Staking allows users to earn interest on their cryptocurrency holdings. It is a great source for holders to earn passive income. Over recent times, this trend has increased significantly in the cryptocurrency industry as many major centralized cryptocurrency exchanges have stepped into it especially the world’s top two cryptocurrency exchanges Binance and Coinbase.
Apart from crypto exchanges, there are several blockchain networks where staking takes place. However, some of these networks are very popular in the field of staking in terms of value staked onto them. The Block Research has made a list of top ten staking networks by value staked, in recent research.
In this list, the layer-1 blockchain Polkadot is on the top. It counts for 24.6 percent of the total staked value. This means that approximately $3 billion worth of DOT tokens is currently at stake on the Polkadot network. DOT is the native token of the Polkadot protocol. The second most famous blockchain network in the world of staking is Cardano. As per The Block Research, the Cardano network has $1.79 billion in staked value. This represents 14.9 percent of the total value staked. This shows that users deposit $1.79 billion in funds worth of ADA tokens on the network in order to earn interest.
Moving on ahead, the decentralized and open-source blockchain network Tezos is on the third spot in this list. It has $1.4 billion worth of XTZ tokens at stake making up 12 percent of the total value staked on networks.
Source: The Block
While on the other hand, EOS, Algorand, Cosmos, and Avalanche cover $1.4 billion, $988 million, $987 million, and $958 million respectively and are ranked fourth, fifth, sixth, and seventh. Tron, Band Protocol (BAND), and Synthetix also count for a slight portion of the staked value. As per The Block Research, a total of $12 billion is staked over these major blockchain networks. Out of these top ten networks by staking value eight are known as layer-1 blockchain networks. Only Synthetix and Band Protocol do not belong to the category of layer-1.