Beacon Chain R&D: How will deposit and distribution metrics hold up a year after inception?

Odaily资深作者

2021-11-11 15:35 (UTC+8)

This article is about 1375 words, reading the full article takes about 2 minutes

On October 27th, the Altair hard fork of the Ethereum Beacon Chain was launched, which is an important milestone before the current Ethereum execution chain merges with the Beacon Proof of Stake (POS) consensus chain.

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total deposit

Total Beacon Chain deposits have now reached 8.2 million ETH!

The deposit rate can be regarded as 2 million as a block:

After a slow start in November 2020, deposits increased rapidly to 2 million by the end of the year (within 2 months)
The second 2 million took 4 months to reach
Deposits regained momentum in May, crossing the 2 million mark in 2 months as ETH prices rapidly rose and plummeted
Since then, the percentage has fallen back and it took another 4 months to reach the fourth 2 million

In dollar terms, those deposits equate to a jaw-dropping $16.8 billion.

The rise in ETH prices in May coincided with a surge in deposits. Even after the market pullback (ETH price halved), the value of deposits did not fall and actually climbed.

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For many in the community, the most important metric is validator decentralization. Is the beacon chain compliant?

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Modified graph from the Eth2 deposit dashboard (including estimates for Coinbase deposits).

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Modified graph from the Eth2 deposit dashboard (including estimates for Coinbase deposits).

42% of Lido’s deposits are made using 6 of 11 multisigs (7.2% of total deposits). Excluding the portion held by whales, we found that 45% of deposits were held by 12 entities (6 exchanges, 6 staking pools).

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From Etherscan Top Miners.

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Graph from the Eth2 deposit dashboard.

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node distribution

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Nodewatch for Eth2.

North America and Europe dominate, with at least 81% of nodes coming from these regions.

The node distribution roughly matches the distribution of POW nodes detected by the Etherscan node tracker.

By client node comparison, we find that Prysm accounts for 75% of all beacon clients. A client that is too widely used puts all its validators at risk because a single bug in its code could cause its validators to suffer a disproportionately larger loss. If you are a validator, please consider using other clients. If staking via a 3rd party exchange or staking pool, urge your provider to do the same!