The unstaking period for Ethereum has surged to over 45 days recently. Several users voiced their annoyance regarding the prolonged wait, which obstructed their access to funds needed for crucial expenses like electricity and rent. Consequently, they advocated for a reduction in the duration, similar to Solana’s model, which requires just two days.
In a recent statement, Vitalik Buterin, co-founder of Ethereum, emphasized that the extended waiting period is crucial to the ‘security deal’, comparing it to a soldier’s choice to depart from the army. Validator queue data shows that the total amount of ETH set aside for unstaking has hit 2.5 million ETH, which is worth more than $11 billion at current market prices. The queue jumped from 600K ETH in mid-September to more than 2.5 million ETH, representing nearly a 4x rise in unstaking in just two days. The waiting period increased from around 10 days to 46 days during that period. As of the latest update, the period for unstaking has been reduced to 43 days.
The waiting period can be quite challenging for individuals looking to unstake and sell ETH to address urgent financial needs. However, Buterin highlighted the necessity for service providers to actively inform their staking clients about any possible delays in advance. Even with the update, the general mood in the market regarding ETH remained pessimistic. Furthermore, the speculative interest in the altcoin remained low even after the Fed rate cut.