Becoming an Ethereum validator now requires waiting in a queue for approximately 45 days due to high demand and limited availability. Since Ethereum's transition to a Proof-of-Stake consensus algorithm, validators have replaced miners in securing the network. The process of becoming a validator was expected to be simplified: deposit 32 ETH and run the necessary software. However, the queue for validators has grown significantly.
Currently, there are 92,536 validators waiting to enter the network, causing the delay. It seems that the demand for becoming a validator remains high, with very few validators exiting the queue. Only four validators are currently in the exit queue.
Part of the reason for the extended queue is Celsius Network, a cryptocurrency lender. Celsius has been consistently depositing a significant amount of ETH, around $600 million worth, into the staking contract. This ongoing influx of ETH from Celsius contributes to the queue, with approximately 316K ETH added to the validator enter queue at current prices, as reported by Arkham Intelligence.
