Recent statistics from Staking Rewards indicate crypto staking remains an appealing opportunity. However, for every currency noting growth, there is one that loses some momentum. Interestingly, the overall amount of staked and annualized global rewards is rising.
Approaching $100 Billion In Crypto Staking
Like other industry verticals, crypto staking has a “market capitalization“. It takes the combined staked value across trusted currencies and depicts the market outlook. Investors seem more eager to commit to currencies long-term when that number goes up. So seeing the global staked value increase by nearly 14% in a week is unusual, although not too surprising.
More specifically, cryptocurrencies have become more bullish in the past week. There is much work to do before a market reversal takes place. However, Bitcoin and Ethereum pave the way, and most altcoins follow suit. That also affects the value locked in crypto staking. Moreover, it makes staking more appealing to onlookers. Earning passive revenue from holding coins is often worthwhile.
Today, the global staked value hovers near $95.5 billion. So it is a matter of time until this metric hits and surpasses the $100 billion mark. That is a significant development, as it would indicate close to 10% of the combined crypto market cap engages in staking. However, remember that currencies like Bitcoin do not support staking – unless through third-party providers.
Staking Inflow Picks Up
The rising crypto prices contribute to a higher inflow across proof-of-stake currencies. There are no significant changes this week, but things look promising. The biggest gain is noted by Stacks – +7.1%- representing just over $11 million. However, the most significant gain in USD value comes through Ethereum, up by over $336.8 million. That is a +1.4% change, though.
It is good to see some networks note crypto staking inflows. Matic, Cosmos, and PancakeSwap are also in the top five. These five projects are the only ones with a weekly inflow of over $10 million. There is tremendous value circulating across PoS networks. However, some see an outflow, which is somewhat to be expected.
Struggling Crypto Staking Networks
Despite bullish market conditions, stakers remain eager to reduce exposure to certain currencies and projects. In this ranking, there is less desire to stake on Mina, Osmosis, Waves, Hydra, and ThorChain. The 14% decrease in crypto staking on Hydra is a bit alarming. However, the network remains in good health, and this outflow may be a temporary setback.
Seeing these networks lose millions of dollars in crypto staking value over seven days can alarm some speculators. Mina lost nearly $18 million, indicating a whale – or many small users – decided to pull out for now. It will be interesting to see how things evolve for these networks.
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