Several cryptocurrencies support staking functionality, either natively or ahead of an upcoming network upgrade. Solana currently tops the charts, ahead of Terra and Ethereum. It is an intriguing leaderboard by staked value, as higher rewards seemingly do not entice users by default.
Solana ($38.1 billion)
The ongoing rise of Solana is rather interesting and shows people have taken a strong interest in this ecosystem. Its blockchain has a high throughput and low fees, even though the ecosystem lags behind a bit in NFTs and DeFi. Even so, it has the highest staked value of all networks at $38.1 billion.
That value is much higher than competing networks, despite a relatively low reward of 5.93%. However, it is a much better return than keeping money in a savings account, and staking Solana is relatively accessible for all users. Moreover, the network goes through ongoing appreciation, which is rather intriguing.
Terra ($29.9 billion)
The rise of Terra in the blockchain industry has not gone by unnoticed. It is one of the more powerful networks for staking, but it also makes inroads in the decentralized finance ecosystem. In act, Terra has become the second-largest network for DeFi TVL today, confirming people see merit in what Terra offers.
As Terra now climbs the rankings of crypto assets by staked value, things get much more interesting all of a sudden. Topping $30 billion in staked value will be the first objective. The current 6.8% return is appealing, although much will depend on how the LUNA value evolves in the coming months.
Ethereum ($27.8 billion)
It is not too surprising to see Ethereum being in the top three of crypto assets by staked value. Even though the network has no official proof-of-stake mechanism yet, users can deposit funds to the smart contract tied to the Beacon Chain. That approach has proven rather popular among users, even if the overall rewards have dropped significantly.
Today, the Ethereum network represents $27.8 billion in staking value. It is a fraction o Ethereum’s market cap but still a healthy number despite the 4.81% rewards. Many people jumped on this opportunity at much higher reward rates, but it seems most are sticking around despite their earnings being cut by over 50%.
Cardano ($21.6 billion)
Many people had high hopes for staking on Cardano, and that vision has come true in a way. With over $21.6 billion in staked value, Cardano is one of four networks surpassing the $20 billion threshold at this time. It remains well ahead of Avalanche and is not too far behind Ethereum either.
Moreover, the 5.31% reward is higher than Ethereum and not too far off Solana’s annual staking reward. It will be interesting to see where Cardano ends up in these rankings in a few months from now. .
Data provided by CryptoRank
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