The development brings the percentage of supply staked to an impressive 14%.
The Terra Classic (LUNC) community just staked up to 3.5 billion LUNC tokens within a day, bringing the total amount of staked tokens to a whopping 958.8 billion. The development underscores the community’s dedication to supporting the asset on its journey to revival.
Rex “Rexyz” Harrison, a senior member of the TerraCVita development group, highlighted the achievement, encouraging the broader crypto community to jump on the moving train. Rexyz pointed out that the community only needs to stake additional 42B tokens to reach the 1 trillion staked tokens milestone.
Additional 3.5bn staked in one day.
Only 42bn to go.#Crypto if you want to be where the action is get staking on #LUNC ❤️https://t.co/zQvNSIWFlx https://t.co/wqvGSaK7Zr pic.twitter.com/NQcAS9NCCI— Rexyz (@RexYellerBelly) February 14, 2023
Data from Smart Stake Analytics reveals that the total amount of staked tokens, which currently sits at 958.8B, represents 14% of the asset’s total supply. Recall that KuCoin recently restaked 47.9B tokens at once, bringing the total staked tokens to 946B as of last Wednesday. At this rate, staked LUNC has increased by 12.8B tokens in just a week – an impressive feat achieved by the community.
Rex Has Repeatedly Stressed the Importance of Staking
Rexyz has repeatedly emphasized the significance of staking in the journey to LUNC revival. According to a tweet on February 13, the L1 Task Force developer noted that staking is the way for the asset to surge by 100x.
Less than 45bn #LUNC needed to reach the golden 1 trillion staked milestone. At 13.9% this is the way to work towards a x100. It:
win – reduces supply,
win – increases security,
win – creates upwards pressure and
win – attracts investors. $LUNC it's on track to be a winner ❤ pic.twitter.com/PbEmnOywnJ— Rexyz (@RexYellerBelly) February 13, 2023
He highlighted that the practice brings several benefits to Terra Classic, including a reduction of circulating supply, an increase in the network’s security, support for the asset by creating upward pressure on its price, and an introduction of demand by attracting investors.
Moreover, last month, Rexyz stressed that staking is the fastest way for LUNC to hit a 100x value. According to him, if staked tokens can increase to 50% of the asset’s total supply, its value could double. In addition, another 2x increase in price could be achieved if staked tokens hit 75% of the total supply.
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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