On-chain metrics show peak Ethereum network performance post-Merge

2 years ago

The Ethereum Merge was completed connected Sept. 15, marking the network’s modulation to a Proof-of-Stake (PoS) concatenation and a important milestone connected the roadworthy to ETH 2.0, AKA “Consensus Layer.”

A period on, what bash on-chain metrics suggest regarding ETH’s web show post-Merge?

Ethereum Participation Rate

Reliability and uptime are captious functions of immoderate blockchain. One mode to measure this is done the Participation Rate, which refers to the percent of validators online and validating transaction blocks efficaciously – calculated by (Total Slots – Slots Missed) / Total Slots.

This metric tin beryllium considered a gauge of validator responsiveness and web efficiency. A precocious information complaint positively correlates with precocious validator node uptime, less missed blocks, and blockspace efficiency.

The illustration beneath shows the Ethereum Participation Rate has run, connected average, supra 99%. Post-Merge, respective dips beneath this threshold were noted. However, successful these instances, the Participation Rate soon snapped backmost supra the mean point.

Attestation Count

Each Ethereum epoch occurs astir each six minutes. During that period, validators are expected to create, sign, and broadcast an attestation. Essentially, this is simply a ballot successful favour of the validator’s presumption of the chain.

The Attestation Count refers to collating the validators’ votes that the blockchain is correct, which informs the web successful reaching a consensus. A precocious Attestation Count means much statement among validators.

Post-Merge, the Attestation Count climbed higher, highlighting accrued statement among validators since the PoS concatenation went live.

Total Value Staked

PoS is simply a statement mechanics that randomly assigns the close to validate the adjacent block. To go an Ethereum validator, method cognition is needed to acceptable up a node, with galore utilizing third-party unreality computing services.

In addition, a minimum of 32 ETH is needed to activate web participation. At today’s price, the outgo is supra $42,000. Given the barriers to entry, astir laypeople connection their tokens to validators.

Generally speaking, the probability of a validator being chosen to constitute the adjacent artifact is proportional to the fig of tokens held.

Once a validator is selected, fees are collected and distributed among the holders who supported the winning validator. That way, a grade of decentralization is maintained without the request to lick hash puzzles, and token holders enactment successful securing the web portion being rewarded for doing so.

If a validator misses blocks oregon behaves dishonestly, slashing occurs, which involves the web confiscating immoderate oregon each of the validator’s staked ETH.

The Total Value Staked illustration beneath shows the magnitude of ETH staked is astatine an all-time high, astatine implicit 14 million. Post-Merge, an further 1.5 cardinal ETH was staked connected the network, suggesting increasing condemnation among token holders.