Want to Become an Ethereum Validator? You Have to Wait 45 Days and Here’s Why

This year, the Ethereum network officially transitioned to the Proof of Stake consensus algorithm, leaving Proof-of-Work behind forever.

One of the multiple effects that the merge had on the protocol is that there are no more Ethereum miners. Validators are now securing the network, and the path to becoming one should be greatly simplified – deposit 32 ETH into storage nodes and run the appropriate software.

But it turns out that there is a huge queue for validators, and it can take a while.

45 days to become an Ethereum validator

You read that correctly – if you have ETH to spare and want to invest in securing the network and earning rewards for this important task, you will have to wait…a lot.

Becoming a validator seems to be in demand after the waiting list keeps getting longer.

information from WenMerge Offers There are 92,536 validators currently waiting to enter the network. This will take about 45 days to clean up.

The competition is so high, it seems like no one wants to go out. The exit queue currently consists of only 4 validators.

Celsius enters the waiting list

The beleaguered cryptocurrency lender is part of the reason the waiting list is stretching.

Over the past two days, Celsius Network has moved around $600 million of ETH into staking contracts and this rate shows no signs of slowing down, according to Arkham Intelligence.

Celsius is making moves to acquire all the ETH it currently holds, which represents movements totaling about $1 billion in on-chain flows.

Over the past 24 hours, they have staked over $600 million in ETH, with no sign of slowing down in the deposit rate. 👇 pic.twitter.com/8bW3xB15UH

– Arkham (ArkhamIntel) June 2, 2023

At current prices, the above is about 316K ETH added to the validator entry queue.

I remember that back in April, Potato encryption It reported that the leading cryptocurrency exchanges in the US – Coinbase and Gemini – have joined the lender’s asset offering.