@zhaominjie
An $8B Ethereum staking backlog (~2.6M ETH in entry queue, ~45-day wait) signals surging demand amid zero exits and institutional inflows (e.g., BitMine).
Potential impact: As this 7% supply increase activates, total staked ETH (36M) rises, diluting rewards and pressuring APR lower (current ~2.8-3%).
Waiting time trend: Queue at multi-year highs (longest since 2023); persistent net inflows and no exits suggest growing backlog and extending waits beyond 45 days, unless yields drop enough to curb demand.
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