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Ethereum

Ethereum Node Locations Raise Concerns About US Government Involvement

Best Owie
by Best Owie
2 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is currently the largest proof of stake (P0S) network after transitioning from a proof of work (PoW) mechanism late last year. This means that the network now uses validators to carry out transactions as opposed to miners using energy-intensive computers to solve complex mathematical problems to do the same thing – something that has been applauded as a step in the right direction by many in the space.

However, the location of Ethereum nodes worldwide, particularly their concentration in a particular location, has raised concerns among participants after a Twitter user pointed out a disturbing fact.

More Than 50% Of Ethereum Nodes Are In The United States

On Sunday, a Twitter user that goes by Hamzah Khan made a post revealing that over 50% of Ethereum’s nodes are being hosted in datacenters in the United States.

There are currently about 5,500 nodes running Ethereum, and about half are based in the US.

Of these, over half are in a single data center in Virginia, 20 minutes away from the white house and the CIA headquarters.

FUD Morning 🙏

— Hamzah Khan (@_khanhamzah) July 9, 2023

More interestingly though was that of this massive share of the node distribution being hosted in the country, more than 50% were being hosted in a single datacenter.

Related Reading: CZ Says Binance Is Not FTX As Exchange Inflows Near $2 Billion

The location of this particular datacenter was of the most interest. The datacenter which is located in the state of Virginia is reportedly only 20 minutes away from the headquarters of the United States Central Intelligence Agency (CIA), as well as the White House.

Now, while the location has been pointed out, it shows no participation of the US government in the running of Ethereum. Rather, as the Ether.fi website points out, it shows that Ethereum is not as decentralized as participants would like.

Ethereum (ETH) price chart from TradingView.com

ETH price falls below $1,900 support | Source: ETHUSD on TradingView.com

Additionally, Mike Silagadze, CEO of Ether.fi, also responded to the tweet to clarify that the number of nodes on its website needed to be updated. Compared to the 5,500 on the website, Silagadze said there were now around 6,800 Ethereum nodes running. But as another Twitter user pointed out, it doesn’t change the ‘distribution’ of the nodes already pointed out above.

The Rise Of Liquid Staking

Becoming a validator on Ethereum carries a high barrier to entry because valuators are required to have a total of 32 ETH. At current prices, this translates to around $60,000 to run a single validator node. And since a large percentage of users cannot afford this, liquid staking protocols have seen a lot of success for the services they offer.

Liquid staking protocols such as Lido Finance and Rocket Pool allow investors to still become validators even if they don’t have up to 32 ETH. Users are able to pool their ETH together to make a validator. This way, they are able to earn rewards without operating a full node themselves.

Ethereum

Lido leads ETH liquid staking | Source: DeFiLlama

Over the last year, protocols such as Lido Finance have seen sharp growth, propelling them to the forefront of ETH staking. Currently, there is over $14 billion staked on the Lido liquid staking protocol, accounting for around 30% of the total staked ETH. In total, liquid staking now accounts for more than 37% of the total staked ETH, and rising.

Related Reading: Ethereum Trading Volume Surges 35%, Can It Break $2,000 Before The Weekend?

This growth was born out of the need for more decentralization in the Ethereum network as nodes become more spread out. However, despite the rise in liquid staking, Ethereum nodes are still highly concentrated, mainly in the United States.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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