$10B in Ethereum awaits exit as validator withdrawals surge
Ethereum’s validator exit queue has increased to a record $10 billion, but institutional participants, such as Grayscale, are stepping in to replace the exodus.
Ethereum recorded its largest validator exit on record this week, with more than 2.4 million Ether worth over $10 billion awaiting withdrawal from its proof-of-stake network, but institutional participants are replacing much of that in the validator entry queue.
Ethereum’s exit queue surpassed 2.4 million Ether (ETH) worth over $10 billion on Wednesday. The spike in exits extended the validator queue time to more than 41 days and 21 hours, according to blockchain data from ValidatorQueue.com.
Validators are responsible for adding new blocks and verifying transactions on the Ethereum network, playing a critical role in its operation.