Over $16.7 Mln worth of DeFI [Decentralized Finance] liquidity protocol Kyber Network’s KNC token are locked up in staking within 24 hrs of the launching.
The milestone was outlined by Kyber co-founder Loi Luu, who announced that almost 10.5 Mln KNC had already been staked.
Hype for the launch drove a serious rally over the months leading up to the staking commencement, with the worth of KNC quite tripling against the dollar since late-April. However, KNC has posted around 10% price retracement since topping out roughly a week ago.
Kyber’s network also saw a surge in activity before staking’s launch, with a record number of daily KNC transactions being executed last week.
With nearly 182 Mln KNC in circulation, 5.7% of the market’s total supply has been locked in staking. Kyber presently offers staking rewards of 0.05%, consistent with stakingrewards.com.
The increasing popularity of staking as a source of passive income has seen enormous shares of crypto assets’ circulating supply locked up, with over half the circulating supply for 9 projects being designated towards staking.
Over 80% of Kava [KAVA] as well as Tezos [XTZ] are being staked, with Synthetix Network [SNX] and Cosmos [ATOM] seeing over 70%. Around 49% of the availability of at least 11 projects are locked in staking.