Terra Classic now has 130 validators.
The Terra Classic network has filled the active validator set with 130 validators.
Network validator and influencer Classy made this known in a tweet today. It is the first time the network is clinching this milestone since the ecosystem collapse in May, according to Classy’s statements.
For the first time since the $LUNC de-peg, #LUNC has officially HIT A FULL ACTIVE VALIDATOR SET!
WE NOW HAVE 130 ACTIVE VALIDATORS AIDING THE MOVEMENT! 🔥
Welcome all NEW #LUNACLASSIC validators & I'm excited to see what you all have in store! pic.twitter.com/44Owm1q1wi
— Classy 👾 (@ClassyCrypto_) November 19, 2022
With the active set complete, remaining an active Terra Classic validator has become more competitive. Now to become an active validator, one has to have more Terra Luna Classic staked than the validator in the 130th position, as explained by HappyCattyCrypto in a YouTube video. It is important because only active validators can participate in network consensus and receive rewards.
Consequently, if a validator is complacent, it can be replaced in the active list. Therefore, to become a Terra Classic validator, one will need to attract over 8,888 LUNC in delegations per data from #LUNCPenguins, which shows the amount of LUNC delegated to the last validator in the active list.
As a result, for validators to maintain their stake, it will become necessary to contribute to the community actively. The new milestone could lead to an increase in LUNC burnings as validators campaign for delegations. It is worth noting that burning LUNC is currently one of the easiest ways to elicit community support as the community strives to reduce LUNC supply.
At least 6 of the top 25 LUNC burners are validators. For example, Allnodes, the top LUNC validator, is the 7th highest burner of LUNC with 169.6 million LUNC burned, while LUNC DAO, ranked 4th, is the 5th highest burner of LUNC with 398.2 million LUNC burned.
Allnodes has committed to burning LUNC till the end of 2022, while LUNC DAO has promised to keep burning LUNC till the end. Both platforms have been burning LUNC weekly, as reported by The Crypto Basic.
While this is not something that all validators can afford to do, there are indications that the trend will continue. For example, Classy, who launched Classy Crypto Sphere less than a month ago, has committed to burning 50% of the validator yield once it meets operational costs. In less than a month, the validator ranks 25th already.
The network reintroduced staking with the v22 upgrade at the end of August. As a result, holders have staked over 890 million LUNC tokens in just a few months, representing 13.4% of the supply.