Ethereum (ETH) validators are once again lining up to join the ETH staking ecosystem as the turbulent January 2024 ends. Is this an optimistic sign?
Ethereum (ETH) validators are once again lining up to join the ETH staking ecosystem as the turbulent January 2024 ends. Is this an optimistic sign?
Ethereum (ETH) validator queue is at its highest level since October
The number of validators waiting for the opportunity to lock their Ethers in staking is at the highest level since late October 2023. The Ethereum (ETH) staking ecosystem is inching closer to 1 million validators, according to data .
The crucial metric is rising for the third day in a row. This trend was recorded by Adriano Feria, a blockchain and AI enthusiast.
In January 2024, the Ethereum (ETH) staking ecosystem witnessed its greatest turbulence since destaking became possible due to the activation of the Shapella upgrade on the mainnet.
As part of its bankruptcy proceedings, large cryptocurrency lender Celsius decided to terminate its stake in Ethereum (ETH) and initiated a massive withdrawal. The exit queue jumped to 16,000 validators, which is equivalent to over $1.1 billion in ETH that is not going to be staked.
At the same time, according to Validator queue tracker, the output queue was quickly cleared.
Ethereum (ETH) Price Struggles to Stay Above $2,300, Volume Loses 30%
As of today, there are 918,652 active validators on the Ethereum (ETH) network. In total, they accumulated 29.3 million Ethers, or 24.3% of their supply.
Taking these figures into account, ETH staking generates 3.6% annually in APY.
Meanwhile, Ethereum (ETH) price is trying to stay above $2,300. In the last two months, ETH managed to conquer this line seven times, but it always led to a pullback.
