Currently, the Ethereum network maintains a queue of 2 million Ether (ETH) pending deposit withdrawals from the staking system, with approximately 1.2 million waiting for input.
The tendency for the quantity scheduled to exit to exceed the quantity intended to enter is Registered since the end of Julyas reported by CriptoNoticias.
However, the subsequent evolution of the system did not proceed in one direction.
Since the end of August last year, Ethereum had about 1.1 million validators, and now there are about 1 million registered validators. they are some We lost 100,000 validators in about 3 months.
At the same time, the total amount is ether one staking started to rise slightly As of the end of October (35.7 million Ether has been deposited as of this note), as seen in the following graph (vertical bars for validators, blue line for locked Ether):
This combination means that more ETH will be locked in fewer nodes, even under increasing withdrawal pressure, and if consolidated over the long term, Higher concentration.
The question that arises then is how can staking increase when there is more ETH waiting to come out than coming in? The most realistic answer is that it is not “leakage” due to staking, but rather Internal reconstruction of a node.
Developer view: Integration is nothing to worry about
Ethereum developers analyzed this situation and explained what is happening with staking on the network:
The number of validators is decreasing and the total staked ETH is increasing. This is an intended feature and not a bug. Integration involves leaving one validator behind and moving the entire balance to another validator. The integration improves withdrawal times, state management, and validator efficiency. The number of validators itself does not indicate anything alarming, nor does it provide useful information for operating in the market.
Ethereum developer.
Their position suggests that the recent decline may correspond to a consolidation process, i.e. a reduction in the total number of validators by operators. To maintain fewer nodes with higher balances.
According to the developers, this mechanism makes operations more efficient and reduces the load on the network.
Another hypothesis that reinforces the developer’s view is that the latest Ethereum update, Pectra, has increased Ethereum’s maximum limit. Deposit 2,048 ETH per validator.
This change allows more Ether to be concentrated into fewer nodes, so the total number of validators may be able to accommodate post-update operational adjustments.
However, the development of this trend requires monitoring, which will be key to determining future trends. Integration maintains a healthy balance or cause an undesirable increase in concentration.