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The Merge is set to take place 27 days from now, so the cryptocurrency community is patiently awaiting the highly anticipated upgrade of the Ethereum network from Proof of Work (PoW) to Proof of Stake (PoS). . After Ethereum moves from PoW to PoS, only his two crypto assets in the top 10 market capitalization rankings will be PoW tokens. This is in stark contrast to the top 10 nine years ago.
This year, for the first time in cryptocurrency history, three stablecoins It has entered Top 10 by market capitalization. In the first week of May, Terra stablecoin UST USDT and USDC, but the token dropped from the top 10 coin rankings after the UST depeg incident. Implosion of USTBinance Smart Chain-issued BUSD stablecoin joins the top coins by valuation, with three stablecoins still in the top 10.
Nine years ago that was not the case. August 18, 2013, There were no stablecoins in the top 10 because the stablecoin trend was completely unpopular at the time.of 27thEthereum is Change from PoW to PoS After 7 years of operation as a PoW chain, only 2 coins in the top 10 will become PoW tokens when that happens. The last two remaining PoW crypto tokens out of the top 10 are Bitcoin (Bitcoin) and Dogecoin (DOGE). This trend was also not common in his 2013, nine years ago. At that time, the top 10 crypto tokens were mostly his PoW coins.
August 18, 2013, Bitcoin (BTC) It traded at $113 per unit and Ethereum did not exist. In fact, the Ethereum blockchain has not been launched for 711 days since August 18, 2013. Litecoin (LTC) It was the second largest crypto token by market capitalization. At the time, proof-of-stake crypto-assets were being conceptualized, and in 2013 there were a number of hybrid proof-of-work and proof-of-stake tokens. Peercoin (PPC) lead the assault. PPC is the first hybrid PoW/PoS blockchain introduced to the crypto community, created by a pseudonymous developer. sunny king.
Nine years ago, the top 10 PoW and hybrid PoW coins included Bitcoin (Bitcoin), Litecoin (LTC), Namecoin (NMC), Peercoin (PPC), Feathercoin (FTC), Novacoin (NVC), Primecoin (XPM), Terracoin (TRC), Infinitycoin (IFC). As of 2013, the only non-PoW coin in the top 10 is XRPWhen XRP It is still in the top 10 in the 2022 cryptocurrency market capitalization ranking. Nearly seven years ago, on August 23, 2015, even Ethereum had few PoW coins in the top 10 (ethereum) joins as a PoW coin.
At the time, there were only 6 PoW coins in the top 10. Bitcoin, LTC, ethereum, dash, Doge, and BCN. As of 2015, hybrid PoW/PoS coins have fallen in value and pure PoS networks have started to become more popular.upon August 23, 2015, Banks shares (BANX) and Bitshare (BTS) One of the most valuable PoS assets. BTS still exists and is worth $0.010 per unit, but BANX does not. serious controversy.
Two years later, on August 20, 2017, six PoW coins remained in the top 10. Bitcoin, ethereum, BCHMore, LTC, dashWhen etc. BCHMore, LTC, dashWhen etc No longer ranked in the top 10.Additionally, IOTA, NEM, and Neo Since then, it has also dropped out of the top 10 rankings.That was five years ago and today, with DOGE Bitcoin It is the last PoW coin remaining in the top 10.
Furthermore, it should be noted that Dogecoin (DOGE) is in 10th position and is fairly close in size to the market cap of Polkadot (DOT).when merge is done and Ethereum becomes a PoS chain, DOGE may not be in the top 10 if the price changes. Once DOGE is knocked out and The Merge is complete, Bitcoin It will be the only proof-of-work digital asset among the top 10 largest crypto market caps.
What are your thoughts on the top 10 coins that have lost their proof-of-work dominance over the past nine years? Let us know what you think about this in the comments section below.
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