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.”
Massive progress
In the last day before new validators arrive:
Staking is up 1.5% to nearly 12% = 111bn extra #LUNC stakedNakamoto upto 8
This shows massive long term confidence in #LUNC with a move to a positive economic ecosystem rather than a destructive high tax one.
— Rexyz (@RexYellerBelly) October 26, 2022
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.
Supply and staking of #LUNC
STAKING RATIO
12.457%(bonded: 11.987%)STAKED
bonded: 825,124,976,859
unbonded: 32,333,362,433SUPPLY
total: 6,883,305,937,8692022-10-27 07:30 UTC
— LUNC staking (@LuncStaking_Bot) October 27, 2022
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.
WOW! I JUST NOTICED SOMETHING HUGE ON $LUNC
THE COMMUNITY POOL HAS JUMPED UP AN ENTIRE 400 MILLION #LUNC TODAY.
THIS IS INSANE! SO MUCH MORE MONEY IS FLOWING INTO OUR BLOCKCHAIN!
Retweet to spread the word ?????? pic.twitter.com/ocBNJm8Ryr
— Classy ? (@ClassyCrypto_) October 26, 2022
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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