Ethereum Validators Forced to Wait Days to Unstake Amid Celsius Withdraws

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Ethereum’s validators are stuck waiting several days to withdraw their staked ether (ETH), and the defunct crypto lender Celsius may be partially to blame for the backlog.

Validators stake ETH to help secure the Ethereum network in exchange for a steady rate of interest, but there is a cap to the number of validators that can unstake their tokens on any given day, hence the present backlog.

The exit queue for Ethereum validators spiked to over 16,000 on Friday, while it was just at 26 the previous day, according to blockchain data from validatorqueue.com. The queue represents more than $1 billion worth of staked ETH at current prices, but the large backlog means it could take up to 5.6 days for that ETH to get back into the hands of its depositors.

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