Why are so many people quitting?
Market concerns: The price of ETH fluctuates greatly. Many people feel that they have made enough and are afraid of retracement, so they choose to quit.
Funding requirements: Pledge requires locking up positions, but in a bear market, funds are tight and some people are eager to cash out.
Income comparison: The annual staking income is about 3%, which is not too high. Someone may find other opportunities.
As a result, 870,000 ETH queued up to "escape".
So why are there still people crazy about entering the market?
This shows that another group of investors has a completely different view:
Long-termists: They don’t care about short-term fluctuations and feel that ETH has long-term potential, so they take the opportunity to pledge.
Interest players: Stable annualized income + ETH price potential is more stable for them than holding it on the exchange.
Market Signal: Some people believe that this "panic exit" is a good opportunity to enter the market.
So there were 850,000 ETH queuing up to enter the market.
At the same time, Ethereum’s validator queue waiting time is getting longer and longer:
You have to wait 14 days to enter+
If you want to withdraw, you have to wait 15 days+
Even if you withdraw from your account, there will be an additional 9-day delay (Sweep Delay).
Many people have questions on their faces: Isn’t this an on-chain operation?
Why so slow? Verifiers have to "queue" when entering or exiting the site”
Ethereum is PoS (Proof of Stake) and relies on validators to ensure security.
However, in order to prevent large-scale incoming and outgoing from causing network shock, Ethereum designed a "throttle valve":
Every 6.4 minutes (1 epoch), a maximum of 256 validators are allowed in or out.
In layman’s terms, queuing up for validators is like taking an elevator:
The elevator can only enter and exit 256 people every 6 minutes
The more people lined up downstairs, the longer the wait will be.
After getting out of the elevator, you have to wait for the property management to return the deposit to you (Sweep Delay)
Why does it take 14 days to enter?
There are currently 850,000 ETH waiting to enter the market, equivalent to 26,804 validators.
Only 256 can be released at a time
Calculated, it takes 105 epochs
105 × 6.4 分钟 ≈ 14.7 天
So the page shows 14 days 21 hours.
Why does it take 15 days to withdraw?
Currently, approximately 870,000 ETH want to exit, equivalent to 27,470 validators.
27,470 ÷ 256 ≈ 107 个 Epoch
107 × 6.4 分钟 ≈ 15 天多
So you see 15 days and 6 hours.
What is Sweep Delay?
Ethereum stipulates that after withdrawing from staking, you must:
Cooling down period (approximately 1 day)
Batch liquidation (Sweep)
Because too many people quit, the liquidation queue now takes about 9.3 days.
Under what circumstances can you get up quickly?
If fewer people enter the queue, the waiting time will naturally be shortened.
For example, when the bull market ebbs, people no longer want to pledge, and there is less newly entered ETH → the time to enter the queue is shortened.
Or fewer people withdraw, market confidence recovers, and everyone chooses to continue staking → the withdrawal queue time is shortened.
Entry and exit are very slow, which actually reflects market psychology:
The large entry queue → indicates that many people are still actively wanting to pledge, which means that the market is bullish and willing to hold ETH for a long time.
A large exit queue → indicates that a large number of people want to exit, perhaps because they are worried about falling prices or have other uses for the funds.
The two queues are large at the same time, indicating that the market is in a divergence stage:
Some people feel that the pledge interest is stable and continue to enter the market.
Another group of people want liquidity, or are afraid of a retracement, so they choose to exit.
Possible trends in the future
Bull market stage:
Everyone is unwilling to quit. The entry queue may still be large, but the exit queue will be small. → Slow entry, fast exit.
Bear market stage:
People are afraid to enter. The entry queue will be small, but the exit queue may increase dramatically. → Fast to enter, slow to exit.
Market stability period:
Add a basic balance between staking and withdrawal, and the queue time will fall back to within a few days.
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