According to data from Validator Queue, 648 entities are waiting to offboard the network equating to a more than five-hour delay on withdrawals. Conversely, there is zero wait time for validators seeking to onboard the network, suggesting demand for native Ethereum staking is waning seven months after the activation of Ethereum’s Shanghai upgrade.
Nearly 885,700 validators are currently active on the network.
Ethereum’s growing exit queue comes in spite of predictions that the Beacon Chain would steadily absorb the supply of staked Ether.
While Ethereum’s staking dominance has also kept growing to post a record high of 23.45% of Ether’s supply on Nov. 19, the rate of acceleration slowed appreciably over the past month.
With staked Ether’s dominance continuing to grow despite demand from new validators falling, the data suggests some stakers may be abandoning native staking in favor of holding liquid staking tokens.
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