Thursday, April 18, 2024
HomeDeFiLUNA surpasses Ethereum as the second largest network  in terms of staked...

LUNA surpasses Ethereum as the second largest network  in terms of staked value



Terra (LUNA) has flipped Ethereum (ETH) in terms of staked value, according to Staking Rewards, with $29.5 billion worth of LUNA locked up compared to Ether’s $25.9 billion.

According to data from the platform, there are presently 226,325 LUNA stakers, making it the second most staked crypto asset, with more than four times the number of ETH stakers (54,778). With a staked value of $35 billion, Solana is the staking leader.

LUNA is expected to yield 6.62 percent in annual staking incentives, whereas Ethereum is expected to yield 4.81 percent.With a yield of 13.92 percent, Polkadot (DOT) is the most profitable of the top 10 staked assets.

On March 1, Staking Rewards announced that LUNA staking has surpassed Ethereum, although numerous users pointed out that data from DeFi Llama seemed to substantially contradict the numbers.

According to DeFi Llama’s data, Ethereum has a total value locked (TVL) of $111.4 billion, which is significantly higher than LUNA’s TVL of $23.35 billion. The discrepancy is due to the fact that these values contain collateral locked across DeFi protocols, not only ETH staked on the Beacon Chain. At present pricing, the explorer reported 9.7 million ETH staked valued about $26.5 billion, which is identical to Staking Rewards numbers.

However, both data aggregators have verified that interest in LUNA has increased recently. LUNA’s TVL has gained 26.905 percent in the last seven days, putting it significantly beyond third-placed Binance Smart Chain (BSC), which has $12.03 billion in TVL.

The staked value and TVL measurements are “totally different,” according to Staking Rewards. as latter can include the assets locked in DeFi protocols for lending and other functions.

The price of LUNA has risen by 78.4 percent in the last 30 days, to around $92.84 at the time of writing, with a market capitalization of $34.5 billion.

The asset’s optimistic return comes after the Terra protocol burned 29 million LUNA tokens worth $2.57 billion late last month, as previously reported by Cointelegraph. The move coincides with a 14.5 percent increase in the supply of TerraUSD (UST), a stablecoin backed by LUNA, to 12.92 million tokens.




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