Entry Backlog Estimated At Over 48 Hours
Ethereum’s validator entry queue has seen a large increase recently, reaching 7,045 according to data source ValidatorQueue. This represents more than 225,000 Ether worth around $562 million – the highest level since October 2023.
The backlog of validators waiting to join the network is estimated to take slightly over 48 hours to clear. Ethereum limits the number of new validators per epoch to manage the network, resulting in queues when demand is high.
An Ethereum epoch lasts approximately 6.4 minutes. Validators must stake at least 32 Ether to operate on the proof-of-stake blockchain and receive a yield similar to bond interest.
David Lawant from FalconX pointed out the significant validator queue but also highlighted the flat yield on staked ether around 3.5-4%.
According to data from Nansen, around a quarter of all Ethereum – over 30 million ETH worth $74 billion – is currently staked.
NFT Activity Also Seeing Growth
Ethereum’s NFT market has seen strong growth recently. Weekly NFT sales volume reached its highest point since February 2023, totaling around $158 million – up 100% over the past week. The rise has been partly driven by the popularity of collections like Pudgy Penguins.
Staking is the process of… — mariangela perez (@mariangela242 ) February 8, 2024
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