64% of staked ETH controlled by five entities — Nansen

Ethereum’s shift from proof-of-work to proof-of-stake is set to take place in the coming days afterin early September. The key component of The Merge sees miners no longer used as validators, replaced by stakers that commit ETH to maintain the network.

Three major cryptocurrency exchanges account for nearly 30% of staked ETH, namely Coinbase, Kraken and Binance., the biggest Merge staking provider, accounts for the largest amount of staked ETH with a 31% share, while a fifth unlabelled group of validators holds 23% of staked ETH. “For example, the top 9 addresses hold ~46% of governance power, and a small number of addresses typically dominate proposals. The stakes for proper decentralization are very high for an entity with a potential majority share of staked ETH.”

Given the ongoing slump in cryptocurrency markets, the majority of staked ETH is currently out of profit - down by ~71%. Meanwhile 18% of all staked ETH is held by illiquid stakers that are in-profit.

Sounds like central control all over again to me. So much for DeFi. Coinbase will easily become a submissive dog to the D.C regime as soon as they are threatened, and will do what they are told. Ethereum is not safe to use.

see!!how centralized the new ETH...

decentralized af

No one actually it uses Ethereum. But the manufactured mErGe pump will be great for these whales. So cool, so disruptive. Thank god Novogratz and Lubin will make more money with this unusable scam they created.

There's a difference between staked ETH and staked Node ETH...Node Operators are far more likely to to keep their nodes online far past the unlock date. Makes no sense for them to stop staking (just like miners never stopped mining)...pretty click baity article tbh

No one cares about decentralization

Oh, wow!

SECGov approves of this model of decentralization. ETHGATE

Then it means it is not very decentralized...

ethereumJoseph disguised whales gonna bank with ETH merge to POS. Probably was the plan from the beginning. ETHGATE

🚀 Thnks a millon

🚀 Thnks a millon.

🔥Sad, I didn't discover this earlier..

Soooo everyboooody has been making free mooooney ooooff 🦄 foooor oooover a moooonth and nooooboooody's talking aboooout this

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