In brief
- The queue to become an Ethereum (ETH) validator, which allows you to stake the cryptocurrency, has reached the highest level since September 2023.
- Analysts think this may be partly due to the surge of investment in ETH treasury firms, which often engage in staking.
- Lower network fees on the blockchain were also highlighted as a potential cause.
Amid strong ETF inflows in recent weeks and growing institutional interest in ETH treasuries, Ethereum’s validator entry queue hit its highest level in two years on Tuesday.
There are currently 860,000 ETH, worth around $3.7 billion at today’s values, waiting in line, according to validator Everstake. Processing existing queues will likely take around 14 days, as no more than 1,800 validators can exit daily and only 900 can enter, Illia Otychenko, lead analyst at CEX.IO, told Decrypt.
Everstake called the results “pretty striking,” as it hasn’t seen queues of this size since September 2023 after the
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Author: Will McCurdy
