• Ethereum’s Proof-of-Stake consensus algorithm has replaced its previous Proof-of-Work mining system.
• To become a validator, users must deposit 32 ETH to the staking contract and run the appropriate software.
• Currently, there is an incredibly long queue of 92,536 validators waiting to join the network – estimated at 45 days.
Ethereum Transitioned to PoS
The Ethereum network officially transitioned this year to a Proof-of-Stake (PoS) consensus algorithm, replacing its former Proof-of-Work (PoW) mining system. Validators now secure the network instead of miners, and becoming one is simplified by depositing 32 ETH into the staking contract and running the appropriate software.
Validator Queue Length
Data from WenMerge shows that there are currently 92,536 validators in line waiting to enter the network. This will take an estimated 45 days to clear out completely. The competition for becoming a validator is so high that practically nobody wants to leave – with only 4 in the exit queue.
Celsius Network’s Contribution
The cryptocurrency lender Celsius Network has contributed significantly to this extended queue length over recent days by moving significant amounts of ETH into staking contracts. As it stands now, Celsius holds around 8% of total locked Ether within these contracts – with their stake valued at more than $3 billion dollars.
Other Contributing Factors
Other factors that contribute to this extremely long wait time include Ethereum’s declining inflation rate as well as higher rewards for locking up large amounts of ETH compared to smaller sums. In addition, users can expect delays due to technical issues such as node operators freezing up or eth1 chains going offline for maintenance reasons.
Overall, while it may seem disheartening at first sight for potential validators who might have their funds tied up for 45 days before they get on board with staking rewards, this actually signals just how popular Ethereum has become this past year since transitioning from PoW to PoS consensus algorithm – which has attracted many new stakeholders looking forward for passive income opportunities through staking rewards on top of price appreciation gains from HODLing ETH itself