Staking status as of January 2023

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According to data from crypto staking data provider Staking Rewards, Polygon (MATIC) is the top staking asset in the first week of 2023. The company noted that the network hit an all-time high for its staking balance of $3.55 billion. MATCI’s weekly inflow increased to $127.99 million, representing an increase of 4.60%.

Polygon (MATIC) is closely followed by Ethereum (ETH), which recorded an inflow of $122.01 million, an increase of 0.57%. The largest Altcoin could be in a positive scenario as the impending Shanghai upgrade dominates market attention.

The upgrade scheduled for March 2023 will significantly reduce the risk associated with staking ETH. Additionally, it will give liquidity staking platforms a chance to grow. Therefore, as the anticipation grows, some of the governance tokens of these protocols are rallying over the past week.

Ethereum (ETH) is followed by Cardano (ADA), adding $78.20 million, an increase of 1.1%. Additionally, Cardano (ADA) is one of the best performing crypto projects this week, rising 17.6% in the past 24 hours and 30.5% in the past week.

Source: CoingeckoCrypto projects with poor staking performance

Binance Coin (BNB) has the highest outflows right now. The exchange’s native token saw outflows of $12.61 million, a decline of 0.20%. However, BNB is still close to its ATH staking balance. Also, the reward rate decreases as the bet balance increases for BNB. As a result, the reward rate dropped to an all-time low of 2.4%.

GMX recorded the second highest outflow this week. The project recorded cash outflows of $6.94 million, a decrease of 1.90%. Finally, GMX is followed by Flow and Radix, which recorded exit rates of 0.51% and 1.80%, respectively. At press time, the global crypto market capitalization stood at $884 billion, up 3.1% in the past 24 hours.

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