- ValidatorQueue shows that the so-called validator entry queue has reached 7,045 entries.
- The waitlist representing more than 225,000 ETH is anticipated to be cleared in 48 hours.
More and more Ethereum validators are considering staking their ether (ETH) on the network. An analysis of data from ValidatorQueue shows that the so-called validator entry queue has reached 7,045 entries, the highest level since October 6th. In little over 48 hours, the waitlist—representing more than 225,000 ether ($562 million)—is anticipated to be cleared.
Ethereum sets a cap on the amount of time it takes to process blockchain blocks or the amount of new validators that may join the network every epoch. A backlog is the outcome of this. Every 6.4 minutes, Ethereum completes one epoch.
Renewed Optimism
To take part in maintaining Ethereum’s proof-of-stake consensus blockchain, organizations must stake at least 32 ether in the network. Staking ether earns them a consistent return, similar to interest from bonds or other fixed-income investments.
A recent uptick in Ethereum staking activity might be an indication of the cryptocurrency’s renewed optimism. Due to the lack of increase in the annualized percentage return on staked ether, it is noted that the renewed spike in the activation queue is interesting.
Despite a recent uptick, the number of potential stakers joining the network is still much lower than the 75,000+ that were active after Ethereum’s Shapella upgrade in April of last year. To remove risk from locking funds for incentives, the Shapella update made staked ether withdrawals possible for the first time.
After defunct cryptocurrency lender Celsius announced intentions to unstake all of its ether holdings in early January, the line for validators seeking to depart saw a temporary surge.
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