Coinbase has solidified its position as the largest node operator on the Ethereum network, controlling 11.42% of the total staked Ether (ETH), according to a recent performance report by the crypto exchange.
As of March 3, Coinbase reported staking 3.84 million ETH—valued at approximately $6.8 billion—through its validators. This stake surpasses any individual node operator on the network, as highlighted by Anthony Sassano, host of The Daily Gwei. While Lido collectively remains the largest staking platform, its node operators each manage a smaller share than Coinbase.
Beyond its dominant stake, Coinbase also highlighted its validators’ strong performance metrics. The exchange reported an average validator uptime of 99.75%, exceeding its 99% target. This uptime reflects the percentage of time validators remain operational. Additionally, its participation rate—measuring how efficiently validators perform consensus duties—stood at 99.75%, outperforming the network average of 99.52%.
The company attributed this high performance to a 2024 system upgrade, allowing seamless beacon node maintenance without disrupting validator operations. Coinbase’s efficiency also extends to its MEV relay activities, with its validators achieving a 99.76% success rate in signing and submitting blocks—higher than the network’s 99.38% average.
While Coinbase operates as a centralized exchange, it emphasized efforts to maintain Ethereum’s decentralization by distributing its validators across multiple regions. The company disclosed that its validator nodes operate in Japan, Singapore, Ireland, Germany, and Hong Kong to promote a more geographically diverse and resilient Ethereum network.
At the same time, Coinbase strengthened its ties with government agencies amid the evolving cryptocurrency regulatory landscape. The company expanded its collaborations to 145 U.S. government agencies and 29 international entities. CEO Brian Armstrong, the launch of the U.S. Strategic Bitcoin Reserve had fueled growing institutional interest in crypto. Coinbase aimed to support governments in securely trading, storing, and utilizing digital assets while encouraging a transition to on-chain solutions.
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