The recent tweet shared by KuCoin exchange revealed that KuCoin, a prominent Seychelles-based cryptocurrency exchange, has once again become a validator on the Terra Classic (LUNC) network with almost 48 billion LUNC staked.
It is worth noting that the recently stated LUNC has increased the total LUNC staked to a staggering 946 billion, representing 13.80% of the asset’s total supply. This comes up two months after they undelegated 48B tokens.
KuCoin Stakes Almost 48B LUNC Tokens
The development was recently brought to public light by Rex Harrison, a notable LUNC community member and senior member of the autonomous development group TerraCVita. Rex teased the move as a factor that could contribute to “a massive boost of confidence in LUNC,” highlighting its importance.
The LUNC burns remain one of the Terra Classic of the community’s targets staking also goes a long way in assisting with reducing the asset’s circulating supply. KuCoin’s move took 47.9 billion LUNC out of circulation at once, which should support the asset’s price action.
Additionally, due to KuCoin’s position as one of the biggest exchanges in the crypto scene, this development should trigger a resurgence of investor confidence in Terra Classic. LUNC influencer Classy also pointed out the significance of the move. “One of the largest centralized exchanges KuCoin has now entered the LUNC chain once again as a validator,” Classy remarked in a tweet today.
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KuCoin Is a Zealous Staker Of LUNC Token
Recall that the KuCoin was one of the lead validators on the Terra Classic network before the exchange suddenly unstacked all its 48 billion delegated LUNC tokens without any prior notice. Following the act of KuCoin prompted concerns among investors as questions arose on whether they were going insolvent or wished to move away from token delegations. The exchange also unstaked its ATOM and LUNA tokens.
The data collated by the Smartstake shows that the KuCoin node’s voting power of 47.9B tokens represents 5.09% of the total voting power on the network, placing it fifth on the voting power rank among validators.