Solana is now the most staked crypto asset by value

Solana is now the most staked crypto asset by value
11 months ago
3 mins read

In light of the increasing adoption of the technology, many investors are resorting to crypto staking to diversify their passive income sources.

In terms of the total value of crypto assets staked as of November 18, Solana (SOL) is the most staked digital asset by value, with $82 billion staked on the network, corresponding to 77.37% of eligible tokens, according to Staking Rewards, a prominent data source for staking and crypto-growth tools that currently covers 261 yield-bearing assets.

Top 10 crypto assets by staked value. Source: stakingrewards.com

Ranked second by the staked value is Cardano (ADA), currently over $44 billion, 70.68% of the total value. Ethereum 2.0, Polkadot (DOT), and Avalanche (AVAX) round out the top five crypto assets in terms of staked value.

Interestingly, in a recent report, we highlighted that figures from Pooltool, a Cardano data aggregation tool, indicated that ADA’s staking wallets reached a total of 942,117 staking addresses as of November 10, 2021, adding 100,000 new staking addresses in just two months.

However, it’s worth mentioning that with the recent rise of Solana to become the fifth largest crypto by market capitalization, the order of the of assets by staked value has changed significantly since April 20, 2021, when the value of the top ten staked cryptocurrencies stood at $99.2 billion. 

According to data acquired and calculated by Finbold, at the time, Cardano led the pack with 73.27% of eligible staked tokens with a value of $27.35 billion. In comparison, Polkadot ranked second with 64.18% of eligible tokens staked at a value of $23.9 billion. In total, the two tokens accounted for over half of the top ten staked values at the time, about 51%. 

As of November 17, 2021, Binance, which is now the most popular cryptocurrency exchange in terms of the total number of customers, is the fourth biggest cryptocurrency staking provider in the world, according to Crypto Differ; indeed, Binance staking presently has 90,569 users who are staking popular cryptocurrencies like as Cardano, Polkadot, and Algorand (ALGO).

Most popular staking providers. Source: CryptoDiffer

Notably, the other staking services that make up the top four include Ukrainian Everstake, which is ranked first with has 432,263 users. SwissBorg, with over 178,000 users, is the second-largest staking provider, having the ability to stake Ethereum 2.0, Bitcoin (BTC), and Binance Coin (BNB), while Atomic Wallet, with 131,530 users, is the third-largest staking provider in Estonia.

What is crypto staking?

Staking cryptocurrency is the method by which an investor locks up a certain quantity of digital assets in order to earn interest, participate in the token’s governance, and verify transactions inside a decentralized network.

Due to the potential for profit from staking incentives, crypto staking has seen an increase in investors. In addition to offering a reliable source of income, cryptocurrency staking contributes to the overall strength of the ecosystem by increasing demand and removing tokens from the circulating supply.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.