Dogecoin: 60% Users Not in Favor of Staking DOGE
Networks that allow staking implement a Proof of Stake [PoS] consensus mechanism. At the moment, investors can stake several assets, including Ethereum, Cardano, MATIC, Solana, BNB, Tron, Polkadot, Cosmos, Avalanche, etc. According to Staking Rewards, the annual rewards vary in the 2% to 20% bracket for the top 10 assets [by staking market cap]. Dogecoin uses the Proof of Work consensus mechanism to validate transactions on its blockchain. As a result, this asset cannot be staked in the traditional decentralized way. Marshall Hayner, CEO at Metallicus and Co-Founder of FBBT Holdings, recently posted a poll on X [formerly Twitter] asking users if they would stake Dogecoin if that option was available to them. Among the 2,200 people who voted, 60.1% were not in favor of DOGE staking. If Dogecoin was stakeable, would you stake it? $DOGE 🐕 — Marshall Hayner (@MarshallHayner) August 20, 2023 Also Read: Here’s How Litecoin Provides Security to the Dogecoin ...