The number of validators running the PoS network has been exceeded 500,000.
As the market corrects, the price of ETH is down 5% in the last 24 hours.

The number of validators on the Ethereum [ETH] Proof-of-Stake network surpassed 500,000, according to data from Glasnode. This milestone comes ahead of the planned upgrade for the Shanghai network, which will take place at the end of the first quarter of 2023.

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According to data from the on-chain data provider, the number of validators on the PoS chain grew 76% year-over-year. Since the Merger on September 15, 2022, this has increased by approximately 20%.

Source: Glassnode

Status of the PoS network

Those who want to become a validator on the Ethereum PoS network must deposit 32 ETH into the Ethereum 2.0 contract. At the time of writing, the total amount of ETH deposited into this contract by validators running the network was 16.23 million ETH, as per data from Glassnode.

This represented 13% of the altcoin’s current circulating supply of 120.53 million ETH. With more validators joining the network, the total value of ETH deposited into the Ethereum 2.0 deposit contract grew 78% over the past year.

Source: Glassnode

Validators on the Ethereum PoS network are grouped into sets of commissions and block submitters for each era of 32 slots. A validator on the committee is responsible for producing blocks for each 12-second slot.

These validators are automatically organized into sets of commissions and block submitters for each 32-slot Epoch. A validator on a 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.

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Data from Glassnode showed that the number of missed blocks on the PoS network has decreased by 90% since the daily peak of 259 missed blocks on September 6, 2022. Over the past year, this dropped by 54%.

Source: Glassnode

Furthermore, in order for the PoS network to run optimally, there must be a high level of participation from 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.

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Since the temporary drop in participation rate on the network to 97% on December 7, 2022, it has regained its spot at 99%, where it sat at the time of writing. This meant that almost all network validators actively participated in the block production process.

Source: Glassnode

According to data from Santiment, a significant rise in social dominance of the alt on-chain was noted. A sudden spike in this statistic usually indicates widespread euphoria in the market. This is followed by a fall in the price of an asset.

Amid a market-wide dip, the price of ETH fell 5% in the past 24 hours.

Source: Sentiment

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