Ireland, Germany and Hong Kong.
Meanwhile, Exchange Validators utilize multiple executions and consensus clients to further enhance security and decentralization. This approach reduces the risk of network failure, reduces potential attacks, and ensures stable rewards.
As a result, the exchange said its variators have a complete track record of not being double-signed or novel.
Maximum Node Operator
Anthony Sassano, an educator at Ethereum and founder of Daily GWEI, noted that these numbers mean that Coinbase is the largest individual node operator on the network.
According to him:
“The single largest node operator on a Coinbase (IS) network (Lidos are larger as a group, but there is much less sharing between each node operator.”
Dune Analytics data shows that Lido is the dominant force of Ethereum staking, with over 9 million Eths stakes. This represents approximately 27.3% of the total staking market.
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