- Cardano has overtaken Polkadot as the largest Proof of Stake network – in terms of total value.
- Over the past week, Cardano experienced a staking boom, possibly as a result of the 80% price increase.
For a long time, Polkadot was the largest decentralized Proof of Stake (PoS) network. However, this has changed in the last week. While the Polkadot network has 61.4% of the total supply staked, Cardano now has 69.5%, according to data from Staking Rewards.
This means that over 21.75 billion ADA or $6.68 billion are staked. Polkadot, on the other hand, is in second place with USD 5.89 billion, followed by Ethereum 2.0, Synthetix, Algorand, EOS and Tezos.
As Charles Hoskinson confirmed via Twitter, Cardano has done the “flipping” and disputed Polkadot’s first place. In response, Hoskinson also wrote that Cardano is not only the largest, but also the “safest” PoS network.
Especially over the past week, Cardano has seen a sharp increase in participation by the staking community. Of the current 21.75 billion ADA staked, over 100 billion was delegated to stake pools on January 5 alone.
In addition, an average of 25.7 million ADA were staked per day over the past seven days, as reported by Pieter Nierop on Twitter. According to the community member, Cardano recorded a daily average of 1,500 new delegators over the past week, while 1,895 new wallets were created on January 08 alone.
The massive increase in interest in Cardano (ADA) is also reflected in the Google queries. The search term “Cardano” has reached a yearly high and has almost doubled the previous July high. On the other hand, ADA has also been among the biggest gainers over the last seven days.