Thomas Brunner, Head of Custody and Staking at Sygnum Bank, stated that the Ethereum validator queue has grown to approximately 2.5 million ETH, requiring new stakers to wait about 43 days—a backlog influenced by protocol mechanics. The Dencun upgrade reduced the daily validator entry limit to approximately 57,600 ETH. The Pectra upgrade allows individual validators to hold up to 2,048 ETH and automatically compound rewards; large operators adding staked ETH to existing validators—even just 1 ETH—must join the same queue as new stakers. Currently, around 41.2 million ETH are staked, representing 33.8% of the circulating supply. Brunner believes the near-empty exit queue reflects genuine confidence, as institutions have not ceased participation despite weaker ETH prices; however, privacy concerns remain a barrier to institutional expansion in staking.
Sygnum Bank's Thomas Brunner on Ethereum Staking Backlog and Upcoming Upgrades
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Summary
Sygnum Bank’s Thomas Brunner highlighted Ethereum’s validator node backlog, now at 2.5 million ETH, with a 43-day wait for new stakers. The Dencun upgrade limits daily validator node entries to 57,600 ETH. Pectra enables a single validator node to hold up to 2,048 ETH, allowing for automatic compounding. Large operators are increasing existing stakes. Approximately 41.2 million ETH is staked, representing 33.8% of the supply. Brunner noted the exit queue is nearly empty, reflecting institutional confidence despite ETH’s weak price. Privacy concerns continue to hinder the expansion of EVM-based staking.
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