Tuesday, October 4, 2022
HomeDeFiTerra's LUNA surpasses Ethereum 2.0 to take the number 2 spot in...

Terra’s LUNA surpasses Ethereum 2.0 to take the number 2 spot in terms of staking market cap

In recent market volatility, Terra’s native cryptocurrency, LUNA, has seen a tremendous surge. The LUNA cryptocurrency is going for a new all-time high and is now trading 7.5 percent higher at $95.36 with a market valuation of $35.7 billion. In the last few days, staking rewards have shown that Terra’s project, LUNA, has overtaken Ethereum 2.0 to become the second most popular Proof of Stake (PoS) network by staking rewards.

With increased demand for DeFi protocols, Terra’s LUNA has emerged as a significant challenger to Ethereum. However, Terra LUNA is behind Ethereum in terms of total value locked (TVL), which is presently $23.7 billion. Of the top 10 coins, Luna gained the most in the last week. It went up 77%. It is now the seventh-largest cryptocurrency by market value, having beaten big names like Solana (SOL), Cardano (ADA), and Avalanche (AVL) (AVAX).

The Luna Foundation Guard (LFG) launched an over-the-counter sale of the LUNA cryptocurrency earlier this week. In terms of user acceptance, Terra has been one of the fastest-growing Layer-1 protocols. The price of its own cryptocurrency, LUNA, has mirrored this.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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