The number of (ETH) validators has hit 500,000, per data from BeaconScan, ahead of March’s scheduled Shanghai upgrade.
To use validator software in Ethereum, you need to be able to stake a significant initial investment of 32 ETH, worth roughly $50,000 at current prices.
The validator milestone comes as Ethereum’s core developers look to implement the so-called Shanghai update, scheduled for some time in March.
After this update, validators will finally be able to withdraw their staked ETH and the rewards earned from having staked thus far.
This limit is expected to prevent a sudden, mass exodus of validators.
Ethereum validators soar
This isn’t the only factor that could be pushing the number of validators upwards.
Lido and Rocket Pool let users stake less than the required 32 Ethereum to participate. In exchange for their deposits, they received liquid staking derivative tokens, called LSDs, which can be used to earn additional awards in DeFi.
In light of these developments, ETH has posted healthy performance over the past week, rising 18.3% per CoinGecko,