Ethereum's validator exit queue has emptied to zero, less than a year after it stretched to roughly 2.6 million coins and waits of up to 45 days. Over 2.5 million ETH now queues to enter staking instead, and almost 41 million ETH — roughly 33.6% of the circulating supply — sits locked, the highest share in the network's history.
Nobody is lining up to unstake Ethereum. ValidatorQueue data shows zero ETH waiting to be unstaked from the network, so anyone who decides to unstake can do so immediately, subject only to the protocol's normal withdrawal process.
That reverses the picture from Q3 last year, when the exit queue had swelled to roughly 2.6 million coins. Validators then faced waits of up to 45 days before they could withdraw their holdings. Ethereum co-founder Vitalik Buterin defended that period at the time, arguing it is an important element of the network's defense.
Investors now wait 44 days to get in
The imbalance has flipped. ValidatorQueue shows over 2.5 million ETH waiting to enter staking, which translates into an estimated activation delay of nearly 44 days. Investors are willing to wait a month and a half just to begin earning staking rewards on their ETH holdings.
This shifted imbalance suggests investors are confident in Ethereum's long-term outlook to remain strong despite the year-to-date price retracement. It also removes one of the most significant concerns from last year — that millions of staked ETH could suddenly flood exchanges if validators decide to cash out.
Record ETH is locked
The number of active validators securing the network has neared 900,000. Almost 41 million ETH is staked, or roughly 33.6% of the entire circulating supply, the highest percentage in the network's history. Every one out of three ETH is therefore locked in staking rather than sitting on exchanges or actively circulating.
Tom Lee's Bitmine remains a leader in this field, having staked over 4.9 million tokens through its institutional platform MAVAN. Staked ETH is not permanently removed from supply, but it is generally considered less liquid because validators must go through Ethereum's withdrawal process before they receive access to those holdings.
Rewards fell while issuance rose
Merlijn The Trader reported a twist. The record staked total comes even as staking rewards are down to 2.62% per year from 3.05%. Issuance, meanwhile, has increased from 0.757% to 0.842%.
Source: CryptoPotato
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