There has been massive staked LUNC as the Terra Classic community locked up a total of 3.5 billion LUNC tokens within a day into a staking wallet.
This recent LUNC staked brings 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.
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However, the staked has prompted Rexyz, a prominent member of the TerraCVita development group, to say that the community only needs to stake additional 42B tokens to reach the 1 trillion staked tokens milestone.
Terra Classic Stakes 3.5 Billion LUNC
According to the data shared by Smart Stake Analytics, noting that the total amount of staked tokens, which currently sits at 958.8B, represents 14% of the asset’s total supply.
It is worth noting that the KuCoin exchange brought the total staked 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 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.
Rex once pointed out the sure means to get the LUNC to 100X its price other than the general belief of the community which solely believes in the LUNC burn to get the price up.
He mentioned that the first measure to get the token to 100X its current value is to substantially sporadically increase the amount of LUNC staked to about 50% of the total amount in circulation.
He further analyzed that staking about 50% of the total supply of the LUNC in the community will get the circulation of the LUNC to a minimal amount of 3.44 trillion tokens.