Terra Classic (LUNC) staking reaches new heights with over 900 billion tokens now locked up, representing investors’ growing confidence in the coin’s long-term potential.
In the crypto world, staking has become a popular way for investors to earn passive income on their holdings, and one coin that has been making waves in the staking world is the Terra Classic (LUNC).
Rex Yeller Belly, a leading figure in the Terra Classic community, recently revealed that LUNC had reached new heights in terms of staked coins, with 970,351,935,248 (970.3B) tokens now locked up in staking contracts.
Notably, this figure represents a significant increase from the previous high of 700 billion tokens, which was reached in January 2023. According to Belly, this symbolizes a major milestone for the LUNC community and a testament to investors’ growing confidence in the coin’s long-term potential.
The LUNC community now eagerly anticipates the one trillion token-staked point in the coming days with the current 14.15% staking ratio. Notably, the amount of staked LUNC tokens reaching new all-time high shows that investors are bullish on the future of the Terra ecosystem.
Staking on $LUNC reaches new highs
1tr staked is in sight, this is a great endorsement and confidence for the longer term future of #LUNC ❤️ pic.twitter.com/auCK6Af0Q4
— Rexyz (@RexYellerBelly) May 11, 2023
Furthermore, the Terra 2.0 blockchain powering the LUCN token was launched in May 2022, following the collapse of the Terra LUNA blockchain. Since then, the Terra ecosystem has grown, with many dApps and services built on the blockchain.
As reported by The Crypto Basic, nearly 14 billion LUNC tokens were staked from a new validator in May 2nd.
Terra Classic Burns Decreasing Supply
According to data from the popular market tracker, CoinMarketCap, LUNC has a staggering circulating supply exceeding five trillion units, worth under half a billion dollars. Consequently, the Terra Luna Classic is aggressively burning its coins to increase to worth of the LUNC token.
According to the Luncmetric burn tracking website, the LUNC token ecosystem has burned 1.3 billion units of LUNC tokens within the last seven days, valued at $110,794.
Similarly, the largest crypto exchange, Binance, burned over 1.26 billion LUNC tokens in its latest monthly burn, representing 50% of the fees collected on Terra Classic trades in April. This figure brings Binance’s total cumulative burn to 31.83 billion LUNC, making it the first entity to surpass the 31 billion mark since the burning campaign began. Total LUNC burns now stand at 57.3B.
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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.