Terra (LUNA) Surpasses Ethereum Becoming Second Most Staked Asset

Anthoniyan B

Last Updated: March 12, 2022 10:37 pm

2 mins read

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Over the past week, the price surge in the LUNA token has caused it to rise to become the second most-staked primary digital currency in TVL leaving Ethereum behind. In addition, a data source reported this data showing that Terra’s LUNA coin passed the Ether coin, which currently has more than $28 billion in Total Value Locked.

According to the data report, the Terra crypto project has over 226,325 stakers, accounting for $29.5 billion worth of staked LUNA tokens. Thus, pushing the network to second place, towering over Ethereum.

Staking Rewards also released a report showing that the LUNA recently surpassed the ETH coin based on its network’s Total Value Locked up. From the data, LUNA had over $29.5 billion worth of LUNA tokens locked for staking. In contrast, Ether has $25.9 billion worth of locked for staking within its network.

Other Regions Where Terra Surpasses Ethereum

From the platform’s data, LUNA has over 226,325 token stakers. It just climbed up that position recently, toppling over four times the amount of ETH stakers, which were 54,768. Terra is currently following hard after Solana, with over $35 billion total value locked.

Terra Surpasses Ethereum Becoming Second Most Staked Asset — ETH risese above $2,500 | Source: ETHUSD on TradingView.com

LUNA is evaluated to reward users an average of 6.62% of their investments for annual staking revenues. However, ETH offers 4.81% in staking rewards, which are relatively lower than Terra’s staking incentives. Out of the top 10 staked cryptocurrencies, the crypto that rewards the most is the Polkadot (DOT) project that offers 13.92% on average.

The crypto staking platform, Staking Rewards, emphasized LUNA’s victory over ETH on Tuesday. Whereas, some crypto users still debated that data from DefiLlama contrast with the figures.

From DefiLlama’s data, Ethereum still trades above its contenders in TVL (total value locked) with a value of $111.4 billion.

Moreover, on the other end, LUNA’s total value locked accrued $23.35 billion. These values include the total collaterals locked over DeFi (Decentralized Finance) protocols, not only staked ETH on the crypto staking platform, Beacon Chain but thus the differences.

Presently, Beaconcha.in explorer’s data shows over 9.7 million ETH tokens staked, accumulating to $26.5 billion, tallying with data from Staking Rewards. Also, a similar trend the two aggregators have established is that LUNA’s values have spurred recently.

Within the last week, the TVL of LUNA has grown by 26.905%. And it has risen above the BNB Smart Chain, which has a TVL worth $12.03 billion and is currently sitting at third place.

Staking Rewards Defines Differences between TVL Metrics and Staked Value

The data aggregator, Staking Rewards, has explained notable differences between TVL metrics and staked value. The TVL metrics include the total assets stored in DeFi protocols for components like lending.

Over the past month, LUNA’s price has leaped by 78.4% and is currently trading at $89, with a market cap of $34.5 billion.

               Featured image from Pixabay, chart from Tradingview.com

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