ELI5: Ethereum Validator Exits

Mike Neuder and Mallesh Pai explain how Ethereum validator exits currently limit withdrawal rates and how the upcoming Pectra hardfork changes this, with the authors stating that the changes are very small. Under today's rules, a voluntary exit passes through a FIFO exit queue that allows 16 exits per epoch as of March 2025, followed by a 256-epoch (27-hour) withdrawability delay, then a validator sweep that processes 16 withdrawals per block and takes about 9.1 days per cycle. The article says the exit queue exists to preserve economic security, since a validator that could exit instantly could attempt a double spend. Under Pectra, the exit queue is limited to 256 ETH per epoch, equivalent to eight 32 ETH validators, and validators can opt out of the sweep by using a 0x02 withdrawal credential prefix to compound rewards.