2025-03-31
As of March 4, Coinbase had 3.84
million ETH staked through 120,000 validators. That’s about 11.42% of all Ether
being staked.
This makes Coinbase the biggest single
operator on the Ethereum network. Some experts worry this could lead to too
much power in one place, especially as more big investors join in.
On March 19, Coinbase released a report
confirming it controls over 11% of staked ETH — more than anyone else.
Karan Sirdesai, CEO of Web3 startup
Mira Network, said this shows a problem in how Ethereum staking works. He
warned that too much control by a few big players goes against Ethereum’s goal
of being decentralized.
While Lido, a liquid staking platform,
holds even more ETH (9.37 million ETH being staked), its stake is split among many
independent operators. This helps keep the system more balanced, said Anthony
Sassano, host of The Daily Gwei.
Coinbase says it’s aware of the risks.
To help reduce them, it spreads its staking operations across five countries
and uses different cloud providers, Ethereum clients, and relays. The company
also checks regularly to make sure the network stays well-distributed.
