The total deposits on the beacon chain have reached 8.2 million ETH, of which about a quarter are made through exchanges and pledge pools.
Original title: “Beacon Chain Research and Development”
Written by: Harith Kamarul
Compilation: ChinaDeFi
On October 27th, the Altair hard fork of the Ethereum beacon chain went live. This is an important milestone before the merger of the current Ethereum execution chain and the POS consensus chain.
To commemorate this moment, let’s take a look at how the deposit and distribution indicators of the beacon chain have been maintained one year after the start.
Total deposit
The total deposit on the beacon chain has now reached 8.2 million ETH!
The deposit interest rate can be regarded as a block of 2 million:
After a slow start in November 2020, deposits quickly increased to 2 million before the end of the year (within 2 months)
The second 2 million took 4 months to reach
In May of this year, as the price of ETH rose rapidly and plummeted, deposits resumed their momentum and broke the 2 million mark within 2 months.
Since then, the ratio has dropped again, and it took another 4 months to reach the fourth 2 million
In U.S. dollars, these deposits are equivalent to a jaw-dropping amount of 16.8 billion U.S. dollars.
The rise in the price of ETH in May coincided with the surge in deposits. Even after the market correction (the ETH price halved), the value of deposits did not fall, and in fact is still rising.
Although $16.8 billion sounds high, deposits still account for only 7% of the total ETH supply-there is still more room!
Deposit allocation
For many in the community, the most important metric is decentralization of validators. Does the beacon chain comply with the standard?
In-depth research on deposit entities shows that about a quarter is done through exchanges and pledge pools.
Modified graphs from the Eth2 deposit dashboard (including estimates of Coinbase deposits).
If we zoom in on the range, we can see that Lido leads with 17%, followed by Kraken (11%) and Binance (9%). 39 whale users accounted for 9%, and Coinbase squeezed into the top 5 with 6%.
Modified graphs from the Eth2 deposit dashboard (including estimates of Coinbase deposits).
42% of Lido’s deposits use 6 out of 11 multi-signatures (7.2% of total deposits). Excluding the part held by whales, we found that 45% of deposits are held by 12 entities (6 exchanges, 6 staking pools).
These numbers are much better than the current POW pool distribution, but they are not ideal.
From Etherscan Top Miners
Nevertheless, the trend of adopting a decentralized pledge pool is optimistic, because the decentralized deposit scale of Lido is larger than the sum of other entities. Rocket Pool successfully launched and developed protocols such as Secret Shared Validators, which bodes well for those of us who are interested in decentralization.
Chart from Eth2 Deposit Dashboard
Another view to analyze is the number of Ethereum addresses with multiple validators on the beacon chain. Out of a total of 55,000 addresses, 50,189 (91%) addresses have only one verifier associated with it, while 44 (0.1%) addresses have more than 1,000 verifiers.
From the chart in the Eth2 deposit dashboard
Node distribution
Unlike deposits, another important distribution indicator is nodes. Using the data provided by Chain Safe, we detected a total of 4,564 beacon nodes. They are distributed in 66 countries.
Nodewatch for Eth2
North America and Europe dominate, with at least 81% of nodes coming from these regions.
The node distribution roughly matches the POW node distribution detected by the Etherscan node tracker.
Through client node comparison, we found that Prysm accounts for 75% of all beacon clients. Clients that are too widely used will take risks for all their verifiers, because a bug in their code may cause their verifiers to suffer a greater percentage of losses. If you are a validator, please consider using other clients. If it is pledged through a third-party transaction or pledge pool, please urge your supplier to do the same!
Source link: medium.com
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