Ethereum Unstaking Queue Surges 392% Amid MetaMask Staking Incident

Ethereum's unstaking queue has surged 392% since the start of October, according to data from X. By October 2, approximately 850,000 ETH was lined up to leave the network's validator set, marking the longest exit line Ethereum has seen all year.

The wait to exit had reached about 14.77 days by October 2, up from the low-to-mid 100,000s ETH range in late September. The queue sat at its peak at around 850,000 to 850,736 ETH, representing close to 2% of all staked supply.

The jump in the queue is attributed in part to MetaMask Staking's disclosure of a compromise of its infrastructure on September 30. The company moved to exit nearly 17,000 validators holding approximately 523,000 ETH, a significant share of which was tied to Lido's operations.

Jiang Zhuoer, founder of an LTC mining pool, suggested that some holders may be taking advantage of current prices to lock in profits. However, the price of ETH barely moved between September 30 and October 2, trading in a narrow band between $2,686 and $2,725.