Terra Luna Classic (LUNC) staking continues to spike.
In a tweet today, LUNC staking, a bot account on Twitter dedicated to tracking LUNA Classic (LUNC) staking activity, reveals that over 629 billion LUNC has been staked so far, representing 10.237% of the total supply.
Additionally, the latest data represents a 63 billion increase over the last five days.
Supply and staking of #LUNC
2022-09-22 07:50 UTC
— LUNC staking (@LuncStaking_Bot) September 22, 2022
The Crypto Basic reported last Saturday that the total amount of staked LUNC had surpassed 566 billion. It bears mentioning that the increased staking of LUNC tokens is a good sign for the network showing a positive long-term investors outlook leading to reduced circulating supply and selling pressure.
Notably, KuCoin, a leading crypto exchange according to data from Smart Stake Analytics, staked a whopping 50 billion LUNC yesterday. The reason for the move currently remains unclear. However, it significantly increased the staking power of the exchange to 8%, placing it among the top 5 validators by voting power. The move indicates that there may be some long-term belief in the future of the asset that necessitates increased influence.
It bears mentioning that resuming staking was one of the first moves made by the LUNC community after assuming control of the network as they chart a path to recovery following the Terra ecosystem collapse in May. Staked LUNC attracts up to 37.8% in rewards and is locked for 21 days. There is no minimum limit placed on deposits.
Meanwhile, the 1.2 tax parameter change for on-chain LUNC transactions went live yesterday. So far, over 100 million LUNC has been burnt to reduce LUNC supply, with most of the volume coming after KuCoin implemented the tax for deposits and withdrawals.
LUNC is trading at the $0.0002864 price point, 0.38% higher in the last 24 hours, as the crypto markets appear to be recovering after the Fed’s 75 basis points rate hike.