Eth2 becomes the fourth largest staking network and it keeps growing – Cointelegraph

Ethereum 2.0 has already become the fourth largest proof-of-stake network in terms of total value stuck in staking within about six weeks of the Eth2 deposit agreement going live.

Despite the withdrawal feature not yet activated and no precise estimate of its full launch date, almost $ 1 billion worth of Ether (ETH) has already been designated for staking. According to crypto data aggregator Staking Rewards, more than 1.5 million Ether or 1.35% of Ethereum’s supply has been deposited for staking.

Ether Staking rewards are currently estimated at around 13.20%, which means that a single 32 ETH stake would net $ 2,725 over one year at the current price of around $ 645.

Polkadot, the brain-child of Ethereum co-founder Gavin Wood, is currently the largest locked-in total value staking network. Since the launch of the Polkadot Mainline in May, the network has seen 67.51% of its designated supply for staking, valued at nearly $ 3.4 billion. Cardano, a rival network of Ethereum co-founder Charles Hoskinson, ranks second, with 65.53% of its supply blocked since July for a TVL of $ 3.37 billion.

Tezos launched staking in 2018 and has the highest network participation rate among staking networks, ranking among the top 50 crypto assets by cap with 79.43%. Tezos currently has a stake cap of $ 1.38 billion. Since launching on the mainnet last year, Cosmos has also grown into one of the top proof-of-stake networks, with 71.77% of its supply blocked for a stake TVL of $ 915,593,114.

While the developers of Ethereum 2.0 have yet to provide a specific date when users can withdraw their staked Ether, staking service provider Rocket Pool recently estimated that the feature could go live during the first one. quarter of 2021.