The Ethereum Proof-of-Stake (PoS) network is seeing all-time high activity in its validator queues, with the exit queue presently reaching 910k Ethereum (ETH), worth approximately $3.8 billion.
According to the tracking site Validator Queue, withdrawals are expected to take around 15 days and 16 hours, marking one of the longest waiting times to date. On August 14, Ethereum’s validator exit queue was nearly at 700,000 ETH, valued at about $3.29 billion.Â
The exit queue refers to the queue of waiting validators that are about to withdraw staked ETH, and the entry queue represents those queuing to stake and enter the network.
Alongside the exits, new deposits continue to flow in. The entry queue currently holds about 260,185 ETH, valued at approximately $1.1 billion. They are anticipated to become active in around 4 days and 12 hours, indicating that despite heavy withdrawals, new money is still coming into the network.
At the time, institutional demand and long-term investors are sustaining the entry queue, helping maintain balance in the staking system.
Statistics also indicate that the Ethereum PoS network has more than 1.082 million active validators and a total of 35.5 million ETH staked, accounting for 29.38% of the entire ETH supply. The current staking rewards are averaging 2.95% annually (APR).
Ethereum’s Gigantic Gains this Year
The increase in the exit queue comes after Ethereum’s steep price rally in recent months, which has seen most validators unlock funds and take profits. Ethereum (ETH) is currently trading at $4,243.23, which surged as high as $4,784 this month. It has rallied over 223% since April lows below $1,500—as per CoinMarketCap data.Â
The cryptocurrency’s current market capitalization is $509.19 billion, with a trading volume of $47.83 billion within the last 24 hours.
Also Read: Ethereum Faces Record Shorting While Demand Stays Strong
