Comparison and Analysis of Data from the Three Giants of PoS Public Chains: ETH2.0, Tezos, and Cosmos

In 2020, PoS inflation-based public chains became one of the market's hot topics. This article will analyze and compare the three star PoS projects: ETH2.0, Tezos, and Cosmos, using on-chain data to explore the distribution of their holding addresses and quantities.

ETH2.0 is a major upgrade of Ethereum, expected to launch this year. Phase 0 will transition from PoW to PoS, with the new issuance rate decreasing from about 10% to below 2%, lower than the inflation rate of traditional currencies, highlighting the scarcity of ETH.

Tezos is a high-performance public chain that benchmarks Ethereum, featuring self-amendment capabilities. Token holders can stake or delegate to participate in governance and upgrades, minimizing the risk of forks.

Cosmos provides scalability and interoperability for decentralized networks, using Tendermint Core and the IBC protocol to enable interoperability among various cryptocurrency main chains.

PoS has become the trend of the new generation of public chains, participating in network security management through staking to prevent inflation dilution. Compared to the hardware and operational barriers of the PoW mining industry, PoS has a lower threshold. However, PoS also faces issues such as inflation dilution, which requires balancing the economic model.

Coin Holding Concentration Analysis

According to on-chain data, the holding concentration of ETH, Tezos, and ATOM is as follows:

Total number of ETH( accounts is over 100 million + ):

• The top 10 addresses hold 15.93%
• The top 100 addresses hold 35.32%
• The top 1000 addresses hold 64.87%

ATOM( total address 31358 ):

• The top 10 addresses hold 88.82%
• The top 100 addresses hold 98.62%
• The top 1000 addresses hold 99.94%

Tezos( total address 546382 ):

• The top 10 addresses hold 20.71%
• The top 100 addresses hold 53.24%
• The top 1000 addresses hold 81.23%

ETH performs best in terms of decentralization. Tezos, as a new public chain, shows a good level of decentralization with the holding ratio of the top 10 and top 100 addresses being close to that of ETH.

Staking Rate and Yield Analysis

As of June 18, 2020:

ATOM:

• Dynamic Staking Rate 93.88%
• Annual yield of 9.26%
• The annual issuance is 1.42 times the non-staked circulation.

Tezos:

• Dynamic Staking Rate 79.93%
• Annualized yield 6.94%
• The annual increase is 27% of the non-staked circulating supply.

The inflation rate of ATOM is much higher than that of Tezos, which may be detrimental to later investors. The inflation rate of Tezos is relatively reasonable.

Token Holder Address Activity

ETH:

• 38% of addresses active within a year
• 76.01% of tokens active within one year

Tezos:

• 56.2% addresses active within one year
• 95.17% of tokens are active within one year

Cosmos:

• 44.25% of addresses active within one month
• 95.5% of addresses active within 1-5 months

Tezos and Cosmos have overall high activity, with Tezos showing even higher activity recently. The support for Staking from exchanges and wallets has promoted the activity of the tokens.

Conclusion

ETH leads in decentralization, but Tezos performs well. Tezos' lower inflation pressure and higher activity levels make it a potential dark horse in the PoS race. The key to future PoS public chain competition lies in building developer communities, finding differentiated advantages, and optimizing governance structures.