Interest in Ethereum is Growing! The Number of ETH Stakeholders Reached the Highest Level in the Last 5 Months!

  • February 12, 2024

The Ethereum network is experiencing a significant increase in the number of validators looking to stake their Ethereum (ETH).

Ethereum Sees Surge in Validator Login Queue, Signaling Renewed Interest in Staking

The validator login queue, a waiting list for new validators, has risen to 7,045, the highest level since October 6, according to ValidatorQueue data.

This queue, representing more than 225,000 ETH (equivalent to $562 million), is expected to be cleared in just over 48 hours.

Ethereum limits the number of new validators that can join the network per epoch, which is the time required to process blocks on the blockchain. This limitation often causes a backlog.

Validators are entities that stake at least 32 Ethereum on the network to participate in running Ethereum’s proof-of-stake consensus blockchain.

In exchange for depositing Ethereum, they receive a fixed rate of return, similar to interest income from fixed income instruments such as bonds.

David Lawant, director of research at institutional crypto exchange FalconX, said in a statement that the resurgence in Ethereum staking activity shows the first signs of renewed vigor. He interpreted this situation in favor of the bull.

He added that the rise in the activation queue is notable considering there has been little to no improvement in the percentage return on staked Ethereum.

According to Lawant, everyone is waiting to see whether potential ETH ETFs will be allowed to invest in the coin. “Ark/21Shares updated its S-1 form this week to include a staking component,” Lawant said.

“Changes to the S-1 in the coming months, before the key date of May 23, will provide clues as to whether this is a real possibility.”

*This is not investment advice.

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Source: https://en.bitcoinsistemi.com/interest-in-ethereum-is-growing-the-number-of-eth-stakeholders-reached-the-highest-level-in-the-last-5-months/

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