The Ethereum validator queue is cleared upon decreasing demand.

Ethereum validator queue at all time low. As waiting times decline, demand declines. At the time of press release, the entry queue for Ethereum had only 377 validators.

The Ethereum network's validator queue has reached an all-time low, packed with applicants eager to participate in the blockchain's proof-of-concept system. The data showed that the queue had shrunk to just 598 validators, a sharp contrast to the shocking peak of more than 96,000 seen in early June.

Since the original “Shapella” update in April, which completed Ethereum's transition to a fully functional proof-of-stake network that was not void, this significant reduction in the validator queue represents remarkable growth in the Ethereum ecosystem.

Demand has decreased

A shrinking confirmation queue indicates a decrease in demand on the Ethereum network. At its peak, individuals seeking to become verifiers faced an excruciating 45-day wait, fueled by pent-up demand for Ethereum's native token, ETH.

However, as of Thursday, the expected wait time to add a new authenticator to the network has fallen to less than four hours, according to data on Authenticator Queue. This rapid decline reflects a changing landscape following the Schappella reform, which allowed ETH to withdraw its stake for the first time, reducing risk for investors.

Chapella Update After Ethereum transitioned to proof-of-stake in September 2022, ETH's high growth spurred a flurry of activity on the Ethereum network. Times.

The decline in demand has led to a decline in stock awards, which have fallen to around 3.5% from 5%-6% at the start of the year. This is partly due to lower network activity generation fees and increased stakes.

Compared to other popular proof-of-stake networks, Ethereum's staking ratio, which measures the proportion of tokens held relative to the total supply, has grown more than 22 percent since April. However, it still lags behind competitors like Solana, Cardano, and Avalanche, whose share ratios range from 53% to 69%.