2.84M ETH is parked in the entry queue right now, a 49-day wait, so Pectra consolidations cut stVault migration from weeks of dead capital to roughly the 256-epoch withdrawability gap. With Lido V3 Phase 3 already live and stVault minting opened up under the ~3M ETH external cap, this is the missing plumbing for wrappers like Solstice and CorPrime to onboard existing validator books without blowing up yield continuity. If that flow scales, stVaults stop being validator ops tooling and turn into an operator-specific credit layer for stETH, where reserve ratios and fee tiers matter as much as raw TVL.

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