Solana Tops Cardano, Ethereum To Become The Most Staked Cryptocurrency

Solana slowly rose to become the most popular crypto platform in 2021. As the popularity of smart contracts grew, it was able to gain new heights in the third quarter. It didn’t take long before the blockchain was being listed as an “Ethereum killer” placing it in competition with the likes of Ethereum and Cardano.

Since then, Solana has exceeded all expectations and now holds more market share. As investors looked for cheaper options to Ethereum, Decentralized Finance (DeFi), services offered on blockchain were quickly adopted.

Cardano Active Addresses Shoots To New Highs Amid Downtrend| Cardano Active Addresses Shoots To New Highs Amid Downtrend

Although Solana holds only a tiny share of DeFi’s market, Ethereum has rapidly grown to become a major player in stakestaking.

Solana takes the lead in staketaking

Cardano was for a while the leader in staked crypto currencies. Solana now holds that title. Staking has increased on the network. For total staked value on the blockchain, it now leads Ethereum and Cardano.

For investors looking to earn passive income, the best way to do this is to stake. This trend has seen digital assets like ADA and ETH rise to the top of the market due to their attractive yields.

Solana is quickly becoming the most popular network because it offers the best yields than competitors Ethereum or Cardano. Solana was the largest network in token value staked after total value exceeded $84 billion on November 23rd. Solana was ahead of Ethereum and Cardano in this market.

Chart showing staked value across Solana and other blockchains

Solana staked value surpasses Cardano | Source | Staking Rewards

Solana’s yields currently have 77.37% of its total supply staked at an annual yield of 6.79%. Cardano holds 70.5% at an annual yield 5.71% while Ethereum is only 6.85%.

Make Way For The “Ethereum Killers”

As Ethereum’s competition increases, activity on smart contract platforms such as Solana and Cardano is increasing. The blockchain still has the highest activity in DeFi, NFT minting and other activities. However, Solana as well as Cardano are increasing their influence on it.

For the month of November, Cardano’s network activity has spiked considerably above that of Ethereum, suggesting more usage on the part of the former. Cardano expects its first DEXes soon, and activities such as NFT minting, DeFi services, and NFT mining are increasing on Solana.

Cardano founder Addresses Liquidity Concerns About eToro’s Delisting| Cardano Founder Addresses Liquidity Concerns Over eToro Delisting

Cardano also saw a surge in new staking accounts, adding over 100K wallets in just two months. Furthermore, Cardano’s new and active wallets had increased dramatically for the month of November, signaling growing adoption.

Sam Bankman Fried, founder of FTX, gave Solana high marks and praised the cryptocurrency for its potential to be the next Bitcoin.

Solana price chart from TradingView.com

SOL retains its value at above $210| Source: SOLUSD on TradingView.com
CNBC image featured, chart by TradingView.com

Get more Crypto News at CFX Magazine