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Terra’s LUNA becomes Second-Largest Staked Asset, Surpassing ETH

By:
Varuni Trivedi
Updated: Mar 3, 2022, 21:27 UTC

Terra (LUNA) surpassed ETH to become the second-largest staked asset with some $30 billion worth of tokens staked by users to earn yields of around 7%.

FXempire, Terra, Crypto, LUNA, Ethereum, Solana

Key Insights

  • LUNA’s recent price rise has sent the total value of LUNA staked above $30 billion, surpassing Ethereum.
  • Participants earn over 6.62% in annual yields from staking Terra’s LUNA.
  • Solana, however, remains the most staked asset, with over $40 billion worth of SOL staked on various platforms.

LUNA’s over 95% gains have overshadowed the larger market in the last ten days, putting Terra’s LUNA ahead of Solana, Cardano, and Avalanche by market capitalization. At press time, LUNA ranked seven by market cap noting 50.59% weekly gains trading at $87.50. Notably, LUNA’s price rose amid solid fundamentals and positive sentiment among the community for Terra.

LUNA Surpassing ETH in Value Staked

Over the last week, LUNA became the second-largest staked asset among all major cryptocurrencies in terms of total value staked. Data from Staking Rewards highlighted that LUNA surpassed Ethereum, which has just over $26 billion in staked value at press time.

FXempire, Terra, Crypto, LUNA
Source: Staking Rewards

On the other hand, LUNA’s total USD value of all tokens participating in staking was over $28 billion.

The same meant that close to $28 billion worth of LUNA is now staked directly on various platforms, representing most of the token’s $34 billion market cap. As per data, participants are earning over 6.62% in annual yields while some 41% of all eligible tokens are staked.

In crypto, staking is when token holders deposit or lock away some tokens to become active participants in running the network in return for rewards. The rewards are usually called ‘yields’ and are often higher than traditional institutions on deposits.

That said, cross-chain protocol Orion Money holds over $2 billion LUNA staked. Moreover, Orion is the largest among all staking applications that support LUNA, with its 43,000 stakers generating close to 7% in yields.

Solana Still Remains on Top

Even though Terra emerged as one of the best performing cryptocurrencies in February, noting over 75% gains in price, Solana remained the most staked asset. With over $40 billion worth of SOL staked on different platforms, SOL stakers earn 5.86% in yields annually.

Furthermore, in terms of total value locked on applications built on its blockchain, Ethereum retains the top spot. As of now, over $118 billion is locked on Ethereum-based apps, compared with $23 billion on Terra-based apps and $7 billion on Solana-based apps.

Terra soared last week in terms of price, rising from a low of $52 to $96, nearing its all-time high price. Ethereum, on the other hand, jumped from a low of $2,336 to $2,967, noting a 30% increase in price over the same time.

About the Author

A Journalism post-graduate with a keen interest in emerging markets across South East Asia, Varuni’s interest lies in the Blockchain technology. As a financial journalist, she covers metric and data-driven stories with a tinge of commentary, and strongly believes in HODLing.

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