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Cardano (ADA) Surpasses BNB and Avalanche with $11.94 Billion Staked

Wed, 09/21/2022 - 14:37
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Tomiwabold Olajide
Cardano ranks 3rd largest blockchain in native asset staking
Cardano (ADA) Surpasses BNB and Avalanche with $11.94 Billion Staked
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In recent tweets, Cardano community-focused Twitter account Cardano Daily shares data on native asset staking for the top PoS blockchains. In this regard, Cardano ranked the 3rd largest blockchain in native asset staking, well ahead of Binance Chain, Avalanche and Polkadot.

Cardano Daily further stated: "One more fact is that, with regards to the blockchains in this list, there are only 3 of them that have been able to survive through the 2018 bear market, and Cardano is one of them."

According to data from crypto staking data provider Staking Rewards, Cardano has a total staked value of over $11.37 billion, compared to BNB Chain, which had a value of over $5.18 billion. Ethereum remained at the top with $19.75 billion, while Solana and Avalanche took the second and fifth spots, respectively.

TVL and staked value

Users often compare total value locked (TVL), which refers to the overall value of crypto assets placed in a decentralized finance (DeFi) system — or DeFi protocols in general — with staked value. The parameters for staked value and TVL are "completely different," according to Staking Rewards, as the latter might also include assets that are locked in decentralized finance protocols for functions like lending.

At the time of publication, Cardano's TVL was facing a slight increase of 0.92% in the last 24 hours to stand at $80.85 million.

As reported by U.Today, Cardano creator Charles Hoskinson claims that Cardano's total value locked (TVL) is small since staked coins are not included. Users are not required to lock ADA tokens in order to stake them.

If they were included, the blockchain's TVL would be in the range of billions. This would place it among one of the largest DeFi platforms.

However, popular decentralized finance TVL aggregator DefiLlama stated that it does not count native staking at all. If native asset staking were to be included, maybe Cardano's TVL would be around the $11 billion range at present.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

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