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ETH Less than a year ago, Ethereum verifiers were withdrawn from the queue for 45 days, with millions of tokens waiting to be unlocked from pledges. Today, the queue has been completely emptied, and the actual number of ETH pledged continues to grow, reaching a record high.
No one wants to unpledge ETH
Current data from the ValidatorQueue shows that there are no ETH waiting to be unpledged on the network. This means that if someone decides to release their altcoin position, it can be implemented immediately, just following the normal withdrawal process of the agreement.
This is in sharp contrast to the third quarter of last year, when the exit queue swelled to approximately 2.6 million tokens and verifiers were forced to wait as long as 45 days to withdraw their positions. At the time, Ethereum co-founder Vitalik Buterin defended the long cycle, saying it was an important element of cybersecurity defense.
The narrative is now completely reversed. ValidatorQueue shows that more than 2.5 million ETH are currently waiting to be pledged, and the activation delay is expected to be nearly 44 days. Investors are willing to wait a month and a half just to start earning pledge rewards from their ETH positions.
This unbalanced shift shows that despite the price correction so far this year, investors remain confident in Ethereum's long-term prospects. It also eliminated one of last year's biggest concerns-that millions of pledged ETH could suddenly flood exchanges if the verifier decided to cash out.
Record ETH locked
The broader pledge situation also continues to improve, with the total number of active verifiers protecting network security reaching nearly 900,000. Currently, about 41 million ETH pieces have been pledged, equivalent to about 33.6% of the total circulation supply, setting a record high in Internet history. This means that two out of every three ETH are locked in pledge rather than being held on an exchange or in active circulation.
Tom Lee's Bitmine remains a leader in the field, pledging more than 4.9 million tokens through its institutional platform MAVAN. Although pledged ETH is not permanently withdrawn from circulation, it is generally considered to be less liquid because verifiers must go through Ethereum's withdrawal process to obtain these positions.
However, Merlijn The Trader reported a rather interesting and unexpected twist. Although pledge rewards have dropped from 3.05% per year to 2.62%, and circulation has increased from 0.757% to 0.842%, the number of pledged ETH has set a record.
