Is the validator consolidation progressing well after the Ethereum Pectra upgrade? One of the biggest upgrades in the Ethereum Pectra fork was increasing the maximum staking balance for a single validator from 32 ETH to 2048 ETH. (EIP-7251, Increase the MAX_EFFECTIVE_BALANCE) Existing validators with 32 ETH can also consolidate up to 2048 ETH. Now, about a month and ten days after the Pectra upgrade, how is the validator consolidation (Consolidation) progressing? Currently, the total number of validators in Ethereum is 1,073,309. Among them, only 3,355 "Compounding validators" have a balance greater than 32 ETH through consolidation. Still, we can see that the average balance of all validators has risen to 32.55 ETH. Immediately after the Pectra upgrade, it seems that some validators performed consolidation, resulting in a decrease in the number of active validators. However, new validators are still being added in 32 ETH increments, so the total staking amount and the number of validators are showing a trend of increasing proportionally again. Although EIP-7251 allows staking more than 32 ETH on a single validator, most validators are still operating in 32 ETH increments as before. From the validator's perspective, consolidating to operate more than 32 ETH per validator is efficient in terms of cost and operational complexity. However, the reason this consolidation process is not functioning well yet is that discussions related to consolidation are still ongoing among large pools like Lido, Coinbase, Etherfi, and Mantle. Decisions need to be made on what balance can maximize efficiency relative to risk, and changes and testing of the existing deposit/withdrawal and settlement logic structured around 32 ETH are also necessary. Therefore, rather than gradually decreasing, the number of Ethereum validators is likely to decrease in significant steps based on the decisions of large pools.