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HomeCrypto NewsMarketOver 111B LUNC Staked In A Day As New Validators Arrive

Over 111B LUNC Staked In A Day As New Validators Arrive

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The Terra Luna Classic (LUNC) community saw over 111 billion LUNC staked daily as long-term confidence grows.

In a tweet on Wednesday, RexYellerBelly, a member of the independent Terra Classic development group TerraCVita, disclosed that holders had staked over 111 billion LUNC in one day, representing a daily spike of about 12%.

Highlighting that the surge comes a day before new validators launch, RexYellerBelly asserted that the move represents significant long-term confidence in the network.

“In the last day before new validators arrive: Staking is up 1.5% to nearly 12%,” the TerraCVita member wrote. “This shows massive long-term confidence in LUNC with a move to a positive economic ecosystem rather than a destructive high tax one.”

Data from LUNC staking, a Twitter bot dedicated to releasing LUNC staking updates every 10 minutes, shows that holders have staked over 825 billion LUNC. Notably, it represents around 12.4% of the total supply.

It bears mentioning that the last time The Crypto Basic reported on LUNC staking about a month ago, the total amount of LUNC staked was over 629 billion, representing just over 10% of the supply.

As highlighted by RexYellerBelly, at least four new LUNC validators are launching today. Notably, the Terra Rebels and HappyCattyCrypto are among those expected to launch validators. Meanwhile, LUNC influencer Classy Crypto has already announced that his validator Classy’s Crypto Sphere has gone live.

Furthermore, in addition to these positives, the LUNC community also has seen a boost to its community pool, with about 400 million LUNC added, as highlighted by Classy Crypto. Notably, half of it came due to the 10% seignorage from the community burn per proposal 5234, which the community passed on October 17. Consequently, while this has been met with mixed reactions, as reported by The Crypto Basic, it also means that the community has more funds to pull from for development.

It is worth noting that the long-term belief in the network will continue to grow as it charts a path toward utility. Notably, the chain will soon re-open its Inter Blockchain Communication channels, creating fresh on-chain utility.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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