Site icon CoinDCX-Blog

Top Proof-of-Stake Tokens by Market Cap [September 2022]

Top Proof of Stake Tokens

Introduction

With the highly anticipated Ethereum Merge less than two days away as of writing this piece, proof-of-stake is something more and more people are getting acquainted with this concept. Crypto awareness is also increasing with increasing adoption and hence proof-of-stake is a concept that is getting mainstream attention, and rightly so! It is the next logical step in the evolution of the blockchain technology, to become energy efficient and fast, and PoS consensus mechanism tries to solve both of those. So, here’s a list of the top proof-of-stake tokens of 2022 by market capitalisation for your consideration.

Summary 

Crypto Market Cap Weekly Volume
Cardano (ADA) $17.2 billion $5.2 billion
Solana (SOL) $13.6 billion $12.1 billion
Algorand (ALGO) $2.2 billion $500 million
Tezos (XTZ) $1.5 billion $285 million
Mina Protocol (MINA) $445 million $18 million

Cardano (ADA)

Cardano is currently the most developed and popular proof-of-stake crypto out there right now. However, Cardano may lose this spot very soon with the Ethereum Merge less than two days away, as of writing. Notwithstanding that, nobody in the crypto space can deny that Cardano is definitely one of the most peer-reviewed and carefully designed blockchain platform. That is a title few, if any, other cryptos can claim. Thanks to the extensive peer-review processes and systems, this proof-of-stake token truly has the potential to beat Ethereum too. Cardano is widely referred to as the third generation of crypto, with Bitcoin being the first and Ethereum being the second generation. However, from a crypto price point of view, ADA price has much better days before, and 2022 definitely hasn’t been kind to it. However, with Cardano’s Vasil Hark Fork upgrade finalised for 22 September, we can expect some optimism around this proof-of-stake crypto.

ADA/USD | Source: Tradingview

Additional Read: Cardano Price Prediction 

Solana (SOL)

Solana is a major contender on the list of top proof-of-stake coins by market capitalisation and is currently the second largest. It must be noted that Solana is a blockchain network can utilises a combination of two consensus mechanisms, proof-of-stake and proof-of-history. Solana has definitely been one of the most hurt major cryptos amid the crypto bear market we’ve been experiencing since the beginning of this year. Solana’s native crypto token, SOL has taken a major beating, has is still down over 85% from its all time highs back in early November, 2021. What must be taken into consideration is that Solana has one of the fastest transaction speeds out there, but has been facing network outages multiple times in the past year also.

SOL/USD | Source: Tradingview

Additional Read: Solana Price Prediction

Algorand (ALGO)

Popularly known as the greenest blockchain network in the crypto space, Algorand is a very well accepted proof-of-stake crypto. It has a unique value proposition since it is designed to process a large number of transactions very quickly, similar to payment processors like Mastercard and Visa. This proof-of-stake blockchain can host other cryptos and blockchain projects, thus is a major competitor of Ethereum in that scenario. ALGO, its native crypto token is used to secure the Algorand blockchain and pay transaction fees on the platform.

ALGO/USD | Source: Tradingview

Additional Read: Algorand Price Prediction

Tezos (XTZ)

Tezos is another proof-of-stake token which is also popularly known as one of the major ‘Ethereum killers’. Tezos is essentially an open-source blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts and the network achieves consensus using proof-of-stake mechanism.

XTZ/USD | Source: Tradingview

Read more on Tron Price Prediction

Mina Protocol (MINA)

A relatively new entrant into the list of top proof-of-stake tokens, MINA is a crypto token that powers the Mina Protocol, a layer one blockchain solution that was built with the objective of being a lightweight, privacy-focused blockchain that was also easily verifiable. Developers on this platform are enabled to build privacy-focused smart contracts and decentralised applications using zero-knowledge proofs. MINA is its native crypto token that has uses ranging from transaction fees to staking functionalities.

MINA/USD | Source: Tradingview

Prices as on 13 September, 2022.

Read more on Ethereum Merge:

How will Ethereum Proof of Stake work?

Exit mobile version