Coinbase has released its first Ethereum Validator Performance Report, providing a detailed breakdown of its staking operations.

It shows that the platform operates 120,000 validators, with 3.84 million ETH staked to them, representing 11.42% of the total staked supply. An additional 581,500 ETH is also staked through its partners.

99.75% Validator Uptime and Zero Slashing

“We’re excited to announce our first Ethereum Validator Performance Report, marking a new level of transparency in our ETH staking operations,” the company stated in a March 19 post on X.

According to the report, the platform has maintained zero cases of slashing or double signing since its validators began operating.

In February 2025, they recorded an average uptime of 99.75%, exceeding the 99% uptime target. The platform attributes this performance to a structural upgrade made last year, which enables beacon node maintenance without downtime. Further, it revealed that it does not pursue 99.9% uptime, as it prioritizes security over additional gains that could introduce slashing risks.

The validator participation rate, which tracks the execution of consensus duties, also stood at 99.75% in February. According to the exchange, its stakers successfully proposed blocks through MEV relays and participated in sync committees, which helped light clients synchronize with the blockchain.

To support decentralization, Coinbase distributes them across five countries including, Japan, Singapore, Ireland, Germany, and Hong Kong. The platform also uses two cloud providers, AWS and GCP. This ensures redundancy, mitigates failure risks, and accommodates regulatory requirements.

According to the exchange, if a prolonged outage occurs in a region or cloud provider, its validator orchestration system can migrate workloads with minimal downtime. This system has also been used for scheduled maintenance and customer-driven migrations.

Client Diversity and Relay Diversification

Client diversity is another part of the staking strategy. Coinbase’s Ethereum validators run two consensus clients (Lighthouse, Prysm) and two execution clients (Geth, Nethermind). It also monitors network-wide client distribution and is evaluating additional implementations to expand the customer range further.

The company also uses relay diversification to optimize staking rewards and reduce centralization risks. Participants connect to six MEV relays, including Flashbots MEV-Boost Relay, bloXroute Max Profit Relay, and four non-censoring relays including, ultra-sound relay, Agnostic Relay, Aestus MEV-Boost Relay, and Titan Relay. This structure enhances redundancy and broadens access to block pools.