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- According to a data source, Terra’s LUNA token has become the second-largest staked asset among all major cryptocurrencies in terms of total value staked due to a price rise over the previous week.
- LUNA has passed ether, which has a staked value of slightly over $28 billion at the time of writing.
LUNA surpassed Ethereum
Terra’s LUNA has surpassed Ethereum as the second-most-staked network asset. The value of staked LUNA assets on the Terra blockchain has hit $28 billion, nearly $3 billion higher than Ethereum’s $25 billion, according to Stake Rewards statistics.
Stake Rewards also revealed that the network’s staking pool has 226,325 participants, roughly four times the number of stakers on Ethereum, which has 54,768.
Only Solana, with $35 billion in staked value, is ahead of LUNA in terms of staked value. According to the statistics, about 41% of eligible LUNA is staked, compared to 74% on Solana.
LUNA now pays out 7% of the staked value to participants, which is the highest of the three assets. Solana has a 5.86 percent yield, whereas Ethereum has a 4.81 percent yield.
With 42,960 stakes, the Orion money protocol held almost $1.5 billion in staked LUNA, accounting for the greatest proportion of the staking pool.
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What is Staking?
Staking is the process of committing crypto assets to the blockchain in order to become a network transaction validator (or node). Because they demand processing power to validate transactions, the blockchain rewards nodes in its native token every time a block of transactions is authenticated and added to the chain.
Staking is only possible on blockchains that use the Proof-of-Stake (PoS) consensus procedure.
LUNA to skyrocket soon
LUNA was the biggest performer in the top 10 last week, with a price increase of nearly 78 percent and a rise from $51.9 to $92.2 in only seven days. Despite the fact that it was a bullish week, LUNA outperformed other crypto-assets with double-digit gains.
The growth of LUNA is propelled by a flood of good news and feeling among the community. The Luna Foundation Guard (LFG) has announced a LUNA token sale, claiming that the funds would be used to construct a “Bitcoin-denominated Forex Reserve for UST.” This, combined with the burning of UST tokens, has boosted the price of the cryptocurrency.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
