Ether Holders Embrace Near Month-Long Wait for Staking ETH

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Demand for staking ether has surged, resulting in wait times of over a month for a 5% annualized yield as of Monday. Crypto investors looking to earn yields on their ether (ETH) holdings have to wait nearly a month before they can be set up as network validators on Ethereum.

Data from two sources show waiting times for staking ether lingers at 640 hours, or about 26 days. Exiting the network, on the other hand, takes just 0.013 hours, or less than a minute.

Validators are entities in a proof-of-stake blockchain, such as Ethereum, that process transactions and help maintain the overall security of such networks. As of May, nearly 50,000 validators are waiting in a “queue” to be able to enter the network,

data shows . The data indicates the demand for validators to enter the network and earn the nearly 5% annual yield. Such strong demand is likely stemming from large ether holders, who do not want to cash out and instead just want to earn some passive income on their holdings.

Some market watchers say these upcoming validators could be a mix of both new market entrants as well as stakers who previously unstaked ether from the network to test if the process works seamlessly and are now entering again.

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