Definition. This chart shows the net flows of the Ethereum staking pool. 🟢 Inflows include validators that are waiting to be activated. 🔴 Outflows include both Voluntary Exits and Slashing Events. A smoothed netflow line summarizes the balance of the two, and the protocol's churn limit is drawn for both 🟦 entering validators and 🟥 exiting validators, alongside the count of active validators and the total effective balance.

Technical. The netflow is a 7-day EMA of new validators minus voluntary exits and slashing events:

• Staking Pool Netflow = ema(New Validators - Voluntary Exits - Slashing Events, 7)
• Churn Limit = max(4, floor(Active Validators / 65536)) validators per epoch, converted to a daily rate

The exit-side events carry different waiting periods: Voluntary Exits have a waiting period of about 1 day, while Slashing Events have a waiting period of 36 days before entering the exit queue. The exit queue is then determined by the Churn Limit, which limits the number of entering and exiting validators per epoch. For calculating the staking pool net flows, these waiting periods have been factored in. The entering-churn trace is split into pre- and post-Dencun segments, reflecting the March 2024 Dencun upgrade which capped the activation churn.

Interpretation. Please note that once validators enter the activation queue they are not yet considered active, while validators in the exit queue are still considered active until fully withdrawn. This is the reason why, in addition to the waiting periods, validator net flows have a lagging effect on the 🔵 Active Validator metrics. Sustained positive netflow pinned at the entering churn limit indicates an activation queue backlog — demand to stake exceeding protocol throughput — while sustained negative netflow describes net unstaking pressure. Isolated exit spikes are best cross-checked against slashing events to distinguish voluntary de-staking from forced ejections.

Notes. Built from New Validators, Voluntary Exit Count, Slashing Event Count and Active Validators. See also Proof-of-Stake Change in Active Validators and Cumulative Slashing and Voluntary Exit Events.