Terra (LUNA) Flips Ethereum in Staking Volume

UTC by Oluwapelumi Adejumo · 2 min read
Terra (LUNA) Flips Ethereum in Staking Volume
Photo: Depositphotos

LUNA has not only done well in staking, it has also enjoyed some massive uptrend in the last few weeks ending February.

LUNA has flipped Ether in terms of staking to become the second-largest staked crypto asset. According to available data, the asset has recorded around $30 billion in staked value.

LUNA, the native token of the Terra blockchain, has continued to enjoy a positive movement in its price performance in the past few days. This run culminated in the asset flipping the market cap of other smart contact-enabled platforms like Solana and Cardano.

Per data from Staking Rewards, LUNA now sits in the second position with more than $30 billion in staked value, surpassing Ethereum which has just around $28 billion of its token staked.

This staked figure is cut across several protocols and represents nearly the entirety of LUNA market capitalization. As out of its $34 billion market cap, $30 billion are staked.

The data also captures that Orion.money has the largest staked value among protocols supporting LUNA staking. The protocol gives 7% yields, has around 43,000 participants, and holds $2 billion in stake volume.

Staking is a common crypto activity, especially for those developed on the Proof-of-Stake mechanism. This activity enables users to stake their tokens to earn a reward (yield). The staked tokens appear as support for the smooth running of the project, and users earn varying percentages in reward for that.

While LUNA claims the second position, Solana native token, SOL commands the highest staked value of $40 billion, staked across protocols. Unlike LUNA, which gives nearly 7% yield, the network offers 5.86% yield to its stakers annually.

Data from DeFiLlama also shows that the total value of assets locked on LUNA is around $23 billion, which is miles behind that of Ethereum with $118 billion.

As earlier reported, LUNA has not only done well in staking; it has also enjoyed some massive uptrend in the last few weeks ending February.

According to available information, the asset registered nearly 80% gains in the month and raised its token price higher to as high as $94. This is the highest price it has been since it touched its ATH.

Its price performance during the period also beat that of major assets like Bitcoin and Ethereum, as the pair value grew by 12.25% and 9%, respectively.

With its impressive price in the month, it is an indication that LUNA may be hitting and rising above the previous high anytime soon.

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