Ethereum Verifiers Grow More Than 30%, Surpassing One Million for the First Time

The number of Ethereum verifiers has grown by more than 30 per cent over the past year, from 824,300 in September 2023 to more than one million in June 2024, according to research from Flipside Crypto.

Flipside Crypto data scientist Carlos Mercado said the growth is attributed to developments in the repledging and liquidity pledge space, attracting institutions interested in immediate liquidity and capital efficiency.

Repledging protocols allow verifiers and pledgers to repledge liquid pledge-derived tokens, such as Lido Staked ETH (STETH) and RocketPool's rETH, in order to protect and verify other networks and earn additional revenue in the DeFi protocol.

The total amount of Ether (ETH) pledged has grown by more than 27 per cent over the past year, surpassing 34.7 million ETH for the first time in September, which the report attributes to the Shanghai upgrade and the approval of the Ethereum Futures ETF.

Polygon pledge activity is also growing, with the number of Polygon wallets pledged increasing by more than 36.4 per cent over the past year, although the number of validators has remained stable since June.