Cardano and Polkadot expand staked capitalization dominance, and Dogecoin briefly replaces XRP as the fourth-largest coin
Cardano and Polkadot expand staked capitalization dominance
According to data from StakingRewards, Cardano is now the top blockchain in terms of staked value, with roughly $26.4 billion worth of ADA allocated to securing the network. With Cardano’s entire capitalization amounting to $36.6 billion, 73% of circulating ADA are being staked.
StakingRewards estimates Cardano stakers are earning an annual reward of 7.22%.
The second-largest crypto asset by staked value is Polkadot with $22.7 billion worth of DOT locked — that is 64% of its circulating supply. Average annual staking rewards for DOT are estimated at more than 13%.
Cardano and Polkadot currently represent 7.9% of the $620.6 billion in crypto assets currently designated for staking across the crypto asset sector combined.
Eth2 currently ranks as the fourth-largest staked asset with $8.2 billion. According to the ETH 2.0 launchpad, there are 3.9 million ETH locked into the Beacon Chain deposit contract. However, just 3.4% of circulating Ether has been allocated to staking, suggesting there is still significant room of Eth2’s staking cap to grow.
While ETH stakers are currently earning more than 7% annually, Ethereum’s forthcoming chain merge is expected to significantly boost rewards as stakers begin collecting fees from the Ethereum Virtual Machine, or EVM.
The remaining networks inhabiting the top ten rankings for staked capitalization are Avalanche, Algorand, USDC, Terra, Binance Smart Chain, and Tron.
Dogecoin briefly replaced XRP as the fourth-largest coin
Dogecoin briefly replaced XRP as the fourth-largest coin early Monday. The cryptocurrency created as a joke in 2013 rose to a new record high around $0.43 early Monday, extending the previous week’s 340% rally, according to data source Messari.
The meme cryptocurrency briefly replaced the payments-focused XRP as the fourth-largest cryptocurrency by market capitalization when prices hit the new high. At that time, its market capitalization stood at over $54 billion, according to data source Messari.
DOGE’s recent rally has raised price expectations for the rest of the year. According to the betting website us-bookies.com, oddsmakers now see a 17% probability of dogecoin rallying to $1 by the year-end, versus 2.9% at the start of the month.