Statistics portal CoinRank has listed the most staked altcoin projects by market cap. Ethereum competitors such as Cardano, Solana and Avalanche top the list.
Top 15 most staked altcoins according to CoinRank data
Statistics portal CoinRank has listed the top 15 most staked projects by market cap. Displaying strong network activities, Cardano closes the top three in this ranking. Led by Charles Hoskinson, the project holds ADA tokens worth 70.6% of the market capitalization. Thus, it holds the $12.3 billion pool.
Unsurprisingly, first place belongs to Ethereum (ETH), which has raised $21.3 billion in anticipation of the transition to PoS. However, despite the upcoming Ethereum 2.0 upgrade, the percentage of cryptocurrencies locked to participate in the transition is only 10% of market cap. Second place went to Solana (SOL), with 75.5% capital or $15.5 billion stake pools. The general view of the list is as follows.
- Ethereum (ETH)
- Left (LEFT)
- Cardano (ADA)
- Avalanche (AVAX)
- BNB Chain (BNB)
- Polkadot (DOT)
- Internet Computer (ICP)
- Tron (TRON)
- Polygon (MATIC)
- Algorand (ALGO)
- Cosmos (ATOM)
- Near Protocol (NEAR)
- Flow (FLOW)
- Tezos (XTZ)
- Elrond (EGLD)
Why is the data bullish for Cardano in the long run?
In fact, there is no secret here for ardent supporters of the IOHK and Hoskinson approach. The founder of Cardano initially positioned the project as a PoS Blockchain All the long-term prospects of Cardano were very clear at first. The PoS model is, in theory, an ideal model for the democratic nature of a crypto project, where the impact of a minority with a large number of cryptocurrencies on the entire ecosystem is much lower than that of PoW. This fact is attracting more mid-range investors to a crypto project. Thus increasing the number of active users of ADA.
In addition, ADA’s large stake in staking demonstrates the desire of Cardano investors to profitably recover the token. Considering that this share is equal to 70.6% of the total market value of the project, we can say that this mechanism and the interest received suits them very well and they are not in a hurry to get rid of their ADA. In this way, staking provides solid support to the ADA and strengthens the token’s foundation. When the foundation is solid, more developers start to prefer the network.
Cardano price analysis
Finally, Cardano’s return from the $0.546 top saw a renewal of buying pressure from the 200 EMA. Over the past three days, the descending channel of ADA has stagnated in the $0.5-0.51 resistance range, especially on the 4-hour timeframe. As you follow on Kriptokoin.com, ADA is currently trading in this region. After falling during the day, it gained 3% in the last 24 hours.
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