Nearly 6% of Kyberâ€™s Token Supply Staked in One Day
Over $16 million worth of KNC have been staked within 24 hours of Kyber launching the service.
The milestone was noted by Kyber co-founder Loi Luu, who tweeted to announce that nearly 10.5 million KNC had already been staked.
Hype for the launch drove a major rally over the months leading up to the staking commencement, with the price of KNC more than tripling against the dollar since late-April. However, KNC has posted a 10%Â price retracement since topping out roughly one week ago.
KNC/BTC since launch: Coin360
Kyberâ€™s network also saw a surge in activity ahead of stakingâ€™s launch, with a record number of daily KNC transactions being executed last week.
With nearly 182 million KNC in circulation, 5.7% of the marketâ€™s total supply has been locked in staking. Kyber currently offers staking rewards of 0.05%, according to stakingrewards.com.
The increasing popularity of staking as a source of passive income has seen enormous shares of crypto assetsâ€™ circulating supply locked up, with more than half of the circulating supply for nine projects being designated towards staking.
More than 80% of Kava (KAVA) and Tezos (XTZ) are being staked, with Synthetix Network (SNX) and Cosmos (ATOM) seeing over 70%. More than 49% of the supply of at least 11 projects are locked in staking.
Powered by WPeMatico