AnalysisET-2026-0432
Client diversity improved; operator concentration did not
Two different concentration risks, frequently conflated in the same chart.
38%▼ −3ppstake on largest client
7 minEthereum & Layer-2
Execution client share has genuinely levelled out, which reduces the risk of a single bug halting finality. Operator concentration — who actually runs the validators — has moved much less.
The two failure modes are unrelated and require different mitigations. Reporting them together obscures both.