Ethereum has reached another milestone as the number of validators on its network now exceeds 500,000, data from BeaconScan shows. Validators are essential in guaranteeing the integrity and security of the Ethereum network. They operate by consensus to process transactions on the blockchain by verifying that the conditions specified in each transaction’s smart contract code have been met. A validator must deposit 32 ETH (roughly $45,000) to run a dedicated staking node on the proof-of-stake blockchain. Today, staked funds are locked in the network, and while they accrue staking rewards from Ethereum’s inflation, validators are unable to access the funds until after the Shanghai upgrade, expected to happen in March, which will allow withdrawals of staked ether for the first time. (Blockworks)