- Ethereum validator exit queue dropped to 0 early Monday morning.
- Almost 28,000 validators were waiting to enter the staking program.
- Validators wanting to exit has since somewhat increased.
The Ethereum Shapella upgrade was considered one of the most bearish upgrades for the ETH price in history.
However, almost a month after the upgrade went live on mainnet, the withdrawal queue has dropped to zero, meaning that currently, no validators are looking to withdraw their ETH and stop validating transactions.
Ethereum Withdrawal Queue Drops to 0
Ethereum, the world’s second-largest blockchain, has just reached a stage where no validator is waiting to exit the staking program.
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According to data from beaconcha.in, the withdrawal queue went to zero on Monday morning. At the same time, almost 28,000 validators were waiting to enter the active validator set.
At the time of writing, there are 30,504 pending validators waiting to enter and just 95 validators to exit. In total, there are 562,271 validators actively validating transactions on the Ethereum network.
This is a significant milestone for Ethereum. On Twitter, users call it the completion of Ethereum’s transition from Proof-of-Work to Proof-of-Stake.
Community Hails Ethereum PoS Completion
The Ethereum community on Twitter has been hailing the number 0 next to the withdrawal queue on Monday.
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foobar, one of the most active Ethereum believers on Twitter, said that the dwindling number of validators waiting to exit the staking program will help “reach a steady economic state.”
However, they also pointed out that Lido, the largest liquid staking derivatives protocol, has yet to enable ETH withdrawals for its validators.
Jack Neureuter, a researcher at Fidelity Digital Assets, has also noted that the Ethereum withdrawal queue is now clean.
On the Flipside
- The withdrawal queue can always increase, especially since there’s still legal ambiguity about whether ETH is a security.
Why You Should Care
The fact that the Ethereum withdrawal queue is now virtually non-existent is bullish for Ethereum’s security and ETH’s price.
Read more about ETH staking deposits:
ETH Staking Withdrawals Wane as Deposits Hit New All-Time High
Read more about ETH record deflation:
ETH Hits Record Deflation as Meme Coin Mania Supercharges Burn
