What happened in the Staking Space from 15th January to 25th January?
We are glad to present you with the 15th Staking Rewards Report. Here we will provide a weekly update on all things Staking. A general overview of the market highlighted research in the space, news on all launched staking networks, updates on upcoming Staking networks, the latest developments from Staking infrastructure providers, and a handful of Staking-Related events.
Citadel.One is the sponsor of the Staking Rewards Report.
Citadel.one is a multi-asset non-custodial platform to manage and store crypto assets. Stake multiple tokens all within a single interface and seed phrase.
Staking Rewards Report TL/DR
- Polkadot is now the biggest Staking Network
- Stake DAO is live!
- Ramp DeFi Tezos Staking Derivatives are live
- Lido has staked over 90k ETH
- Mirror Protocol live on Binance Chain
- Staking Rewards Team is growing
…And many more!
Staking Market Overview
According to the Staking Rewards USD value locked in staking is around 44.9 billion USD, while the Staking Market Cap (valuation of all projects that have staking mechanism) is currently at 238 billion USD. They have prepared the list of projects sorted by the USD value of the staked tokens. According to the list, top 5: Polkadot, Cardano, Avalanche, Ethereum, and Algorand. 9 projects have at least 1B value of USD locked in Staking each. These projects in total have 34.5 Billion value of USD staked which is approximately 76.8% of all USD value locked in staking. They calculated the ratio of staked coins to the circulating supply as well. The leaders are Akash (89.1%), USDN (82.7%), Band Protocol (82.7%), Tezos (78.8%), Skale (75.1%).
Staked highlights what investors need to know about staking. State of Staking covers high-level economics, the breakthroughs and launches made in 2020, and the trends investors should watch in 2021 to stay on top of one of the hottest trends in crypto.
- The market cap of proof-of-stake blockchains has grown to more than $175 billion in 2020, according to a new report from Staked.
- The Staked report found PoS blockchains were paid average annual returns of 11.2%.
- As Ethereum 2.0 develops, 2021 could be the year PoS security shows it can compete at scale with proof-of-work mining, says the firm.
A Decentralized Staking Doomsday Scenario by Chris Remus
Staking in these early days is already more centralized than decentralized. A small number of large validator operators control a majority of the stake in most staking networks. Current staking economics compound the problem with rich getting richer economics. Big exchanges already control a dominant stake in many staking networks. Their business model and economic structure allows them to operate low to no fee validators, squeezing out competition.
Read more on the “doomsday” scenario imagined by Chris Remus.
Polkadot is complicated as hell! Learn more on what is Polkadot; what is Kusama; what for there are parachains; what is crowdloan and Parachain slot auction and a lot more!
The Graph is an indexing protocol for querying blockchain data that enables the creation of fully decentralized applications.
Switcheo, a renowned blockchain platform that has released its own SWTH token, has developed the first fully decentralized crypto exchange for trading digital assets. Everstake wrote about the Switcheo blockchain (SWTH) in this overview. Staking is available for SWTH holders: you can delegate tokens to validators and receive income in tokens (completely passive income). In this article you will learn about what Demex is, what features it has and how this trading platform works.
“The one line to summarize Staking is that it lets any token holder contribute to the security of the network and receive rewards in return.”
Jun Soo Kim (JK), Head of Operations and Strategy at stakefish
Live Networks Updates
This testnet aims to gather performance reports for SKALE chains, stabilize SKALE Chains, identify performance issues, and test interchain messaging features with real-life applications on validator nodes.
SKALE announced that $SKL debuted on the site in the top 20 tokens staked of the over 150 tokens they track. With over $350 Million USD Total Value Locked, SKALE Network has quickly established itself as a leading blockchain technology and community globally.
Binance Smart Chain, sovereign smart contract blockchain with EVM compatible programmability, integrates with Mirror Protocol to bring synthetic assets to the BSC Community!
Any user on Terra, Ethereum, and now Binance smart chain has direct access to mAssets (tokenized stocks such as Apple, Tesla, Alibaba, etc)
In the business structure of rFIS, the team will launch the Original Validators (OV) program. The Original Validators are the ones who have joined the FIS Staking Contract plan. Using the FIS token deposited by the user, the StaFi Staking contract will nominate each OV who joins the OV plan according to the nomination rules. Check the details in the article.
The successful launch of the beacon chain was a huge milestone for engineers, stakers, and the community at large. It now has the foundation for Ethereum’s sustainable future. Although there are many moving pieces and innumerable winding threads, across the board the Ethereum community has shown its unbelievable resilience and ability to deliver. Read more on what’s going on in Ethereum via the link above!
Seven weeks after the launch of Ethereum 2.0’s beacon chain and 2.25 million ETH has been deposited into the ETH2 contract address, signaling growing confidence in the long-awaited rollout of ETH2. More than 66,360 beacon chain validators have been created as part of Ethereum’s transition from Proof of Work to Proof of Stake.
Data provided by smart contract experts at Dune Analytics suggests that more ETH is now being staked by individual contributors than single addresses with large balances, which had dominated flows to the Eth2 contract throughout December and the first half of January. The dollar amount of ETH deposited into the Eth2 contract stands at approximately $3.75 billion, or 2.5% of Ethereum’s total market cap, with 4,864 unique depositor addresses contributing to the total amount of ETH staked on the new network.
The combination of the Ether price rally and an ever increasing amount of stakers have propelled the Ethereum 2.0 blockchain to become the third largest blockchain by staked funds. Ethereum surpassed Tezos but is still lagging behind both Polkadot (DOT), with its $10.4 billion locked, and Cardano, with $8.3 billion. Compared to other staking competitors, Ethereum’s percentage of supply committed to staking is significantly lower. Both Cardano and Polkadot see over 60% of the tokens committed to staking, while Tezos stakers comprise 90% of circulating supply.
Here are the highlights:
- Total assets as per Q4 2020 add up to USD 212 million
- Holdings denominated in crypto represent 82% of total assets.
- Investments include public securities and also crypto investments such as ixo, Regen, Agoric, Althea and Iris.
- Number of grant applications received during Q4, 2020: 22
- Number of grants approved during Q4, 2020: 13
- Grants committed during Q4, 2020: USD 0.9 million
A new on-chain process to allow the community to decide if and how the Solana protocol will enable inflation was proposed. Through the following public process, the Foundation will host on-chain community votes to grant representatives the ability to enable full-inflation on Mainnet Beta. This process consists of three main steps: Nomination Period, Upgrade Period, Voting Period.
IRISnet Mainnet 1.0 upgrade is expected to happen in early February, and new functions including IBC, Coinswap (AMM), enhanced iService and NFT will go live accordingly. The upgraded Mainnet will usher in the KUAFU stage of IRISnet, bringing us one step closer to achieve the vision of an Interchain Service infrastructure and protocol for building trustworthy and distributed business applications.
Users can now use XTZ to seamlessly book over 3,000,000 travel products worldwide, including hotels, homes, flights, tours, and activities on Travala.com.
Upcoming Networks Updates
Althea announced Gravity, an Ethereum-Cosmos bridge designed for the Cosmos Hub. Gravity is an evolution of Althea Peggy, leaving the ‘pegzone’ concept behind. Backed by billions of dollars of Atoms staked on the Cosmos Hub, the Gravity Bridge will be the most secure, efficient, and decentralized cross chain bridge to Ethereum.
Bluzelle enables dApps on any blockchain to securely store their data without having to rely on centralized data centers. Mainnet Features:
- Block rewards: validators will win a portion of the collective fees in each block.
- Slashing: validators with bad behaviour will be jailed and slashed. Bluzelle Bridge: Swapping back from native BLZ to ERC20 BLZ will open.
- Client support for dApps & other users of BluzelleDB: this will allow searching for keys with prefixes, and filtering key-value pairs by data owner, pagination, and other advanced features.
- BluzelleStudio: the visual data explorer app allowing BluzelleDB users to manage their data easily from a web browser or even a smartphone.
A total of 200,000 of Persistence’s XPRT tokens (worth $50,000 at the most recent valuation), will be allocated for distribution to MATIC stakers during the campaign. Every MATIC staker will be eligible to earn up to 5,000 XPRT tokens, simply by staking on Matic Network with any validator and sending a Magic Transaction to confirm participation!
Staking Providers Updates
Stake DAO is a new multi-service DeFi platform built by the community. Stake DAO removes the need to stake your assets across multiple platforms. They provide a simple solution for staking a variety of tokens all from one dashboard. From Stake DAO, users can search through the best of DeFi and choose from the best products to help them beat the market.
Stake DAO has airdropped 1.5M SDT (worth ~15M USD) to all kinds of DeFi users.
Currently Stake DAO has enabled a set of strategies and farming rewards, which allows to earn e.g. 244% APY on tokenized Bitcoin or over 1000% on staking ETH/SDT Uniswap LP Tokens.
Starting today, Tezos holders can earn up to 160% of your usual XTZ yield if assets are deposited via the rStake module on RAMP’s application.
- 76,600.34 ETH staked with lido, with a total value of $93,620,008 USD
- 1,815 users have staked their Ethereum, with Lido
- 39 proposals voted on by Lido DAO
Lido is also available on Curve Finance and SushiSwap. LDO-ETH liquidity providers receive around 25% APY in $SUSHI tokens.
Currently Ankr’s most popular product, decentralized Eth2 staking is operated by Ankr under the name Stkr, which has caused some confusion in the markets. Some viewed Stkr as an independent company, or even as a separate token. However, this is not the case. To be more clear on the connection between Ankr and the decentralized staking platform and protocol, they will operate it under the Ankr brand, as of today.
To foster further Secret Network development and SNIP-20 tokens adoption, Citadel.one proposed to add SNIP-20 compatibility, SCRT>sSCRT>SCRT converter and Secret Bridge to both Citadel.one mobile app and web platform. All Bridge supported tokens will be integrated to Citadel.one platform, so there will be no need to connect two wallets (Keplr and Metamask) but perform all actions in one app.
The E-Money service is driven by multiple currency-backed tokens, one for each supported fiat currency, which will represent a proportional value of the bank reserve. Additionally, E-Money uses the NGM (New Generation of Money) token for staking and rewards. Stakin team explores how to stake and earn using their official wallet.
Guides by Everstake:
- How to stake ROSE (Oasis Network) in the Bitpie mobile wallet: a detailed guide
- How to stake Cardano (ADA) via the Yoroi browser wallet
Upcoming Staking Events
- 31st January, 2021 – Cosmos Validator Show
- 5th February, 2021 – Secret Network Validator Show (TBA)
- 23th-24th March, 2021 – TOKEN2049
Staking Rewards Updates
OGN Stakers currently earn 25% annually by staking for 1 year. 3.18% of the total network are already being staked.
- Current estimated Reward Rate for Delegators: 11.08%
- 75.06% of the eligible token supply has already been staked!
- SKALE is Top 20 with over $338 Million (USD) in staked value.
- Current Reward: 16.22% annualized
- Total Staked Tokens in the Network: 32.65%
E-Money has been updated
The e-Money profile page has just been updated with the latest staking figures!
Head to http://stakingrewards.com/earn/e-money for current staking & interest rates, information, opportunities, charts, tutorials and more.
Since the beginning of Staking Rewards, we have always ranked crypto assets by a proprietary score, that we have developed and refined in order to rank top quality projects which are attractive longterm staking opportunities to the top.
We wanted to filter out non-quality projects from the top of the list. The intention has always been to provide the most value to our users by evaluating projects based on on-chain data, staking metrics, and fundamental scores.
Today for the first time we are introducing a new ranking based on the total Staked Value in these networks. The goal is to remove confusion around the methodology of the score, and increase the transparency and clarity of rankings. Observe, learn, improve. What do you think?
New Darkmodes on Staking Rewards
Users can now toggle between 3 themes. Which one is your favorite?
Staking Rewards Team is growing