Are There Any Cryptocurrencies That Have Historically Exhibited a Tendency towards Backwardation?

While contango is the norm, some cryptocurrencies or situations have exhibited tendencies towards backwardation. This is often seen in tokens that have a strong utility or yield-bearing function, where there is a high immediate demand to use the token in a DeFi protocol or for staking.

For example, if a very high staking reward is available, traders might be willing to pay a premium for the spot token over a futures contract, as the futures contract does not confer staking rights. These instances are usually specific to the token's ecosystem and are not a general market-wide phenomenon like the backwardation seen in Bitcoin during periods of extreme fear.