Solana Tops Cardano, Ethereum To Become The Most Staked Cryptocurrency
November 30 2021 - 12:00PM
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Solana has slowly made its way into being the crypto sweetheart of
2021. The smart contracts platform had found popularity in the
third quarter of the year as it rallied to new all-time highs
following the massive adoption of the blockchain. It didn’t take
long before the blockchain was being listed as an “Ethereum killer”
placing it in competition with the likes of Ethereum and Cardano.
Solana has lived up to expectations since then as it stole more
market share with each passing week. Decentralized finance (DeFi)
services on the blockchain quickly took off as investors sought out
cheaper alternatives to Ethereum. Related Reading | Cardano
Active Addresses Shoots To New Highs Amid Downtrend Solana still
holds a small share of the DeFi market compared to Ethereum but the
blockchain has quickly grown to be a force to be reckoned with when
it comes to staking. Solana Takes The Lead For Staking For a long
time, competitor Cardano held bragging rights as the network with
the most staked cryptocurrency. Now that title has been stolen by
Solana as staking ramped up on the network. It now stands ahead of
Cardano and Ethereum for total value staked on the blockchain.
Staking has become one of the leading ways for investors to make
passive income while they held on to their coins. This has
propelled the rise of digital assets like ETH and ADA to the
forefront of the market given that these networks offered
attractive yields to users. However, Solana has quickly become the
network of choice due to offering some of the highest yields
compared to competitors Ethereum and Cardano. On November 23rd,
Solana became the network with the highest value of tokens staked
when total value had crossed $84 billion. This number put it right
ahead of market leaders Cardano and Ethereum. Solana staked value
surpasses Cardano | Source | Staking Rewards Solana’s yields
currently have 77.37% of its total supply staked at an annual yield
of 6.79%. Compared to this, Cardano has 70.5% of total supply
staked at an annual yield of 5.71%, while Ethereum has only 6.85%
of total supply staked with an annual yield of 5.2%. Make Way For
The “Ethereum Killers” Activity on other smart contract platforms
is ramping up as competition grows for Ethereum. Although the
network still sees the most activity for DeFi and NFT minting,
others such as Solana and Cardano are creeping up on the
blockchain. For the month of November, Cardano’s network activity
has spiked considerably above that of Ethereum, suggesting more
usage on the part of the former. Likewise, activities like NFT
minting and DeFi services are ramping up on Solana, with Cardano
expecting its first DEXes to launch soon. Related Reading
| Cardano Founder Addresses Liquidity Concerns Over eToro
Delisting Cardano had also recorded a spike in new staking wallets,
with over 100K staking wallets added in the space of two months.
Furthermore, Cardano’s new and active wallets had increased
dramatically for the month of November, signaling growing adoption.
Solana received high praise from FTX founder Sam Bankman-Fried who
hailed the cryptocurrency as a potential candidate for being the
next Bitcoin. SOL maintains value above $210 | Source: SOLUSD on
TradingView.com Featured image from CNBC, chart from
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