The post Solana and Avalanche follow Ethereum’s lead, reap these benefits appeared on BitcoinEthereumNews.com.

Journalist Posted: November 20, 2023 Solana and Avalanche witnessed a rise in staking. Growth in the DeFi sector was observed for both chains even as price movement declined. In the last few quarters, interest in Ethereum [ETH] staking has reached new heights. With multiple addresses joining the network to stake ETH, liquid staking protocols such as Lido [LDO] also prospered. However, recently, it was seen that interest in staking wasn’t just limited to Ethereum. Networks such as Solana [SOL] and Avalanche [AVAX] were slowly making their mark in this space as well. Staking on the rise Solana has a considerable portion of its available supply locked in staking, which means users hold and store their Solana coins in a special account to support the network. This contrasts with Ethereum, where a smaller percentage of its circulating supply is used for staking. The recent price increase of Solana may be largely influenced by this high level of staking activity, indicating strong community support and confidence in the Solana network. Staking is a way for crypto holders to earn rewards by actively participating in network security and operations, making their coins work for them. This difference in staking dynamics contributes to Solana’s recent surge in value. An overview of the staking landscape. Solana actually has significantly more of it’s circulating supply in staking, compared to Ethereum. This could largely be the biggest contributing factor to it’s recent pump. pic.twitter.com/AMWZNDH2GL — ImNotTheWolf (@ImNotTheWolf) November 20, 2023 However, it wasn’t just Solana that was seeing growth in this space. Recently, BenqiFinance on Avalanche experienced growth in liquid staking comparable to what Solana observed in the past month. More people staking on Avalanche is like a team getting stronger. It makes AVAX, the native coin, more secure. This also attracts people to Avalanche, causing a surge…

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Filed under: News - @ November 20, 2023 7:16 pm