Ethereum 2.0 is already the fourth largest staking network, and it continues to grow
Eth2 has already reached the fourth position among staking networks in terms of LTV, despite launching only six weeks ago and withdrawals not yet enabled
Just six weeks after launching the deposit agreement, Ethereum 2.0 has already achieved the fourth position among Proof-of-Stake networks in terms of total value locked in staking.
Although the withdrawal feature is not yet active, and there are no firm estimates as to when it will be implemented, users have already deposited nearly $1 billion in Ether for staking. According to crypto data aggregator Staking Rewards, more than 1.5 million Ether, or 1.35% of Ethereum’s supply, have been deposited for staking.
Currently, the staking rewards offered by Ethereum are estimated at about 13.20%: in other words, a single stake of 32 ETH would yield $2,725 in a year at the current price of about $645.
Polkadot, a project conceived by Gavin Wood, a co-founder of Ethereum, is currently the largest staking network in terms of Immediate Edge. Since the launch of Polkadot’s mainnet in May, 67.51% of its offering has been dedicated to staking: a value equivalent to about $3.4 billion. Cardano, a rival network created by another Ethereum co-founder, Charles Hoskinson, is in second place, with 65.53% of its offering locked in since July for a TVL in staking of $3.37 billion.
Tezos launched staking in 2018, and has a 79.43% participation rate, the highest among staking networks in the top 50 crypto assets by market capitalization. Currently, Tezos‘ staking cap stands at $1.38 billion. Since the launch of its mainnet last year, Cosmos has also established itself as one of the top PoS networks, with 71.77% of the offering locked in for a staking TVL of $915,593,114.
Although the developers of Ethereum 2.0 have yet to provide an exact date when users will be able to withdraw their deposited Ether, recently staking service provider Rocket Pool estimated that the feature could be implemented as early as Q1 2021.