UPDATE: Ethereum validator exit queue has started to grow again: +217k $ETH in just two days đđđ
Pretty obvious this increase is directly related to the price!
At current prices that 217k ETH is ~$1b
Generally speaking as the exit queue grows all LST pegs get weaker: $stETH has been depeged since mid-July, which is when the exit queue started to grow!
If the exit queue gets past 1m ETH and continues growing at a rapid pace, there could be some major peg volatility for all LSTs which could impact many major #DeFi protocols like AAVE, Ethena etc... â ïž
@robdogeth did a great post on the stETH peg and how looping-leveragooors are affected by the exit queue. Highly recommend read if you want to improve your understanding:
$USDe $AAVE $CRV $LDO
I'm bullish on Ethereum and all, but doing demand/supply analysis without taking into account the staking exit queue is a bit misleading imo.
Validator exit queue has started to increase again, so that's a substantial amount of $ETH that is becoming liquid on a daily basis..... 66k ETH to be more exact, ~$300m per day @ current price of $4500!
If ETF inflows average $300m per day that should nullify most of these outflows, but still should be part of the analysis!
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