According to the data from the validator queue, the entry and exit queues of the Ethereum blockchain validator have dropped to a new low, reaching zero earlier today.This marks a significant change in the pledge pattern
According to the data from the validator queue, the entry and exit queues of the Ethereum blockchain validator have dropped to a new low, reaching zero earlier today.
This marks a significant change in the pledge pattern. In May 2023, over 90000 validators waited for over 40 days to join the network. As of now, only a few validators are in the entry and exit queue - and their initiation process is almost immediate.
In addition, there are very few verifiers who plan to withdraw the pledged ETH and stop verification, with fewer than 5 leaving the queue. This means that existing validators are largely satisfied with maintaining their pledge in the constantly changing dynamics of the pledge environment. The time required to complete the exit process has also been reduced to approximately 15 minutes.
The current setting of validator activation and exit restrictions (known as churn restrictions) has recently been changed from 12 per cycle to 13, which means that the maximum number of validators that can join or exit the network per day is 2925. 21Shares analyst Tom Wan stated that this allows the network to accommodate up to 93600 new ETH deposits per day without requiring new validators to wait for more than a day.
Nevertheless, the requirement to become an Ethereum validator remains unchanged. Individuals who wish to participate in the online consensus process must still mortgage at least 32ETH (approximately $50000). In return, validators can expect to receive returns - although there has been a decrease compared to earlier this year.
The decrease in queue length for entry and exit is consistent with the significant decrease in the pledge return rate (also known as the pledge reward reference rate) of Ethereum validators, currently around 3.3%, lower than nearly 8% in May.
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