Ethereum (ETH), the world’s second-largest cryptocurrency, is experiencing a notable drop in demand for staking, leading to the clearing out of its once-crowded validator queue.
Ethereum’s transition to a proof-of-stake (PoS) network, marked by the “Shapella” upgrade in April, had sparked significant interest in staking, with a peak of over 96,000 validators waiting to join the network in early June.
However, data now shows just 257 validators in the queue, marking the lowest count since the transition to PoS.
The reduction in queue size has led to a significant decrease in the waiting time to become a validator, down to less than five hours.
