By Solomon Odunayo
Cardano (ADA), the 7th largest cryptocurrency by market capitalization, is now the most staked digital currency, leading a number of competitors, including Polkadot (DOT), Ethereum (ETH), Solana (SOL), Tezos (XTZ), among others.
The data that was credited to StakingRewards was compiled and shared on Twitter by the crypto and blockchain analytical firm, CryptoDiffer.
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According to the data, $28.950 billion worth of ADA has been staked on various Cardano staking pools. Polkadot is the closest with $25.43 billion.
The data shows that over one-third of all staking in the crypto space is accounted for between Cardano (ADA) and Polkadot (DOT).
STATE OF THE STAKING$ADA $DOT $SOL $AVAX $ETH $ALGO $LUNA $XTZ $BNB $TRX $ATOM $EOS $CAKE $KSM $NEAR $SNX $SKL $eGLD $DCR $BAND $DASH $WAVES $XEM $AAVE $DFI $ZIL $ICX $SUSHI $ROSE $FTM $AKT $RUNE $ONE $BTMX $MATIC
Data from: @StakingRewards pic.twitter.com/rnDFY9xPBL
— CryptoDiffer (@CryptoDiffer) April 19, 2021
The data from StakingRewards further reveals that 73% of circulating ADA are being staked, since Cardano’s entire capitalization currently stands at $36.6 billion. The crypto analytics firm’s estimate shows that Cardano stakers are earning an annual reward of 7.22%.
As for Polkadot (DOT), its total staking represents 64% of its circulating supply, while stakers earn an annual reward of over 13%.
While Cardano and Polkadot remain the dominant force in the staking sector by locked value, other leading digital currencies have experienced significant disruptions to their rankings lately.
As it stands now, Solana (SOL) has now surpassed Ethereum (ETH) to occupy the third position for staked value, with $9.4 billion, while Ethereum 2.0 manages just $8.064 billion of total staked value.
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SOL staking and validation require the asset to be time-locked up and taken out of circulation, which may explain why its staked capitalization exceeds its relatively $8 billion market capitalization. According to StakingRewards, Solana (SOL) annual staking rewards stand at 11%.
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