This report covers our Ethereum validator performance metrics for Q3 2025. Note that while some Coinbase staking customers choose to delegate to our partner staking providers, the data in this report applies solely to Coinbase validators.
At a Glance:
Staked to Coinbase validators: 3.97M ETH → 11.11% of total staked ETH (both are averaged over Q3)
- Coinbase is committed to never exceeding 30% network penetration
Uptime: 99.92%
0 slashing or double signing events (since inception)
Consensus client diversity: 2 clients
Execution client diversity: 3 clients
Relay diversity: 6 relays
Validator distribution: 5 countries and 2 cloud providers
Uptime and Participation Rate
In Q3 2025, Coinbase validators had an average uptime of 99.92%, outperforming the network average of 99.76%. Note that participation rate is a reliable indicator of validator uptime; therefore, the two are interchangeable in our definitions.
Participation rate indicates how well validators perform their consensus duties. This metric is measured by the percentage of assigned attestations that a validator successfully signs, submits, and gets included in a block.
The chart below shows Coinbase’s participation rate for Q3, as well as our participation averages for two other key validator duties. In Q3, Coinbase validators outperformed the network average across all three categories.
Proposing blocks: Signing and submitting blocks produced by our MEV relays
Participating in sync committees: Producing additional signatures for blocks to enable light clients to sync quickly and trustlessly
Validator Distribution
To help maintain a truly distributed and decentralized Ethereum blockchain, we distribute our validators across several regions, each with multiple availability zones. This also helps compartmentalize potential outages and accommodates customers who require validators to be operated in specific regions for regulatory purposes.
Our validators operate in:
• Germany
• Hong Kong
• Ireland
• Japan
• Singapore
Additionally, we distribute our validators between 2 cloud providers: AWS and GCP, which provides diversity, helps further compartmentalize outages, and mitigates the risk of a technical issue impacting our ability to run workloads on a given cloud provider. This distribution strategy also helps mitigate risk in the event of a cloud provider curtailing the hosting of blockchain validators.
Disaster Recovery
If a prolonged issue with a cloud provider or given region were to occur, our validator orchestration system enables us to safely move our validators between data centers. This system has yet to be required in response to an outage. However, it has a proven track record when used for routine validator migrations, either at the request of customers or for scheduled maintenance.
Client Diversity
Client diversity is crucial for protecting our customers’ assets and strengthening the Ethereum network’s resilience. Using a mix of execution layer (EL) and consensus layer (CL) clients reduces single point of failure risk and mitigates correlated incidents from client-specific bugs or outages, supporting decentralization and more consistent validator performance.
Our ETH validators support:
Consensus clients: Lighthouse, Prysm
Execution clients: Geth, Nethermind, Reth (new addition in Q3)
Relay Diversity
Relay diversity (via MEV-Boost relays) reduces reliance on a single relay’s uptime or policies, improving redundancy and reducing centralization risk in block building. Using multiple reputable relays (configured appropriately) can increase the likelihood that proposers receive and select the best available bid, which can improve execution layer rewards (tips & MEV) that are otherwise variable.
Our validators are connected to 6 unique MEV relays:
Flashbots MEV-Boost Relay
bloXroute Max Profit Relay
ultra sound relay (non-censoring)
Agnostic Relay (non-censoring)
Aestus MEV-Boost Relay (non-censoring)
Titan Relay (non-censoring)
- In Q3, we added Titan Regional (OFAC screening) as an option, increasing the diversity of relays for the subset of our customers that need filtering.
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Disclaimer
This document is intended only for sophisticated investors; it is for informational purposes only and does not constitute the provision of investment advice. Client assumes full responsibility for its trading activity and should consult its advisors for its specific situation. Coinbase is not registered as an investment advisor and Coinbase assumes no liability, obligation, or responsibility for client decisions regarding its Coinbase Prime Broker Account. Please consult your Coinbase Prime Broker Agreement and www.coinbase.com/Prime for additional details.
2025 © Coinbase, Inc. All Rights Reserved. Coinbase and related logos are trademarks of Coinbase, Inc., or its Affiliates. The views and opinions expressed herein are those of the author(s) and do not necessarily reflect the views of Coinbase and summarizes information and articles with respect to cryptocurrencies or related topics. This material is for informational purposes only and is only intended for sophisticated investors, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Coinbase. No representation or warranty is made, expressed or implied, with respect to the accuracy or completeness of the information or to the future performance of any digital asset, financial instrument, or other market or economic measure. The information is believed to be current as of the date indicated and may not be updated or otherwise revised to reflect information that subsequently became available or a change in circumstances after the date of publication. Coinbase, its affiliates, and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Certain statements in this document provide predictions and there is no guarantee that such predictions are currently accurate or will ultimately be realized. Prior results that are presented here are not guaranteed and prior results do not guarantee future performance. Recipients should consult their advisors before making any investment decision. Coinbase may have financial interests in, or relationships with, some of the assets, entities and/or publications discussed or otherwise referenced in the materials. Certain links that may be provided in the materials are provided for convenience and do not imply Coinbase's endorsement, or approval of any third-party websites or their content. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Coinbase. Coinbase, Inc. is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Coinbase, Inc., 248 3rd St #434, Oakland, CA 94607.
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