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Major Ethereum Staking Backlog Reaches $8.3 Billion as Validator Queue Surges
Source: CryptoNewsNet Original Title: Tom Lee’s BitMine pushes Ethereum staking network into $8 billion backlog Original Link: A surge in staking activity from mega-ether holder is straining the Ethereum network, sending the wait time to become a validator to the longest since mid-2023.
There’s more than 2.55 million in ether worth roughly $8.3 billion currently waiting to be activated, translating into an estimated wait time of over 44 days before new validators can begin earning staking rewards.
That’s the biggest backlog since late July 2023, only a few months after Ethereum fully implemented its proof-of-stake mechanics and enabled withdrawals.
Validator exit and entry wait times