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05 March 2021

The staking race: Late entrant Ethereum lags behind rivals with Eth2

The staking race: Late entrant Ethereum lags behind rivals with Eth2

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After Ethereum launched in 2015 and development activity rapidly gained momentum, many projects wanted to emulate its success.

However, what they have in common is that they’re all PoS platforms and all launched staking features in 2020.

However, it’s taken until now for PoS to take off, spurred by the launch of staking on high-profile platforms including Ethereum 2.0, Polkadot and Cardano. .

When asked about projects building on Cardano, Bakyt Azimkanov, director of global PR and communications at the Cardano Foundation, told Cointelegraph that currently, multiple projects are building or planning to do so on Cardano, adding:.

It seems as if most projects building on Cardano are still in the funding stages rather than active development, so why is Cardano proving to be such an attractive platform for stakers.

Azimkanov attributes this to several factors, telling Cointelegraph that staking on Cardano is easy:.

Based on a holistic assessment of the five PoS platforms occupying the top spots, Polkadot currently offers the highest rewards to stakers — over 13% compared with around 4% on Cardano, 7% on Algorand and 10% on Avalanche.

According to PolkaProject, which tracks development activity on Polkadot, there are currently over 350 projects actively building on the platform, which is a positive signal for maintaining ongoing value

Of the staking platforms leading the pack, including smaller projects, such as Avalanche, Algorand and Cosmos, only Polkadot, Cardano and Ethereum can claim to have a substantial amount of development activity

Mauric believes that the levels of activity on Polkadot, along with the promise of interoperability, also contribute to its popularity as a staking platform, stating that projects developing a wide range of smart contract parachains “will seamlessly interoperate both within Polkadot and over bridges to external networks that are preparing to launch.”

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