Data: The number of validators in Ethereum’s exit queue has reached 744,000, hitting a record high

According to ChainCatcher, citing The Block, as of July 26, the number of Ethereum validators in the exit queue has reached 744,000, hitting an all-time high.

It is reported that in the previous two weeks, the average daily number of exiting validators was only about 1,000. Analysts believe this situation may be due to a liquidity shock on the Aave lending platform, where approximately 167,000 ETH (worth over $630 million) was withdrawn from Aave’s lending pools, causing the annual lending rate for wrapped ETH (wETH) to surge from around 3% to double digits. The rise in interest rates turned previously profitable leveraged staking strategies using staked ETH (stETH) into losses, forcing traders to repay loans and seek native ETH.