New York, NY, July 24, 2019 –(PR.com)– The staking industry is booming. More than $7 billion coins are locked in Proof-of-Stake cryptocurrencies staking and 30 firms are willing to pay up to 150% return on them, according to StakingRewards. ORS CryptoHound took a closer look at the staking market to see why crypto deposits are gaining popularity so quickly among investors.
According to CryptoHound research, the total value of coins locked in staking has increased 7-fold over the past year, reaching $7.3 billion by June 20, 2019. Most of these coins are stored in EOS, Cosmos, Dash, Tezos, NEM, Tron, V System, and Lisk blockchains.
The average yield from staking is 11% per annum, according to StakingRewards. Some coins, however, are reaping much higher gains. For example, Livepeer offers a 150% return on investment.
Staking firms are also gaining popularity on the crypto market. CryptoHound identified no less than 30 companies that provide staking services. Staking companies take over the responsibility of verifying transactions and maintaining the network of coins for investors in exchange for a percentage of the returns. Investors entrust them with their investment and take the returns.
This service appears to be growing quickly. According to Myunghun Cha, CEO of staking service Coinone, the number of investments in 2019 is already three times higher compared to 2018. The market is set for further growth, as well, as giants like Coinbase enter the market. Coinbase launched a staking service for institutional investors at the end of March 2019 and it could spark a trend among other major exchanges.
You can find more detailed information about the state of the staking market here.
CryptoHound is an intuitive, multi-blockchain analytics platform that investigates and reports on BTC, ETH, and ERC-20 tokens transactions using Artificial Intelligence algorithms. Its functionality includes tracking the flow of money to a specific address, visualizing token portfolios, calculating the historic token values, generating financial statements, and more. It is used by cryptocurrency traders, financial analysts, and compliance professionals who are committed to smart crypto development.
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