- The total stake of ETH reached the highest value.
- As the positive sentiment waned, the price stagnated within a narrow range.
Ethereum [ETH] validators poured $52.3 billion into the ETH2.0 contract to secure the L1 Chain. According to on-chain data provider IntoTheBlockthis marked the highest value it has ever reached.
The Ethereum network is currently secured by a whopping $52.3 billion, marking the highest value it has ever reached. As value of #ETH used to secure the network, it becomes increasingly difficult for a potential attacker to gain control over it. pic.twitter.com/2hrzj82Nk0
— IntoTheBlock (@intotheblock) July 21, 2023
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To become a validator on the Ethereum PoS network, validators must deposit 32 ETH into the ETH 2.0 contract. At the time of writing, the total amount of ETH deposited into this contract by validators running the network was 27.05 million ETH, as per data from Glasnode.
This represented 22.46% of the leading altcoin’s total supply.
Source: Glassnode
Status of the PoS network
Validators on the Ethereum Proof-of-Stake (PoS) network are grouped into sets of commissions and block submitters for each 32-slot Epoch. A validator on the committee is responsible for producing blocks for each 12-second slot.
A validator on the committee is tasked with producing blocks for each 12-second slot. However, if the assigned validator is not available, this will result in a missed block.
Glassnode data showed that on April 13 (one day after the Shanghai upgrade), the number of missed blocks reached an all-time high of 658. This may be because some validators deliberately took their nodes offline during the upgrade and a day after to properly assess the impact of the upgrade.
However, this soon reversed. With only 42 missed blocks recorded on July 21, the number of missed blocks is down 94% since the April 13 peak.
Source: Glassnode
Furthermore, to ensure that the PoS network runs optimally, there must be a high level of participation of Validators on the network.
According to Glasnodehigh participation rate indicates reliable uptime of validation nodes and thus fewer missed blocks and superior block space efficiency.
On May 12, the participation rate of validators dropped to the lowest point since December 2020. This dropped to 96%. However, it has regained its spot at 99%, where it sat at the time of writing. This means that almost all network validators actively participated in the production of blocks.
Source: Glassnode
The ETH market continues its sideways movement
At the time of writing, ETH was exchanging hands at $1,892.25, with price trading within a narrow range since the middle of the month.
Read Ethereum’s [ETH] Price Forecast 2023-24
The limited movement of the market was confirmed by the state of the alt’s Bollinger Bands at the time of writing. The price of ETH was positioned on the middle line of this indicator.
When an asset’s price moves this way, it suggests that the asset was going through a period of relative stability or consolidation at the time of writing. In this situation, there may not be a strong directional trend in the price movement and the market may be indecisive.
Source: FTM/USDT on trade view