In the third quarter of 2023, the crypto market has seen a significant uptake in staking activities. And certain networks lead the charge, while other cryptos offer a better staking yield.

Aptos and Sui emerged as the most staked altcoins based on the percentage of circulating supply that had been locked in.

Aptos, Sui, Solana Amongst the Most Staked

New research shed light on the average stake rate, which refers to the percentage of tokens from the circulating supply that are being staked in a particular crypto network. The report unveiled that the average stake rate for the top 35 stakable altcoins hit an all-time high of 52.4% in Q3 2023, marking a rise from 49.3% in the preceding quarter.

Staking, a process where coin holders participate in the operation of a Proof-of-Stake (PoS) blockchain by locking up a certain amount of coins, has been lauded for its ability to secure the network and deter malicious activities. The higher the stake rate, the more fortified the network becomes against potential attacks.

In the most recent quarter, Aptos and Sui topped the list with 84.1% and 80.5% of their supply staked, respectively, followed by Mina, Solana, and Cosmos.

Read more: Top 7 High-Yield Liquid Staking Platforms To Watch in 2023

Still, an increase in stake rate often reflects a better understanding and willingness among holders to support the network. If the network activity remains unchanged, an increase in stake rate could reduce average return due to a larger pool of validators sharing the staking rewards.

Top 10 Cryptos Offer Staking Yield Below 7.5%

Despite the uptick in stake rates, the report noted a slight dip in the average staking yield, which dropped by 0.4% to 10.2%. This continues a downtrend that started in March 2022, when the average yield peaked at 15.4%.

Among the top 10 cryptos by market cap, only Polkadot and Cosmos offered yields higher than 7.5%.

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Author: Bary Rahma

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