Validators process transactions and receive fees from users (supply-side fees).

Ethereum is a smart contract platform for decentralized applications (a blockchain). Ethereum was founded by Vitalik Buterin, Anthony Di Iorio, Mihai Alisie, etc. and launched in 2015.

ETH holders own and govern the protocol. They currently take a cut of the total transaction fees (base fee) paid by users (revenue). Ethereum’s investors include KR1, Block Ventures, 8 Decimal Capital, etc.

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# Ethereum Number of validators Methodology

## 1. Overview

The Ethereum number of validators metric measures the total count of active validators participating in Ethereum's proof-of-stake consensus mechanism on a daily basis. This metric tracks the growth and participation level in Ethereum's staking ecosystem by counting all validators registered and active in the beacon chain. The calculation uses the latest validator count recorded each day from Ethereum's beacon chain state data.

## 2. Data sources

The metric relies on the following raw data sources:
- **Ethereum beacon chain validator data**: Complete validator state information from Ethereum's proof-of-stake beacon chain, including validator registration status, effective balances, and participation metrics
- **Ethereum beacon chain slot data**: Slot timestamps and numbers from the beacon chain consensus layer that provide temporal context for validator state snapshots
- **Ethereum beacon chain state snapshots**: Point-in-time validator counts and staking balances captured at each beacon chain slot

## 3. Step-by-step calculation

### Component A: Raw validator data extraction
- **Purpose**: Extract and prepare raw validator state data from Ethereum's beacon chain
- **Logic**: The system reads validator state information from Ethereum beacon chain data, capturing slot timestamps, slot numbers, validator counts, and effective balances. Each record represents a snapshot of the validator set at a specific beacon chain slot. The data includes the total number of active validators and their effective staking balances at that point in time.
- **Key fields**: `slot_timestamp` for temporal ordering, `slot_number` for beacon chain reference, `number_of_validators` for the core metric, and `total_effective_balance` for staking amounts

### Component B: Daily deduplication and standardization  
- **Purpose**: Ensure one validator count record per day by selecting the most recent data
- **Logic**: Since beacon chain data provides multiple snapshots per day (one per slot), the system deduplicates by partitioning records by calendar date and selecting the record with the latest slot timestamp for each day. This provides the end-of-day validator count. The effective balance amounts are converted from wei to ETH by dividing by 1e9. A standardized token address pointing to WETH is assigned for consistency with other staking metrics.
- **Key fields**: Row numbering based on descending `slot_timestamp` within daily partitions, converted `amount` field in ETH units, standardized `token_address` field

### Final aggregation
- **Combining components**: The deduplicated daily validator data is processed through standardization to add metadata fields
- **Currency conversion**: Not applicable for validator counts, though associated staking amounts are converted from wei to ETH units
- **Time aggregation**: Daily boundaries are established by truncating slot timestamps to day level, ensuring consistent daily reporting
- **Final calculation**: The final metric value is the `number_of_validators` field from the latest beacon chain slot each day, representing the total count of active validators participating in Ethereum's proof-of-stake consensus at the end of each day

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Number of active validators securing the network.

EthereumETH

Number of validators

Number of validators

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