Dozens of Ethereum 2.0 Validators Slashed Due to Staking Pool Error
Key Takeaways
- Ethereum 2.0 staking infrastructure Staked validators got slashed after it started producing competing blocks.
- Stake’s validators were penalized for 18 ETH worth $30,000 at current prices. The firm has decided to compensate for the losses.
75 validators were suspended from Ethereum 2.0 in a slashing event due to an operational bug by Staked, an ETH2 staking pool, which led to competing blocks produced on the network.
Ethereum 2.0 Staking Pool Introduces a Bug
Staked was using Prysm’s client and had separately introduced performance upgrades to improve validating blocks’ efficiency. However, their upgrades introduced a bug into the network.
Due to the bug, validators began signing different versions of the same block, essentially creating another chain. Consequently, 75 validators were slashed from the network. The company published a press release as an explanation. It wrote:
“Staked chased technical performance over double-signing robustness and that’s not a good trade-off. No customers were harmed in this interaction but it was an expensive lesson for Staked.”
The slashing penalty is 18 ETH or around $30,000, and the staking pool will reimburse the total amount lost by individuals and future losses during the downtime.
The company has decided to discard the earlier attempts at bypassing Prysm’s default restrictions. It has introduced a new change that will wait for all the blocks to sync before participating with validators.
Staking pools allow users with less than the minimum amount of 32 ETH to participate in staking, and Staked is one of the leading pools with a 9% share that has been popular because of its higher than average yields.
Ethereum 2.0 network currently has over 91,300 active validators with $4.8 billion ETH staked, earning 8.17% annually in Ethereum.
Disclosure: The author held Bitcoin at the time of press.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article