Kraken says its customers have staked more than $1 billion in crypto via its service
January 6, 2021, 11:34AM EST
1 min read
Some $1 billion in crypto -- much of it in the form of ETH and other major cryptocurrencies -- has been staked by the customer base of exchange service Kraken, the company said Wednesday.
As of the time of writing, 307,904 ETH is being staked via Kraken -- an amount worth roughly $360 million. A spokesperson for the exchange told The Block in an email that 58 million DOT and 45.5 million XTZ have also been staked, equating to about $578 million and $120 million, respectively.
During 2020, according to the firm, Kraken's staking service paid out as much as $27 million in rewards to stakers.
"Whereas three years ago, holders were mainly interested in securing short-term gains, many are now confident locking-up tokens to earn passive income. Why? Conviction is growing in the longevity of crypto-assets as a respectable new asset class," Jeremy Welch, Kraken's vice president of product, said in a press statement.
As previously reported by The Block's Yogita Khatri, exchanges have emerged as significant validating forces on Eth2, with Kraken and Binance accounting for roughly 19% as of late last month. Coinbase has also signaled that it plans to offer an Eth2 staking service sometime in early 2021.
That growth has come in the wake of the so-called Phase 0 launch of Eth2, which will be developed and built upon over a multi-year period.
Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency.
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.
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