• Ethereum has officially transitioned to a Proof-of-Stake consensus algorithm, meaning that the network is now secured by validators instead of miners.
• To become an Ethereum validator, users need to deposit 32 ETH into a staking contract and run the appropriate software.
• However, due to high demand, it takes approximately 45 days for new validators to enter the network.
Ethereum Transitions to PoS
Ethereum has officially transitioned from a Proof-of-Work consensus algorithm to a Proof-of-Stake one. This means that instead of miners securing and verifying transactions on the network, validators are responsible for this task.
Becoming an Ethereum Validator
To become an Ethereum validator, users must deposit 32 ETH into a staking contract and run the appropriate software. This process is supposed to be straightforward but due to high demand there is currently quite a queue waiting for entry into the network.
Validator Queue Length
Data from WenMerge shows that there are currently 92,536 validators waiting in line to enter the network – which will take approximately 45 days for all them all get in! There are only 4 people currently queued up for exiting – indicating just how popular becoming an Ethereum validator is right now.
Celsius Network Queuing Up?
The cryptocurrency lender Celsius Network might be part of why the queue has been stretched out even further recently – as they have been moving significant amounts of ETH into staking contracts over the last couple of days.
It seems like becoming an Ethereum validator is very attractive right now – even though it might take some time before you can join the ranks due to high demand!