According to information obtained from the proof-of-stake research platform Staking Rewards, the Cardano altcoin was the most staked blockchain in terms of price in the cryptocurrency space.
The Cardano network currently houses $29.7 billion in ADA shares. The next closest token, Ethereum, comes in at a significantly lower $12.3 billion. However, this altcoin and stake is a one-dimensional metric in the form that price will not be taken into account. Cardano’s price consistency has kept it at the top of the stack.
This altcoin has performed well in the downturn period
In April, information from analytics firm CryptoDiffer showed a similar story as crypto markets approached the local top. At the time, Cardano was at the top of the list of staking blockchains with $29.85 billion in staking. Polkadot followed with $25.43 billion. Ethereum ranked fifth with $8.61 billion. But now, according to Staking Rewards, Polkadot and Ethereum have changed their fortunes. Comparing the two information sets, Polkadot’s staked cost saw a 60% drop between now and mid-April, leading to a drop in the second most staked blockchain position. Price analysis, or rather price resistance to decline, can explain this change in rankings. The staked price is calculated by multiplying the token price by the number of staked tokens.
So what are the situations in Polkadot?
The DOT altcoin closed at just under $35 on April 19. However, the DOT performed lousy during the last downturn and made little effort to recapture pre-fall prices. Today, the DOT is priced at around $14, with a 60% drop.
DOT’s market cap might find a way to explain Polkadot’s drop in stake. On the other hand, ADA closed April 19 with a price of about $1.20. The pullback has been relatively minor, even seeing a brief uptrend from post-FUD higher lows. Today ADA is priced at $1.25, slightly higher than it was two months ago.
Ethereum is a must watch altcoin
Cryptocoin. com, staking on Ethereum brings a number of problems. First, there is a minimum 32 ETH staking requirement, which excludes most users at current prices, according to current criteria.
Then there’s the issue of time-locked deposits for an unknown respite. Developers Consensys says users will be able to withdraw their staked ETH after ETH 2.0 Tier 2 is released. But no one can say when that will happen.
Since staking became available on Ethereum, staking pools and exchanges have started offering staking services that bypass the above objections. For example, on Binance, users can stake at least 0.1 ETH and they also offer the BETH derivative token, which provides a degree of flexibility when it comes to exit words.
The threat to Cardano’s stake is two-sided. First, as more people use stake pools and exchanges for Ethereum staking. And second, as ETH 2.0 Stage 2 approaches.