These are the latest trends in the crypto betting landscape

The landscape of crypto betting is constantly evolving, with new and notable changes coming to light from time to time. A feature that was once mostly attributed to networks with proof-of-stake consensus mechanisms like Ethereum, developers have now introduced staking and replenishment to the Bitcoin blockchain.

A report from non-custodial betting service provider P2P.org outlined some of the important participation trends seen in the market over the past month.

Trends in Ethereum staking

The Ethereum network has seen consistent validator growth despite the current crypto market uncertainty, volatility, and lower rewards. P2P.org discovered that the blockchain saw a 1.49% growth in the number of validators and amounts of Ether (ETH) staked.

“While this growth is consistent with previous months, it’s clear that price volatility and reduced validator rewards have slowed the pace compared to the start of the year. But hey, steady growth is still growing!” said the staking service provider.

P2P.org said growth is expected to slow due to the condition of the crypto market, which has seen total market capitalization drop from $2.3 trillion to $2.03 trillion in 14 days. The firm explained that the drop was accompanied by concerns about the upcoming US elections and a possible recession.

Regardless, the Ethereum staking ecosystem has recently seen some interesting incidents, such as the adoption of ERC-20 tokens such as Athena’s synthetic dollar, USDe, as staking collateral assets under the Symbiotic protocol restaking. Ethereum’s staking protocol EigenLayer also announced a new round of EIGEN airdrops to its community for their support since the platform’s inception.

Bitcoin enters the betting landscape

On the other hand, Bitcoin started its staking journey at the end of August with the Bitcoin Babylon staking protocol. P2P.org revealed that Babylon’s staking launch was successful, as the protocol reached its deposit limit of 1,000 BTC within four hours. The platform also has multiple large reserve tokens (LRT), which attract a lot of bitcoins for the next round of participation.

Babylon’s move sparked competition among Bitcoin’s Layer 2 networks, which are looking to have a piece of the staking pie. CryptoPotato reported that Bitcoin layer-2 Core launched BTC liquid staking earlier this month, allowing holders to earn returns on their coins while freely trading their assets.

In addition, the Bitcoin liquidity protocol Lombard has introduced a service that allows Liquid Bitcoin to be reused in the ETH Ether.fi staking protocol.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!