Ethereum Hits 500,000 Validators Ahead of Scheduled Shanghai Upgrade

Ethereum validators will soon be able to withdraw their earnings from staking after the upcoming Shanghai network update.

The number of Ethereum (ETH) validators has hit 500,000, per data from BeaconScan, ahead of March’s scheduled Shanghai upgrade.

A validator secures a proof-of-stake (PoS) blockchain by validating transactions on the network and protecting it from double-spending errors, among other activities.

To use validator software in Ethereum, you need to be able to stake a significant initial investment of 32 ETH, worth roughly $50,000 at current prices.

The Ethereum blockchain has relied on validators to keep it functional since it executed the merge on September 15, 2022, moving the network from a proof-of-work (PoW) consensus mechanism. 

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