The recent update shows that the Terra Classic (LUNC) staking initiative is experiencing a significant surge in activity, as over 1.7 billion tokens have been staked in the past 24 hours, increasing total staked tokens to a massive 964.6 billion. The current figure represents 14.06% of the asset’s total supply.
Terra Classic Stakes a sum of 1.8 Billion LUNC Tokens, LUNC Staking Initiative Witness Surge
The news on the development was shared by a prominent member of the TerraCVita, an independent development group at the Terra Classic, Rexzy, saying that the community is now approximately 35 billion tokens away from reaching the highly sought-after milestone of 1 trillion staked tokens.
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Just over 35bn to go until 1tr $LUNC is taken out of circulation, and 1.8bn of that in 24hrs. #Crypto confidence in #LUNC is increasing. pic.twitter.com/33YY2rnzaO
— Rexyz (@RexYellerBelly) March 13, 2023
Notably, this is not the first time this kind of update is coming to the Terra Classic community as recently, they staked over 3.5 billion LUNC within 24 hours resulting in a total staked token count of 958.7 billion. Since then, over 5.9 billion tokens have been staked.
Classy, a prominent Terra Classic influencer, echoed the excitement of the broader community as staked ratio recently crossed the 14% mark.
$LUNC STAKING HAS NOW SURPASSED 14%!!!!! LFG pic.twitter.com/5aAzRs0Oea
— Classy 🔮 (@ClassyCrypto_) March 12, 2023
Over 9 Billion LUNC tokens were staked over the past week
According to the data shared by the StakeBin, the community has staked 9.39 billion tokens over the past week. The majority of these token delegations were made to validators Allnodes and JESUSisLORD.
However, Allnodes recently staked in a single transaction a sum of 800 million tokens while a whopping 1.97 billion tokens were recently staked through JESUSisLORD across two separate transactions.
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The Terra Classic staking initiative, much like the burning campaign, is one of the avenues through which the asset can stage a recovery, and proponents such as Rex have repeatedly championed this narrative.
There is no doubt that the TerraClassic community has been doing tremendously to achieve its goal of reducing the massive circulation of the LUNC to a very minimal supply. At the moment, there have been various strategies put in place ranging from the tax parameter to the staked token.