Cryptocurrency staking is an appealing option for those looking to generate a passive revenue stream of sorts. Several prominent crypto assets note a healthy increase in staked value as of late. Interestingly, the higher rewards of some networks may not make them more popular.
As one of the most-talked-about blockchain ecosystems on the market today, global interest in Solana is rising. Thanks to a spectacular price surge over the past few months, more people have begun staking SOL for extra rewards. Currently, the network notes over $53 billion in staked value, representing over 76.6% of the circulating SOL supply. Rewards of 5.87% are very appealing and much better than storing funds in a bank account.
Ever since Cardano introduced support for staking, there has been a strong interest in exploring this option. The ecosystem becomes more versatile every quarter, offering long-term holders hope as to what might happen in the future. Over 69% of the circulating ADA is locked in staking, representing a combined value of $32.95 billion. Users can expect an average reward of 5.2% per annum, which is more than acceptable.
Ethereum 2.0 (ETH)
Despite strong initial favoritism toward pre-staking ETH before the upgrade to Ethereum 2.0, it seems the momentum slows down a bit. Although Ethereum has $27.83 billion in staked value, it represents merely 7.56% of the supply. Moreover, the staking reward of 4.93% per annum is not necessarily that appealing and will likely keep decreasing as more people start to stake their ETH.
There appears to be a growing interest in staking LUNA to support the Terra network. Although there is much room for improvement – only 37.93% of the circulating LUNA is used for staking, representing $24.96 billion – it appears users take notice of the 7.5% annual rewards. Overtaking Ethereum 2.0 for staked value is certainly possible, although it may not happen overnight.
The rise of Avalanche in decentralized finance has not gone by unnoticed. Moreover, more and more users explore the option of staking AVAXon the network, primarily due to the 9.29% APR. Nearly 60% of the circulating assets are engaged in staking today, representing almost $20 billion. That puts the network ahead of popular assets like Polkadot, Binance Smart Chain, Cosmos, and others.
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