{"uuid":"33385493-5ac1-4e17-6d45-68906e317ba4","categoryUuid":"7da7918d-5648-48ec-7267-812a87fac227","data":{"meta":{"name":"ETH: Proof-of-Stake Consensus"},"configs":[{"meta":{"asset":"ETH","currency":"native","metricCode":"eth2.SlotHeight","resolution":"24h"},"uuid":"92be7e27-fdf2-4a42-8514-26128c741573","extra":{"price":true,"scale":"lin","lineColor":"#627eea","chartStyle":"line"},"configType":"metric"},{"meta":{"asset":"ETH","currency":"native","exchange":"aggregated","metricCode":"eth2.EpochHeight","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":0},"uuid":"171b452d-e1e4-4c50-b004-35f4443ee6db","extra":{"price":true,"scale":"lin","lineColor":"#02966b","chartStyle":"line"},"configType":"metric"},{"meta":{"content":"# Ethereum Proof-of-Stake Consensus\n\n---\n\n### Proof-of-Stake: Slots 🔵, Blocks, and Epochs 🟢\n\nIn the Ethereum PoS system, block production and validation goes through the following steps:\n\n- The PoS blockchain is constructed from a series of **Slots**, which occur at an **average interval of 12** seconds. Each slot represents an opportunity for a validator to build and propose a block.\n- Each sequential **set of 32 slots (6.4-mins) are grouped into an Epoch**.\n- **A set of 128 validators** are selected by the protocol to **form a committee for each Epoch**.\n- **One validator** of this committee is algorithmically chosen **to Propose a Block** in the upcoming Slot.\n- **The remaining validators** in the committee **provide Attestations** that the proposed block and included transactions follow the consensus rules.\n- **Epochs are then systematically finalized** by two-thirds of the validator network."},"uuid":"6543b1f9-d755-45aa-a4f8-95e87a3dd1db","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"asset":"ETH","currency":"native","exchange":"aggregated","metricCode":"eth2.MissedBlocksCount","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":0},"uuid":"77a32846-145f-45f5-b17c-8b3426ef2cd6","extra":{"price":true,"scale":"lin","lineColor":"#ff6b3e","chartStyle":"line"},"configType":"metric"},{"meta":{"asset":"ETH","currency":"native","exchange":"aggregated","metricCode":"eth2.OrphanedBlocksCount","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":0},"uuid":"5622e55f-5bf5-4956-9ddd-fc1ce10ded06","extra":{"price":true,"scale":"lin","lineColor":"#ce7d1a","chartStyle":"line"},"configType":"metric"},{"meta":{"content":"# Network Stability\n\n---\n\n### Participation Rate 🔴\n\nIt is desirable that the blockchain maintains a high degree of reliability, which is the result of high validator node uptime, leading to very few missed blocks. We can measure the aggregate network performance using the **Participation Rate** metric, which is the ratio between the number of blocks successfully produced (i.e. not missed), and the total available slots.\n\nA high participation rate is indicative of reliable validator node uptime, and thus fewer missed blocks, and superior blockspace efficiency.\n\n---\n\n### Attestation Count 🟣\n\nWe can measure the total number of **Attestation Votes** cast by the committee of validators who sign-off on the produced blocks. Each attestation is effectively a 'yes' vote to include the latest proposed block at the tip of the blockchain."},"uuid":"1f478c77-bbd5-472f-b09d-c18b806f5791","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"asset":"ETH","currency":"native","exchange":"aggregated","metricCode":"eth2.ParticipationRateMean","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":0},"uuid":"bd27addd-0b33-45a5-9c58-4d808110baff","extra":{"price":true,"scale":"lin","lineColor":"#ff2f53","chartStyle":"line"},"configType":"metric"},{"meta":{"asset":"ETH","currency":"native","exchange":"aggregated","metricCode":"eth2.AttestationCount","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":0},"uuid":"e54a606b-08e2-4699-aa3e-ee7a407fb0f1","extra":{"price":true,"scale":"lin","lineColor":"#7343ff","chartStyle":"line"},"configType":"metric"},{"meta":{"content":"# Validator Movements\n\n---\n\nIn the Ethereum PoS consensus system, miners are replaced by validators, who must deposit a stake of 32 ETH in order to participate in protocol consensus. The total number of **Active Validators** will change in response to three events:\n\n- **New Deposits** as stakers deposit 32-ETH and join the entry queue to become an active validator.\n\n- **Voluntary Exit** where a validator opts to cease participating in consensus, and enters the exit queue. These validator no longer propose or attest to blocks, but the ETH stake cannot yet be withdrawn.\n\n- **Slashing** in the event of malicious behavior where the protocol forcibly ejects a validator from the pool for misbehavior such as proposing, or attesting to invalid blocks, or non-consensus chainsplits."},"uuid":"d6c9a518-e64c-495c-83bb-965610661d9c","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"asset":"ETH","currency":"native","metricCode":"eth2.DepositedByProviderVolumeSum","resolution":"24h"},"uuid":"00634c93-5d81-427a-9d6e-6dd97d806c17","extra":{"price":true,"scale":"lin","lineColor":"#627eea","chartStyle":"line"},"configType":"metric"},{"meta":{"asset":"ETH","currency":"native","exchange":"aggregated","metricCode":"eth2.StakingTotalVolumeSum","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":0},"uuid":"df20446e-c71e-4f5c-bd42-ae88fba2a3c0","extra":{"price":true,"scale":"lin","lineColor":"#fa4a4a","chartStyle":"line"},"configType":"metric"},{"meta":{"asset":"ETH","currency":"native","exchange":"aggregated","metricCode":"eth2.EffectiveBalanceSum","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":0},"uuid":"121bfd2a-9404-4bdd-baf3-6cd0988b613f","extra":{"price":true,"scale":"lin","lineColor":"#06ae3e","chartStyle":"line"},"configType":"metric"},{"meta":{"content":"# Validator Total and Effective Stake\n\n---\n\n### Total Value Staked 🔴\n\nValidators must initially deposit a stake of 32 ETH to start a validator, and will be ejected from the protocol if their balance falls below 16 ETH (in the event of inactivity leak or slashing). Once a validator is active, their total ETH balance will begin to change due to a number of factors:\n\n- **Revenue earned from issuance and fees** (balance increase)\n- **Inactivity leak** if validators often miss blocks or attestations (balance decreases).\n- **Slashing** in the event of malicious behavior (balance decreases).\n\nThe **Total Value Staked** reflects the sum of all staked deposits, revenue earned, and subtracted penalties from inactivity leak and slashing.\n\n---\n\n### Effective Balance 🟢\n\nEach validator also has an **Effective Balance**, which is capped at 32 ETH on the upside, and decreases to the nearest 1 ETH increment below this (with a minimum buffer of 0.25 ETH). For example:\n\n- If a staker has 32 ETH and earns 0.5 ETH in rewards, their Total Balance (red) is 32.5 ETH, but their Effective Balance (green) is still 32 ETH.\n- If a staker has 32 ETH but leaks 0.5 ETH in inactivity penalty, their Total Balance (red) is now 31.5 ETH, but their Effective Balance (green) is rounded down to 31 ETH.\n- A Total Balance of 31.250 ETH will have a Effective Balance of 31 ETH\n- A Total Balance of 31.249 ETH will have a Effective Balance of 30 ETH"},"uuid":"25f7670b-7cb8-4c27-9d63-c0f067e2cac1","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"913c69e0-1967-4973-57a3-916b1b72ef03"},"uuid":"4a73c3a0-3ebd-41bd-b864-c99b7b48fdbc","configType":"workbench"},{"meta":{"content":"# Change in Active Validators\n\n---\n\nThe Ethereum PoS protocol allows for the movement of validators both into and out of the validating network. On both entrance and exit, there is a queue system which regulates the number of validators to assure smooth network operation, with the churn limit per Epoch defined as:\n\n`Churn Limit = max(4, Active_Validators/65536)`\n\nWith these parameters, and 6.4-min Epochs, the expected daily validator churn limit will range from 900/day, to 3,600/day.\n\nThis workbench metric displays the daily net change in [Active Validators](https://studio.glassnode.com/metrics?a=ETH\u0026category=\u0026m=eth2.ActiveValidatorsCount), as well as the daily validator churn limit. "},"uuid":"6cb272cd-1c80-4a86-bcbb-395a77a1c5d4","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"# ETH Staked via Service Providers\n\n---\n\nThis chart presents the breakdown of stake hosted by known staking providers such as exchanges, and Liquid Staking Derivatives like Lido and Rocketpool. Demand for staking provider services are likely the result of a combination of factors, including, but not limited to:\n\n- **Technical overhead** required to operate a solo-staking validator.\n- **Convenience and risk delegation** to professional staking services.\n- **Investors with less than the required 32-ETH** pooling their stake.\n- **Ability to tokenize stake**, enabling trading, or use as collateral in DeFi with staking derivatives such as Lido, Rocketpool, and more recently Coinbase with the cbETH product."},"uuid":"cbf7726a-1048-4cd3-9e79-1bed0d3b0e8a","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"# Stake Realized Price\n\n---\n\nAs investors deposit and withdraw ETH from the Beacon Chain staking contract, we can assign a price-stamp and thus calculate the realized value for each transaction. This Workbench chart presents the following traces:\n\n- **Realized Price for the Ethereum network 🔵**, capturing the average price at which the entire ETH supply last moved on-chain.\n\n- **Realized Price for PoS Deposits 🔴**, capturing the average deposit price for all staked ETH.\n\n- **Aggregate Unrealized Profit/Loss on Deposits 🟡**, calculated as the difference between the Realized Price for Deposits, and the Spot Price, multiplied by total ETH value staked."},"uuid":"dc5f6d34-70b1-4cd5-bf15-7cea3856fb70","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"# Stake Effectiveness 🟣\n\n---\n\nWe can then calculate a new metric called **Stake Effectiveness** which is calculated as the ratio between Effective, and Total staked ETH. \n\nThe Workbench chart below shows the aggregate Effective Balance 🟢 which is actively participating in PoS consensus. The remaining Total Balance 🔴 is essentially excess ETH which may be considered a buffer of inactive stake."},"uuid":"ee796e85-155c-4ee8-a8a4-393f7fae7fe2","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"# Missed and Orphaned Blocks\n\n---\n\n### Missed Blocks 🟠\n\nEach slot can be thought of as an opportunity for a block to be produced.  In the event that the validator selected for block production is offline, or fails to successfully propose a block, the slot is considered to be a **Missed Block**.\n\n### Orphaned Blocks 🟡\n\nThere are other instances where a block is rejected by the attesting validators, or results in a naturally occurring fork. These blocks are called **Orphaned Block**, and represent an alternative version of block-history which was not followed by the majority of the network."},"uuid":"fa25c6a7-681e-452b-8d8e-47986597f097","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"d7517401-f5f4-478d-6403-07da6bed89f6"},"uuid":"b8e98985-16a5-40d6-a514-8addb9526331","configType":"workbench"},{"meta":{"refUuid":"5c199ddc-acb8-4d51-69ad-f32eb214b201"},"uuid":"7f34f5dc-a998-426a-93fe-d642995de3c5","configType":"workbench"},{"meta":{"refUuid":"5388f88b-b8c0-44be-4307-2170ac1d7d8c"},"uuid":"45f5a2b6-9642-4a2e-ab21-8bed7e601214","configType":"workbench"},{"meta":{"refUuid":"6d2a847f-80f3-4e08-6e6f-45fa11230028"},"uuid":"2674fe33-e0e0-4ff6-833a-a13e1738c7bc","configType":"workbench"},{"meta":{"content":"### Disclaimer\n\n---\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*"},"uuid":"7cafa924-5a61-467f-888d-671c582afde8","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"bd7cf9fe-f0fe-496d-603b-f162f0c160cc"},"uuid":"d4ef1bad-463f-42aa-a2ef-cddc9ec97aa0","configType":"workbench"},{"meta":{"content":"\n# Staking Pool Netflow\n\n---------------------------------------\n\nThis chart shows incoming and exiting validators to the Ethereum Staking Pool.\n\n- Outflows 🔴 include both Voluntary Exits and Slashing Events. These events have different waiting periods. Voluntary Exits have a waiting period of about 1 day, while Slashing Events have a waiting period of 36 day. For calculating the Staking Pool net flows, these waiting periods have been factored in.\n\n- Inflows 🟢 include validators waiting to be activated.\n\nThe Churn Limit determines the number of entering validators 🟦 \u0026 exiting validators 🟥. If the amount of entering or exiting validators exceed the churn limit, they enter the activation or respectively the exit queue.\n\n\u003e Please note that once validators are entering the activation queue they are not considered active, while validators in the exit queue are still considered active until fully withdrawn.This is reason why in addition to the waiting period, the validator net flows have a lagging effect on the 🟡 Active Validator Metrics."},"uuid":"8946a31c-3fd7-49cf-99ad-810cedf794ef","extra":{"backgroundColor":"#ffffff"},"configType":"content"}],"layouts":[{"h":6,"i":"92be7e27-fdf2-4a42-8514-26128c741573","w":4,"x":4,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"171b452d-e1e4-4c50-b004-35f4443ee6db","w":4,"x":8,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"6543b1f9-d755-45aa-a4f8-95e87a3dd1db","w":4,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"77a32846-145f-45f5-b17c-8b3426ef2cd6","w":4,"x":4,"y":6,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"5622e55f-5bf5-4956-9ddd-fc1ce10ded06","w":4,"x":8,"y":6,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"1f478c77-bbd5-472f-b09d-c18b806f5791","w":4,"x":0,"y":12,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"bd27addd-0b33-45a5-9c58-4d808110baff","w":4,"x":4,"y":12,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"e54a606b-08e2-4699-aa3e-ee7a407fb0f1","w":4,"x":8,"y":12,"minH":1,"minW":3,"moved":false,"static":false},{"h":12,"i":"d6c9a518-e64c-495c-83bb-965610661d9c","w":4,"x":0,"y":28,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"00634c93-5d81-427a-9d6e-6dd97d806c17","w":8,"x":4,"y":60,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"df20446e-c71e-4f5c-bd42-ae88fba2a3c0","w":8,"x":4,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"121bfd2a-9404-4bdd-baf3-6cd0988b613f","w":8,"x":4,"y":46,"minH":1,"minW":3,"moved":false,"static":false},{"h":12,"i":"25f7670b-7cb8-4c27-9d63-c0f067e2cac1","w":4,"x":0,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"4a73c3a0-3ebd-41bd-b864-c99b7b48fdbc","w":8,"x":4,"y":28,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"6cb272cd-1c80-4a86-bcbb-395a77a1c5d4","w":4,"x":0,"y":20,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"cbf7726a-1048-4cd3-9e79-1bed0d3b0e8a","w":4,"x":0,"y":60,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"dc5f6d34-70b1-4cd5-bf15-7cea3856fb70","w":4,"x":0,"y":68,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"ee796e85-155c-4ee8-a8a4-393f7fae7fe2","w":4,"x":0,"y":52,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"fa25c6a7-681e-452b-8d8e-47986597f097","w":4,"x":0,"y":6,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"b8e98985-16a5-40d6-a514-8addb9526331","w":8,"x":4,"y":34,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"7f34f5dc-a998-426a-93fe-d642995de3c5","w":8,"x":4,"y":52,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"45f5a2b6-9642-4a2e-ab21-8bed7e601214","w":8,"x":4,"y":68,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"2674fe33-e0e0-4ff6-833a-a13e1738c7bc","w":8,"x":4,"y":20,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"7cafa924-5a61-467f-888d-671c582afde8","w":12,"x":0,"y":84,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"d4ef1bad-463f-42aa-a2ef-cddc9ec97aa0","w":8,"x":4,"y":76,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"8946a31c-3fd7-49cf-99ad-810cedf794ef","w":4,"x":0,"y":76,"minH":1,"minW":3,"moved":false,"static":false}]}}