ETH unstaking queue hits record at 16 766

At the same time, the queue to join the network as a validator is empty

05.01.2024 - 09:10

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What’s new? On January 5, the Ethereum unstaking queue reached an all-time high at 16 766, with an average wait time of 5 days 11 hours. Analyst Colin Wu suggests that the increase in the figure is due to the restructuring of the bankrupt crypto lending platform Celsius.

ValidatorQueue’s data

What else is known? So, on the same day, Celsius managers announced the start of the asset rebalancing process to ensure sufficient liquidity. In particular, the company started withdrawing all its ETH coins from staking to compensate for restructuring costs and the timely distribution of funds to creditors. According to the approved plan, Celsius customers and investors will be compensated in cryptocurrencies (BTC and ETH).

Source: Twitter.com

In late December, the US court approved the reorganization of Celsius into a mining company led by the Fahrenheit consortium. It includes Arrington Capital and U.S. Bitcoin Corp, with a commitment to achieve the target hashrate (23 EH/s) within 3 years. In late November, Celsius began returning funds to some customers.

At the same time, the queue to join the Ethereum network as a validator after setting a record last January at 96 508 gradually declined and by October had completely dried up. Since then, it has only exceeded the 1000 mark a few times and is back at zero at the time of writing this news.

ETH has grown by 80% over the year and is trading at $2252 on Binance as of 08:50 UTC.

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