"ETH Unstaking Queue Criticism Dismissed by Vitalik Buterin in the Context of a Security Agreement"
In a recent development, the unstaking queue for Ethereum (ETH) has seen a significant jump, rising from 600,000 ETH in mid-September to over 2.5 million ETH, marking a nearly 4x unstaking growth in just two days. This extended waiting period has become a topic of discussion, with some calling for a reduction, as it currently stands at over 45 days.
Vitalik Buterin, the founder of Ethereum, has explained that this extended period is part of a 'security deal'. He compared the situation to a soldier quitting the army, stating that a reduction in the waiting period would make the Ethereum chain 'much less trustworthy'.
Ethereum developer Danny Ryan has further explained that this delay is intentional, aiming to ensure network security and stability by preventing sudden large withdrawals that could destabilize the consensus mechanism.
The increased unstaking period has sparked criticism across Crypto Twitter (CT), with some stakers expressing concerns about paying bills like electricity and rent due to the long queue. In response, Buterin has urged service providers to inform their staking clients of potential delays in advance.
Despite these developments, the overall market sentiment for Ethereum remains negative. The muted speculative interest may be linked to the broader market attempting to digest the Fed's rate cut and outlook. However, it remains to be seen whether demand and bullish leaning will resume in the near term, ahead of positive Q4 seasonals.
Meanwhile, other cryptocurrencies have seen more positive movements. MemeCore, for instance, experienced a 22% jump in 24 hours. Lido's [LDO] future is also being discussed in relation to retail buyers and profit-taking whales.
The amount of ETH set to be unstaked currently stands at 2.5 million ETH, worth over $11 billion at current prices. As of press time, the waiting period for unstaking Ethereum has slightly decreased to 43 days.
In conclusion, the extended unstaking period for Ethereum has caused a stir in the crypto community, with some calling for a reduction. However, the developers maintain that this delay is necessary for network security and stability. The overall market sentiment for Ethereum remains negative, but the future remains uncertain as we approach Q4.
