The State of ATOM Staking: December 2022 Report

pSTAKE Finance
4 min readDec 23, 2022

Over the last month, the cryptocurrency market has experienced turbulence due to major external events. Despite this, Cosmos has kept growing and expanding its technology and developments.

ATOM remains at the core of the ecosystem, helping drive utility and adoption across the board. Stakers have served and continue to play an important role in powering Cosmos Hub, providing security to the chain and maintaining its decentralised nature.

For the latest data and statistics on ATOM for the month of December, continue reading below.

ATOM Overview

The ATOM token has held strong despite market conditions — below please find key data points for reference:

  • Total Market Cap: $2.6B+
  • 24-Hr Trading Volume: $90M+
  • Unique Wallet Addresses: 1,461,993
  • Circulating Supply: 292M+

Cosmos Hub Overview

During the previous 30D period, Cosmos Hub’s IBC activity experienced a slowdown. Although these numbers are lower than November, we’re still seeing strong activity that’s funneling from the chain to other networks across the ecosystem:

  • IBC Volume (30D): $154M+
  • IBC Transfers (30D): 393K+
  • Active Zones (30D): 42
  • Block Height: 13,367,538

Staking Market Cap

Market conditions haven’t been favorable for digital assets over the last month. However, ATOM has held relatively steady in comparison, maintaining the 9th position for staking market cap (which stands at $1.8B+, nearly identical to November’s).

Staking Ratio and Stats

While ATOM’s staking market cap did stay level over the last 30D, its staking ratio experienced a decrease from 64.6% to 62.88% (a ~2.66% drop overall). This data may be due to negative sentiment amid the current market conditions, which have had a ripple effect across the entire industry.

201,717,411 tokens are bonded relative to the total supply of 320,821,488 ATOM.

ATOM Delegates

553,760 unique ATOM delegates are now staking their tokens on-chain to secure Cosmos Hub, an increase of 1.89% since November.

The rise in delegates demonstrates continued adoption for users who stake their ATOM. Although the token’s staking ratio has decreased in the last 30D, the uptick in stakers is very encouraging leading into 2023.

ATOM Liquid Staking Ecosystem & Stats

pSTAKE, StaFi, and Stride still remain the only ATOM liquid staking solutions on the market. Quicksilver has made progress as they near closer to product deployment, with Lido still awaiting full Interchain functionality to launch.

StaFi’s rATOM and pSTAKE’s stkATOM tokens have a TVL of $376K and $79K, respectively.

pSTAKE’s stkATOM launch is on the horizon, with the team working behind the scenes to ensure everything is refined and checked for a successful deployment.

Validator Stats

Cosmos Hub has 491 total validators securing and powering its network, representing a 1.44% increase in the last 30D. From this validator pool, 175 are active and delegating staked ATOM from users to operate.

The top 23 validators still cumulatively hold over 66.69% of all staked ATOM (the governance consensus threshold), which is identical to November. This means that, in terms of decentralisation, things have remained consistent.

Nakamoto Coefficient

The Nakamoto Coefficient indicates the concentration of stake across a network’s validator set, meaning it shows the lowest amount of validators required to come together and hurt the chain in some way.

ATOM’s Nakamoto Coefficient has decreased to 6 in December from 8 in November, showing that its security and decentralisation have gone down.

Stay Tuned

Thank you again to our community for reading up on the latest ATOM staking data. This report is designed to keep everyone informed and knowledgable on Cosmos Hub and its native token.

Make sure to follow us for more news and we lead into 2023!

About pSTAKE

pSTAKE is a liquid staking protocol that unlocks liquidity for your staked assets. With pSTAKE, you can securely stake your Proof-of-Stake (PoS) assets, participate in protocol improvements and security to earn staking rewards, and receive staked underlying representative tokens (stkASSETs) which can be used to explore additional yield opportunities across DeFi.

At present, pSTAKE supports Binance Chain (BNB), Cosmos (ATOM), Persistence (XPRT), and Ethereum (ETH) networks’ native tokens, with a view to support more chains and assets in the future (SOL, and AVAX). pSTAKE will soon be launching stkATOM on the native Persistence Core-1 Chain.

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