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This year, Ethereum’s network officially shifted to a Proof-of-Stake consensus mechanism, permanently leaving Proof-of-Work behind.
One of the various consequences of The Merge on the protocol is the elimination of Ethereum miners. Validators now secure the network, and the process to become one is intended to be greatly streamlined – simply deposit 32 ETH into the staking contract and operate the necessary software.
However, it appears there is a significant queue for validators, and the process of becoming one may take some time.
45 Days to Become an Ethereum Validator
You read that correctly – if you have ETH available and wish to contribute to network security while earning rewards for this crucial role, you will need to wait… quite a while.
It seems that the demand to become a validator is so high that the queue continues to grow.
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Data from WenMerge indicates that there are currently 92,536 validators awaiting entry into the network. This process is expected to take around 45 days to resolve.
The competition is intense, and it seems that nearly no one is willing to leave. The exit queue presently contains only 4 validators.
Celsius Enters the Queue
The troubled cryptocurrency lender contributes to the length of the queue.
In recent days, Celsius Network has transferred approximately $600 million worth of ETH into the staking contract, and this trend shows no signs of abating, according to Arkham Intelligence.
At current market values, this consists of roughly 316K ETH added to the validator entry queue.
Recall that in April, CryptoPotato reported that prominent US-based cryptocurrency exchanges – Coinbase and Gemini – participated in the bid for the lender’s assets.
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