CoinDesk Validator ‘Zelda’ Successfully Exits Ethereum as Withdrawal Queue Shrinks to 9 Days
It took about 12 days for Zelda to fully exit the Ethereum blockchain. For any new staking withdrawal requests, the wait to get out has shrunk to nine days from 17 days.
As part of CoinDesk’s former Valid Points Newsletter, CoinDesk set up its own Ethereum validator, “Zelda,” in 2020 to have a front-row seat into the blockchain’s shift from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism.
According to blockchain explorer beaconcha.in, Zelda exited the Beacon Chain on April 24 at 12:16 p.m. ET, and our staked ETH became withdrawable on April 25 at 3:34 p.m. ET. From the time our request went in, to the time that CoinDesk’s staked ETH became withdrawable, it took about 12 days.
The reason it takes so long for validators to exit the chain is because that’s part of the project’s design. Staking is an important part of maintaining the security of the Ethereum blockchain, and if too many validators left the chain at once the security of ensuring that transactions and blocks are added to the network could not be guaranteed.
Currently, the withdrawal queue sits at about nine days, indicating that the requests for validators to be removed from the blockchain has calmed down. At its peak, the withdrawal queue was at 17 days.
Zelda managed to earn 3.682 ETH worth about $6,860 in staking rewards, which CoinDesk will donate to charity.
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About the Writer
Margaux Nijkerk reports on blockchain protocols with a focus on the Ethereum ecosystem. A graduate of Johns Hopkins and Emory universities, she has a master’s in International Affairs & Economics. She holds a very small amount of ETH and other altcoins.
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Article Summary
As Ethereum transitions to Proof-of-Stake (PoS) from Proof-of-Work (PoW), CoinDesk has been using its validator “Zelda” to follow the transition. Recently, Zelda has successfully exited the Ethereum blockchain, taking around 12 days for its exit. Following this, new staking withdrawal requests are taking nine days to be fulfilled, down from 17 days. Validators leaving the chain is subject to a hard limit to enable the security of the network. The withdrawal queue is now at about nine days. Zelda earned 3.682 ETH worth around $6,860 in staking rewards, which will be donated to charity.
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The material in this article is written on the basis of another article.