Crypto lender Celsius Network pushes ETH validator queue to 44 days by staking $745m
Join Our Telegram channel to stay up to date on breaking news coverage Celsius Network, the embattled crypto lender , decided to shake up its ETH staking strategy over the last several days. Between June 1 and June 3, the company has been moving ETH into staking contracts after it redeemed $813 million of staked Ethereum from Lido Finance, a liquid staking leader. In total, the company deposited $745 million of ETH in just two days, according to data by Arkham Intelligence. However, as a consequence of this, the company also ended up congesting the already month-long queue for activating new validators on the Ethereum network. The company made numerous transfers that stretched the long queue to a new length of 44 days. In other words, Celsius Network itself is responsible for the waiting period being longer for a full week now, according to 21Shares analyst Tom Wan. Celsius just sent 222k $ETH from their $stETH withdrawal address to their own ETH Staking Pool If they s...