Eth2 becomes the fourth largest staking network and continues to grow
Eth2 is already classified as TVL’s fourth largest staking network, despite the launch six weeks ago and with withdrawals not yet enabled.
Ethereum 2.0 has already emerged as the fourth largest proof-of-stake (PoS) network by total amount allocated in stake in approximately six weeks after the Eth2 deposit contract went into effect.
Despite the withdrawal feature not yet enabled and no precise estimate for its full launch date, almost $1 billion in Ether (ETH) has already been assigned to staking. According to the crypto data aggregator Staking Rewards, more than 1.5 million Ether or 1.35% of Ethereum’s supply was deposited to PoS.
Ether staking rewards are currently estimated at approximately 13.20%, meaning that a single bet of 32 ETH would yield US$2,725 in one year at the current price of about US$645.
Polkadot, the brain of Ethereum co-founder Gavin Wood, is currently the largest betting network by total amount allocated. Since the launch of Polkadot’s core network in May, the network has seen 67.51% of its supply allocated for staking, valued at nearly $3.4 billion. Cardano, a rival network to Ethereum co-founder Charles Hoskinson, is in second place with 65.53% of its supply allocated since July for a $3.37 billion TVL.
Tezos launched the staking in 2018, and has the highest network share among the top 50 capitalization cryptography assets with 79.43%. Tezos has a current participation limit of $1.38 billion. Since its mainnet launch last year, Cosmos has also emerged as a PoS network, with 71.77% of its supply closed for a US$915,593,114 staking TVL.
Although the developers of Ethereum 2.0 have not yet provided a precise date for when users will be able to withdraw their Ether on stake, the proof-of-stake Rocket Pool service provider has recently estimated that the function may go live during the first quarter of 2021.