Ethereum Staking Queue Swells to 1.5 Million ETH, 25-Day Wait

Ethereum's staking entry queue has reached a massive 1.5 million ETH, worth around $4 billion, with an estimated wait time of 25 days. This is down from 2 million ETH and a 35-day wait in early September, according to CoinDesk. The staking withdrawal queue has surged to its highest level this year, with around 851,000 ETH (approximately $2 billion) waiting to exit staking.

The recent spike in withdrawals appears to be driven by MetaMask validator exits, following a security incident on September 30. After disclosing the issue, MetaMask removed affected validators from staking as a precaution, potentially affecting around 17,000 validators and 523,000 ETH.

Lido stated that most of the withdrawals were temporary transfers, and the ETH will likely be staked again once the process is completed, which could take up to 45 days.