CryptoDiffer released a graphical chart based on data from Staking Rewards on Apr 24, detailing the crypto-assets relying on Proof of Stake (POS) consensus mechanism and their ranking, based on the percentage of the circulating supply and the resultant USD value of the staked cryptocurrency. The combined value of all staked tokens has now reached $5.8B. The top 7 crypto-assets in staking have at least $100M value locked.
STATE OF THE STAKING
Top 7 projects have at least 100M value of USD locked in Staking each$XTZ @tezos$EOS @block_one_$ATOM @Cosmos$ALGO @Algorand$DASH @DashPay$TRX @TronFoundation$XEM @NEMofficial
Data from @StakingRewards pic.twitter.com/nL0OKHKMIA— CryptoDiffer (@CryptoDiffer) April 24, 2020
According to the data, Tezos (XTZ) clinched the top spot with 95.4% supply locked with an estimated current value of $1.38B. EOS (EOS) managed the second spot with 64.7% supply locked currently worth $1.14B. Cosmos (ATOM) came third with 77% supply locked with an estimated worth of $465.5M. Algorand (ALGO) bagged the fourth position with 60.8% supply locked currently worth around $382M. Dash (DASH) was fifth with 48.2% supply locked worth $48.2M.
Tron (TRX) managed sixth position with 38.8% supply locked worth $351.1M. NEM (XEM) came seventh with 39.1% supply locked worth $133.7M. Synthetix Network Token (SNX) was the eighth one with 85.7% supply locked worth $104.5M.
About Proof of Stake (POS)
Proof of Stake (POS) is a consensus mechanism, which takes into account the credit or shares of a participants to determine if they can authenticate transactions and generate blocks on a network. The extent to which they are allowed to contribute and earn rewards, in exchange of securing the network, is determined by the number of tokens they have staked. The staking mechanism is both resource efficient and better in performance. Further, it reduces the circulating supply of a crypto-assets, by incentivizing users to hold it as collateral for securing network, resulting in locking up of available supply and rise in value of existing free tokens.