Crypto News- The Ethereum blockchain validator entry and exit queues have recently reached historical lows, with a brief moment today where they even touched zero. This information comes from the data provided by Validator Queues.
Ethereum Validator Ranks Reach Lowest Level
This development signifies a remarkable transformation in the world of staking. As we rewind to May 2023, more than 90,000 validators patiently waited for over 40 days to gain access to the network. Fast forward to today, and we observe only a mere handful of validators in these queues, and their onboarding process is nearly instantaneous.
Moreover, the queues for validators wanting to withdraw their staked ETH and cease their validation activities are now incredibly short, with just under five validators in line. This indicates that current validators seem content to maintain their stakes amidst the changing dynamics of the staking landscape. The process of exiting the network has also become much quicker, taking approximately 15 minutes.
The current adjustments to the activation and exit limits for validators, known as the churn limit, have been recently altered from 12 to 13 per epoch. This means that the daily capacity for new validators to join or exit the network is now 2,925. According to the analysis provided by Tom Wan from 21 Shares, this alteration allows the network to accommodate up to 93,600 new ETH deposits every day, without necessitating that new validators wait for more than a day.
However, the prerequisites for becoming an Ethereum validator have remained unaltered. Individuals seeking to engage in the network’s consensus process still need to stake a minimum of 32 ETH, which is roughly equivalent to $50,000. In return, validators can look forward to earning a yield, although it’s somewhat lower compared to earlier this year.
The reduction in the length of entry and exit queues coincides with a notable decrease in the staking yield, also known as the staking rewards reference rate, for Ethereum validators. Presently, it stands at approximately 3.3%, down from the nearly 8% rate observed in May.
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