25 February, 2024

Ethereum Validator Entry Queue Jumps To 7,045, a Four-Month High

2 weeks ago

23 Feb, 2024

  • Ethereum validators have spiked, marking a four-month high of 7,045.
  • Reportedly, the validators on the queue represent over 225,000 ETH worth $562.
  • Though the current number marks a four-month high, it is much lower than the validators during the Shapella upgrade.

The latest data from Validator Queue has indicated a significant spike in new Ethereum validators. According to the data, the validator entry queue or the validators waiting to stake their ETH has jumped to a four-month high of 7,045.

David Lawant, the Head of Research at FalconX, commented on the increasing interest in ETH staking, in contrast to the little improvement in the annualized percentage yield on staked ETH. He added, “Resurgence in Ethereum staking activity indicates initial signs of renewed vitality.”

Notably, the data showed that the validators on the queue represent over 225,000 ETH worth $562 million. Reportedly, the waiting list is expected to be cleared in just 2 days.

Notably, there is a limit set by Ethereum for the number of new validators who can enter the network per epoch. The term epoch stands for the time taken to process blocks on the blockchain. For Ethereum, the epoch marks a timeframe of about 6.4 minutes.

Though the new validators spotted remain the highest from October 6, 2023, it falls far less below the number seen during the blockchain’s Shapella upgrade. There were more than 75,000 validators on the waiting list then.

In related news, crypto wallet provider MetaMask has introduced validator staking through MetaMask portfolio, enabling Ethereum users to run their own validator node for a fee. To be more specific, users who deposit 32 ETHs, valued at a total of around $78,752, can stake without pooling or hardware. MetaMask noted via an X post,

Introducing Validator Staking on MetaMask Portfolio. With a 32 ETH deposit, we run your very own validator node where you’re always in control. No pooling. No hardware. Just rewards.

MetaMask’s innovation resolves centralization concerns and is poised to be tempting for new validators. MetaMask stated, “We run your node securely, streamlining your staking rewards while reducing risks of slashing and downtime.”