Ethereum Staking Queue Could Reach $5.04 Billion in Return Scenario

Ethereum’s staking entry queue could reach about $5.04 billion if an estimated 565,056 Ether (ETH) tied to MetaMask-operated validators were deposited again while the existing backlog remained unchanged.

The entry queue held 1,398,922 ETH at about 10:18 a.m. ET (14:18 UTC) Oct. 7, with an estimated wait of 24 days and seven hours. At an ETH price of $2,564.19, the queue was valued at approximately $3.59 billion.

Adding the estimated validator cohort would bring the combined queue to 1,963,978 ETH, worth about $5.04 billion at that price. The additional ETH would require approximately 9.8 days of entry capacity, bringing the total workload to about 34.10 days compared with the existing estimate of roughly 24 days and seven hours.

The validator figure is a lower-bound estimate. Some MetaMask-operated validators may not have been identified, and it is unknown how much of the cohort has already returned, is already included in the entry queue or will return to staking at all. The $5.04 billion figure is therefore a scenario, not an observed inflow or a forecast.

Ethereum processes about 57,600 ETH per day through an entry limit of 256 ETH per 6.4-minute epoch. Validator exits do not directly consume that capacity. Pressure on the entry queue would arise only if withdrawn ETH were deposited again while other staking demand continued.

MetaMask began precautionary validator exits after a Sept. 30 security incident affecting part of its infrastructure. MetaMask’s investigation found no indication that its wallets or customer funds had been affected. No validators were slashed in the incident.

An on-chain count identified 16,965 MetaMask-operated validators holding the estimated 565,056 ETH that had exited or entered Ethereum’s exit queue by 1:29 a.m. ET (05:29 UTC) Oct. 1. The group included 252,288 ETH held by two Lido operator groups; restaking that portion alone would use about 4.4 days of entry capacity.

The incident involved 0.36 ETH in diverted block tips across 18 Ethereum blocks on Sept. 30. At the stated ETH price, that amount was approximately $923.

Lido expected the final affected validators to complete the exit process by Oct. 7, but the full withdrawal and re-entry cycle could take up to approximately 45 days because of the entry queue. ETH associated with the affected validators was expected to return gradually.

At a 2.59% annual percentage rate, foregone rewards would total approximately $1.54 million over 15 inactive days, $3.08 million over 30 days and $4.63 million over 45 days if the entire cohort remained inactive.

Lido contributors proposed setting target limits to zero for MetaMask operators in two curated modules. The changes were proposed for a future on-chain vote, and adoption was not confirmed.