Celsius Network’s Massive ETH Staking Causes Delays In Ethereum Queue

• Celsius engaged in $800 million ETH staking initiative, causing delays in Ethereum validator queue.
• The company deposited $745 million worth of ETH into staking contracts, expanding waiting period.
• Celsius Network faced financial insolvency, leading to restructuring efforts and acquisition by Fahrenheit.

Celsius Network, a crypto lending platform that is facing financial insolvency, recently engaged in an ETH staking initiative worth $800 million. This action has resulted in notable delays within the Ethereum validator queue.

Within a span of two days, the company deposited a staggering $745 million worth of ETH into staking contracts, exacerbating the already extensive waiting period for deploying new validators on the Ethereum network.

Celsius Staked 396k $ETH (92.5% of the total $stETH Withdrawal) in the past 2 days. 32k ETH still in the $stETH withdrawal wallet

Thanks to Celsius, We are seeing new ATH in Daily ETH Deposit to the Beacon Chain

1 Jun: 409k (71% from Celsius)
2 Jun: 231k (44% from Celsius) https://t.co/GtlXCIM1Gw pic.twitter.com/Cf2Wbg1TD9

— Tom Wan (@tomwanhh) June 3, 2023

Following Ethereum’s Shanghai upgrade, which enabled withdrawals …

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