Ethereum validators who made withdrawal requests following last week’s Shanghai upgrade will have to wait up to 17 days to get their staked ETH back, according to blockchain analytics firm Nansen.
The wait time has increased from about 14 days last weekend.
The unstake request queue consists of approximately 28,436 validators wishing to exit the beacon chain.
According to analytics firm Nansen, there are a total of 575,359 validators on the Ethereum blockchain, so roughly 5% of validators opted out of the Ethereum staking process. Validators are responsible for proposing and adding blocks of transactions to the Ethereum blockchain as part of the validation process. In return, they are eligible for newly minted ETH rewards and a portion of associated transaction fees.
The process is dequeued.Source: Nansen
But for those who opt out, there is a full process that adds to the length of the line.
According to Nansen analyst Niklas Polk, validators will first send a voluntary exit message — a 25-minute wait time. The validator is then added to the exit queue, which currently takes 11.7 days. When they leave this stage, they will face an exit delay of approximately 27 hours. Finally, withdrawals are processed and deposited within 4.25 days.
In short, this means that if a validator decides to join the exit queue today, it will take 17 days to get back their staked ETH and staking rewards.
Partial withdrawals, on the other hand, only take about 4.27 days to process and are automatically sent to the validator’s address if their unstaked credentials are set up. Partial withdrawal means that the validator only withdraws part of the staking rewards while keeping their staked 32 ETH as part of the validation process.
ETH staking remains popular
The developers behind the ethereum blockchain have won a lot of praise for successfully completing the network’s multi-year transition from using its energy-intensive PoW system to fully functional PoS. Original use and bitcoin still in use.
The length of the de-staking queue has emerged, although cryptocurrency analysts say the possibility of withdrawing funds from staking may make investors less willing to allocate funds for staking. It’s a stark reminder of “easy in, hard out” when demand is high — especially in fast-moving digital asset markets where prices can and often move by double-digit percentages throughout the day.
Cryptocurrency exchange Kraken was forced to shut down its staking service in a settlement with the SEC, accounting for about 43% of the ETH withdrawal queue, according to Nansen.
Meanwhile, stakers have deposited more ETH on-chain than requested withdrawals over the past 24 hours, resulting in a net stake of 86,000 ETH even though all withdrawals occurred. This shows that stakers have expressed confidence in the Ethereum staking process since the upgrade.
The amount of net staked ETH does not take into account tokens requested to be withdrawn but still in the queue.
Meanwhile, more than 1 million ETH has been unstaked since the Ethereum upgrade.
- ETH staked exceeds withdrawals for first time since Shapella upgrade
- Liquidity Collateral Protocol Is Increasing ETH Deposits
board take
According to CoinDesk
