Ethereum staking enters a new era, trading volume hits record high indicating a shift in fundamentals

A recent notable phenomenon has emerged on the Ethereum blockchain: the validator “exit queue” has dropped to zero, meaning investors who want to unstake can now do so “on demand,” without any waiting. In stark contrast, the queue for staking remains continuously growing, reflecting a renewed market confidence in the Ethereum ecosystem.

Staking Structure Reverses, Entry Enthusiasm Reaches New Highs

According to on-chain data from ValidatorQueue, over 36 million ETH are currently locked in staking contracts, accounting for about 30% of the circulating supply; even more noteworthy, over 2.5 million ETH are queued to participate in staking, reaching the highest level since August 2023.

This shift sends a clear signal to market participants: there is no sign of a panic withdrawal wave; holders are confident in locking their assets in staking. The validator queue has transformed from previous waiting to exit into a rush to enter, fully illustrating a positive shift in market sentiment. The staking ecosystem is entering a new balanced state.

Trading Activity Fully Rebounds, but Gas Fees Remain Low

On-chain data shows that the number of daily transactions on Ethereum recently surpassed 2.885 million, setting a new record for single-day transactions. This not only breaks previous records but also significantly reflects a resurgence in network usage demand. Notably, despite the surge in trading activity, Ethereum’s gas fees remain at low levels, unlike the fee spikes seen during past bull markets.

This combination of “high transaction volume, low fees” indicates major improvements in Ethereum’s network architecture. Supported by multiple system optimizations and Layer 2 scaling solutions, the network now can handle high usage more stably and efficiently. Users enjoy convenience without being burdened by high on-chain costs.

Fundamentals Are Evolving, Application Value Becomes the New Focus

In the past, market narratives around Ethereum mainly revolved around the “fee surge → ETH burning → supply scarcity” deflation cycle. However, with the revival of transaction volume and the maintenance of low fees, this simple deflationary narrative is gradually fading. Instead, the real application value of Ethereum as a “global settlement layer” is beginning to emerge.

When staking participants are no longer eager to withdraw, trading activity naturally picks up, and fees can stay at reasonable levels. These signals collectively point to a new consensus: Ethereum’s value is no longer solely dependent on scarcity speculation but is rooted in its core function as a large-scale settlement network. For long-term holders and stakers, this means a shift from speculative expectations toward fundamental yield is underway.