The State of ATOM Staking: November 2022 Report
Throughout recent events and market turbulence, the ATOM token has demonstrated incredible resilience, further providing its value and utility in the blockchain space. This has shined a light on Cosmos Hub and the broader Cosmos ecosystem as a growing force in crypto, which continues to strengthen by the day.
While November’s statistics for ATOM were lower than October’s, Cosmos Hub’s overall decentralisation increased, showing tremendous promise.
Let’s dive deeper into the numbers in this month’s staking report by reading below.
Below are key data points surrounding general ATOM token statistics:
- Total Market Cap: $2.65B+
- 24-Hr Trading Volume: $107M+
- Unique Wallet Addresses: 1,419,387
- Circulating Supply: 292M+
Cosmos Hub Overview
Throughout the last 30D, IBC activity surged on Cosmos Hub. A complete summary of important metrics surrounding the network’s IBC activity in November can be found below:
- IBC Volume (30D): $2.61B+
- IBC Transfers (30D): 317K+
- Active Zones (30D): 42
- Block Height: 12,930,451
Staking Market Cap
Amidst severe market turbulence in early November, Cosmos Hub (ATOM) maintained its position with the 9th ranking across other popular cryptocurrency networks for staking market cap. ATOM’s current total staking market cap is $1.8B+, a ~21% decrease from last month.
Staking Ratio and Stats
Although we did witness a significant drop in ATOM’s overall metrics and staking market cap, over the last month there was a slight increase in its staking ratio, meaning that users are continuing to find value in securing Cosmos Hub and holding ATOM for the long-term.
Currently, ATOM’s staking ratio is 64.6%, signifying a 1% increase since October. 204,129,464 ATOM tokens are bonded relative to its total supply of 315,967,088 ATOM.
A total of 543,261 unique ATOM delegates are helping power and secure Cosmos Hub, as these users represent those who are staking their tokens on-chain — this number continues to steadily rise month over month, up ~1.74% since October.
The rise in unique delegates clearly shows an increase in adoption for ATOM, even in a falling market. Furthermore, this helps attribute to the token’s strong yearly performance relative to other cryptocurrency assets.
ATOM Liquid Staking Ecosystem & Stats
pSTAKE, StaFi, and Stride remain the only 3 protocols providing an ATOM liquid staking solution, with Quicksilver and Lido still in the works of developing their own products. StaFi’s rATOM and pSTAKE’s stkATOM token have a TVL of $381K and $886K, respectively.
In late November, pSTAKE is slated to launch our new and improved stkATOM product (ATOM liquid staking solution) on the Persistence Core-1 Chain. We’ll be bringing stkATOM back to its home and deploying a variety of DeFi integrations for users to leverage their stkATOM tokens to earn additional yield, fortifying the case to encourage staking ATOM on-chain via our protocol.
Cosmos Hub has a total of 484 validators, increasing by ~8% over the past month. 175 of these validators are active and working to secure Cosmos Hub through deleting ATOM from stakers.
The top 24 validators cumulatively hold over 67.1% of all staked ATOM (the governance consensus threshold). Compared to October’s 22 validators, this number has increased, meaning that the concentration of ATOM among the largest validators is lower, therefore making Cosmos Hub more decentralised.
The Nakamoto Coefficient is a key metric for determining the concentration of stake across a network’s validator set, representing the lowest amount of validators that need to join forces to attack or negatively affect the chain.
ATOM’s Nakamoto Coefficient has rose to 8 in November compared to 6 in October, meaning that the network has increased in overall security and decentralisation. This updated coefficient is representative of previous metrics in this report demonstrating more decentralisation across the entire network.
The Latest Scoop on ATOM
Don’t forget to tune in every month for our report on ATOM staking and Cosmos Hub metrics. The entire Cosmos ecosystem continues to grow rapidly and evolve, and the pSTAKE team is on the ground making sure we’re covering its progress.
As ATOM continues to rise and leave a greater footprint across the blockchain space, you won’t want to miss any of the news — follow us on our socials below to stay in the loop.
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.