Messari data reveals that Coinbase Custody is currently the largest validator or “Baker” in the Tezos network. According to their Q2 2023 report, Coinbase Custody controls 15% of the total validator nodes and stakes XTZ, Tezos’ native currency, on behalf of its clients.

Other significant validators in the network include Everstake, PoSDog, stakefish, and Kraken, with 6%, 5%, 3%, and 3% control, respectively.

Coinbase Custody Is The Top Baker In Tezos

Notably, prominent centralized platforms and exchanges, including Coinbase Custody and Kraken, are among the top validators responsible for verifying block transactions and ensuring network security. Binance, specifically, holds 1% of the validator distribution, as reported by Messari. 

Leading cryptocurrency exchanges like Binance and Kraken operate validator nodes and have been reported to be operating staking nodes, earning rewards on behalf of delegators from proof-of-stake networks, including Tezos. While their involvement could fortify the network, there are concerns about centralization. 

Still, while Coinbase Custody currently leads with a 15% share of validator nodes, Tezos Foundation’s “Baker” nodes hold the second-largest position. It has more than twice the validator node capabilities of Everstake, contributing to a cumulative 14% of validator control. 

The Tezos Foundation, the non-profit meant to support the growth of the Tezos blockchain, operates five Bakers, each controlling around 2% of the total stake. With this double-digit stake, the Foundation greatly influences the stability, decentralization, and stability of the Tezos blockchain.

Effect Of The Crypto Winter On
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Author: Dalmas Ngetich

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