2023-06-06 08:01:43
There was a serious congestion on the Ethereum network regarding the connection of validators. The Wenmerge analytics platform published that currently more than 90 thousand validators are waiting to be activated and start processing and validating. So anyone who joins the queue today will have to wait at least 46 days to act as a validator.
The number of Ethereum validators is growing by leaps and bounds
Of course, this can also be interpreted as good news, since for the second largest cryptocurrency in terms of market capitalization, it means that more and more people want to be validators. The congestion is different since the Shapella update. This was the update that paved the way for staked ether payouts. According to some insiders, the congestion is also a result of Celsius’ staking strategy. On the first of June, a certain analyst named Tom Wan wrote regarding it if the former cryptolender staked all his ether to validate, then the waiting time for validators would jump to more than 45 days.
And on the fourth of June, 93% of the ether received by Celsius was staked. This might be countered if validators left the network. But right now, no one has to wait to get their previously staked assets and exit. However, this news will certainly not stop the increase in the number of validators. The main reason for this is that partial or full validator payments are made almost instantly. Back in February, JPMorgan estimated that the number of validators would rise from half a million to 2.2 million in a short time, while the dividend would decrease from 7.4% to around 5%. Compared to Solana and Cosmos, however, Ethereum’s native assets are still very small, just under 15%. For Solana, this number is almost over 60%.
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