Polkadot-based wallet SubWallet and research and data platform Dotinsights announced the release of Polkadot Staking Report H1 2023, which is the first comprehensive staking report for the Polkadot ecosystem, with in-depth analyses on overall state of staking, validators, nominators and nomination pools.
Polkadot develops a variant of Proof-of-Stake called Nominated Proof-of-Stake, in which stakeholders get to select which validators to support with tokens. Nominators receive staking rewards when their chosen validators act honestly, but have their collateral slashed when the validators exhibit malicious behaviors. In November 2022, Polkadot introduced nomination pools to lower the staking entry barrier. Nomination pools allow token holders to stake as low as 1 $DOT and to entrust nomination management to the pool operators. There are currently four ways to stake $DOT natively: running a validator, nominating directly, opening a nomination pool, and joining a nomination pool.
According to the report, the $DOT total supply increased steadily from 1.25B on November 1, 2022 to 1.32B on May 31, 2023, while the total stake amount dropped from 638.13M (51.13% staking ratio) to 569.13M (43.14% staking ratio). Overall, the $DOT price correlated moderately with the staking ratio.
From November 2022 to May 2023, the amount of validators remained relatively stable between 917 and 990, while the total nominator count surged in November 2022 and reached a peak of 47,672 on December 5, 2022. Most of the nominator rewards stayed in the range of 87.78K to 178.50K $DOT.
At the beginning of May, the Polkadot nomination pools surpassed 10K in total members and 4M $DOT in total stake. Daily pool rewards rose rapidly from 3.22 $DOT on November 2, 2022 to a maximum of 2.83K $DOT on May 22, 2023.
For more information, please read Polkadot Staking Report H1 2023.
TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.
