In the third quarter of 2023, the crypto market has witnessed a significant increase in staking activities. Some networks are leading the charge, while certain cryptocurrencies offer higher staking yields. Aptos and Sui have emerged as the most staked altcoins based on the percentage of circulating supply that has been locked in.
The average stake rate for the top 35 stakable altcoins reached an all-time high of 52.4% in Q3 2023, up from 49.3% in the previous quarter. Staking is praised for its ability to secure the network and deter malicious activities. A higher stake rate strengthens the network against potential attacks.
Aptos and Sui topped the list with 84.1% and 80.5% of their supply staked, respectively, followed by Mina, Solana, and Cosmos.
Despite the increase in stake rates, there has been a slight decrease in the average staking yield, which dropped to 10.2%. Only Polkadot and Cosmos among the top 10 cryptos by market cap offered yields higher than 7.5%. Ethereum saw increased staking activities but experienced a Q3 staking yield of just 4.5%, its lowest on record due to a shift in transaction activity to layer-2 networks.
The overall value of staked altcoins increased by 3% compared to Q2 2023, reaching $73.5 billion. However, annualized rewards for stakers decreased by 7% to $4.1 billion compared to the previous quarter and an 18% decrease year-over-year. The market capitalization of the top PoS altcoins also contracted by 7% to $254 billion.
Here is a list of top cryptos with the highest staking yield in Q3 2023:
– Liverpeer (LPT): 28.70%
– Secret (SCRT): 25.50%
– Audius (AUDIO): 19.20%
– Cosmos (ATOM): 18.90%
– Kava (KAVA): 18.90%
– Injective (INJ): 15.90%
– Polkadot (DOT): 15.10%
– Mina (MINA): 14.80%
– Thorchain (RUNE): 11.50%
– Harmony (ONE): 11.00%
– Skale (SKL): 10.90%
– Osmosis (OSMO): 10.60%
– Flow (FLOW): 9.80%
– Stacks (STX): 9.00%
– Decred (DCR): 9.00%
– Radix (XRD): 8.60%
– NEAR: 8.30%
– Oasis: 8.00%
– Kusama: 8.00%
– Avalanche: 7.90%
– MultiversX: 7.90%
– Solana: 7.60%
– Algorand: 7.50%
– Aptos: 7.30%
As Ethereum continues to dominate the PoS sector despite its low staking yield, and with a diverse range of altcoins offering attractive staking yields, the last quarter of 2023 promises an interesting interplay between network allegiance and yield optimization.
Hot Take
The third quarter of 2023 has seen a significant increase in staking activities in the crypto market, with Aptos and Sui emerging as the most staked altcoins. While the average stake rate for the top altcoins hit an all-time high, the average staking yield experienced a slight dip.
Ethereum remains dominant in the PoS sector but has seen a decrease in staking yield due to a shift in transaction activity. Despite this, there are several altcoins offering high staking yields, setting the stage for an intriguing interplay between network allegiance and yield optimization in the coming months.
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