The Surge of PoS: A Comparison of ETH2.0, Tezos, and Cosmos

In 2020, the issuance of PoS public chains became a hot topic in the market. This article will analyze and compare the three major PoS projects: ETH2.0, Tezos, and Cosmos, exploring the distribution of their holding addresses and the number of coins held.

ETH2.0 is a major upgrade of Ethereum, transitioning from a PoW to a PoS consensus mechanism, which is expected to significantly reduce the inflation rate to below 2%. Tezos is a high-performance public chain with self-repair capabilities, supporting token staking and delegated governance participation. Cosmos is dedicated to providing cross-chain interoperability solutions.

The PoS mechanism maintains network security through staking tokens, preventing inflation dilution effects. Compared to PoW mining, PoS lowers the entry barrier, but also faces some challenges. The launch of ETH2.0 this year has once again sparked market attention towards PoS.

From the perspective of token distribution, ETH has the highest degree of decentralization, with the top 1000 addresses holding 64.87% of the tokens. Tezos performs well, with the top 1000 addresses holding 81.23% of the tokens. Cosmos is relatively centralized, with the top 1000 addresses holding 99.94% of the tokens.

In terms of staking rates, Cosmos has a dynamic staking rate of 93.88% with an annualized return of 9.26%. Tezos has a dynamic staking rate of 79.93% with an annualized return of 6.94%. While high staking rates lock in liquidity, they may also lead to selling pressure.

From the perspective of address activity, both Tezos and Cosmos show high overall activity, with more than half of the addresses having transaction records in the past year. This is attributed to the support for Staking by exchanges and wallets, which lowers the barriers for user participation.

Overall, ETH leads in terms of decentralization, but Tezos also performs well. Although Cosmos has a high staking rate, it faces significant economic pressure. In the future, competition among PoS public chains will focus on the optimization of developer ecosystems, innovation capabilities, and governance structures.