Phoenix Group has released its latest rankings of cryptocurrency projects by total value of staked tokens. Ethereum’s ($ETH) and Solana’s ($SOL) tokens have accumulated the most considerable value of staked tokens with $84.7B and $66.9B respectively. Ethereum ($ETH) stands out with a significant margin, followed closely by $SOL. These two projects have consistently maintained their positions, showcasing their robust staking mechanisms and strong community support.
Notable Entries and Trends in Staking Protocols
In the ranking of staking protocols, the stable token Binance Coin ($BNB) remains in the third position with $19,08B, further followed by Sui ($SUI) and Aptos ($APT), proving their dominance on the staking protocols with $13.8B and $8.2B respectively.
The entry of $SUI and $APT is even more surprising because they have entered the top shelves of newly emerging projects that became popular among investors. Other large caps that are also present, include Cardano ($ADA), TRON ($TRX), and Avalanche ($AVAX) with significant staked values.
Staking Ratios and Reward Rates
The report also revealed varying staking ratios and reward rates of the top projects as presented in the table below. For example, $ETH has a staking possibility of 28.5% with a staking bonus of 3.3 %, while $SOL has a 67.1 % staking possibility and a 6.5% staking bonus. These differences reflect the unique economic models and incentives designed by each project to attract stakers.
In addition to established projects, the report showcases emerging tokens such as $TIA, $DOT, $TON, and TAO, which are making significant strides in the staking market. These projects are attracting attention with competitive reward rates and innovative staking mechanisms. NEAR Protocol, Sei Network ($SEI), and $SAGA also feature in the rankings, each carving out a niche in the competitive landscape.
Source: https://blockchainreporter.net/eth-and-sol-dominate-staking-projects-by-tvl-in-october-2024/