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The waiting list for Ethereum validator nodes has risen to 7,045, signaling a renewed interest in staking.
Summary
Ethereum and the increase in the waiting list to become a network validator
According to ValidatorQueue’s data, it seems that the waiting list to become new Ethereum validators has increased to 7,045. This value is the highest since October 6, 2023.
This means that the number of users who have joined the queue to register as validators of the network has increased, which will only be possible by staking their ETH.
Not only that, the current long waiting list seems to represent over 225,000 ETH, equivalent to 562 million dollars. In general, it will take about 48 hours to clear the registration queue.
And in fact, Ethereum limits the number of new validators that can join the network for the time it takes to process blocks on the blockchain. In practice, this moment lasts approximately 6.4 minutes.
The limit causes a backlog of registrations that leads to a waiting list for new validators, who are already ready to stake their ETH.
Specifically, to become an Ethereum validator, it is necessary to stake at least 32 ETH, in order to participate in the execution of the blockchain through Proof-of-Stake. Each validator, in exchange for the staked amount, receives a constant yield rate.
Ethereum: the increase in waiting validators signals a renewed interest in staking
The long waiting list for the new Ethereum validators, in a way, also signals a renewed interest in thestaking activity.
To confirm this theory is David Lawant, research manager at institutional crypto-exchange FalconX. In this regard, Lawant says:
“The resumption of staking activity on Ethereum indicates the first signs of renewed vitality”
What is perplexing, however, is that this rush to stake future Ethereum validators is not improving the percentage of return obtained.
And indeed, this yield percentage on ETH in staking is still 4%.
The price of ETH recovers ground and forecasts
At the time of writing, ETH has a price of $2,477, up +7% in the last week, and down -1.8% in the last 24 hours.
In reality, looking at the monthly chart, it seems that ETH is recovering ground, trying to reach again the $2,600 mark of mid-January 2024, which represents the highest price of the last year.
Anyway, there are those who remain super positive about ETH price predictions, expecting a doubling by the end of 2024. This is the survey conducted by Fintech, which revealed the responses of 40 crypto industry experts who are optimistic about the future of Ethereum.
And indeed, the forecasts speak of $5000 by the end of 2024, but also of figures exceeding four zeros within the next six years.