In the fast-paced world of cryptocurrency, staking has emerged as a popular way for investors to earn passive income on their holdings. Terra Classic (LUNC), in particular, has been making waves in the staking world as it recently reached new heights in terms of staked coins. According to Rex Yeller Belly, a prominent figure in the Terra Classic community, LUNC has now approached the 1 trillion token mark, with 970.3 billion tokens locked up in staking contracts.
LUNC Staking Hits All time High
This news is significant because it demonstrates the increasing demand for LUNC and its growing popularity among investors. As more and more investors realize the potential for passive income through staking, the number of tokens locked up in staking contracts will likely continue to grow.
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.
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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.
LUNC Burns Increases Daily
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.
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For those unfamiliar with staking, it involves holding a certain amount of cryptocurrency in a wallet and locking it up in a staking contract, essentially betting that the price of the cryptocurrency will increase over time. In exchange for locking up their tokens, stakers receive rewards in the form of more tokens or other benefits.
The growing popularity of staking and the increasing number of tokens being locked up in staking contracts is a positive sign for LUNC and its investors. As the crypto market continues to evolve, it will be interesting to see how staking and other methods of earning passive income will continue to impact the industry.