LUNA’s latest milestone proves that long-term investors are deepening their conviction in the Terra blockchain.
- LUNA Surpasses Ether In Staked Value
- The Charts Are Reflecting The News
LUNA Surpasses Ether In Staked Value
According to data from Staking Rewards, Terra’s native token LUNA is now the second-largest asset by staked value with over $30 billion in LUNA staked, surpassing Ethereum (ETH) and trailing Solana (SOL).
LUNA stakers are earning a nice yield on their tokens, as well, with some delegators offering yields as high as 6.8% APY.
It’s worth mentioning, however, that staking value does not equate to total value locked (TVL). Ethereum is far and away the dominant blockhain in terms of total value locked up on the ecosystem, but staking value is still important to track as it shows a strong sign of long-term conviction.
It also helps that LUNA fanatics can fully engulf themselves in the Terra ecosystem with stablecoin staking platforms like Anchor Protocol that allow you to earn nearly 20% APY on Terra UST stablecoins.
The Charts Are Reflecting The News
All that LUNA staked value, combined with LUNA’s built-in burn mechanism, is driving the supply of liquid LUNA lower and lower. Yet at the same time, the Terra blockchain is seeing greater demand than ever before as the UST market cap accelerates to new heights, most recently surpassing $13.2 billion.
Looking at the LUNA price, we’re seeing the same hockey-stick launch to the top right of the chart as LUNA tokens get burned from new UST getting minted.
At the time of writing, LUNA is sitting in the green while most of the market bleeds, trading at $93.31.
Since February 22, LUNA has skyrocketed 90%, inching closer to its previous $103 all-time high. While it may look a bit overextended on the daily chart, a further rally from Bitcoin could be the fuel needed to launch LUNA higher. However, if we do see another rollover from the crypto markets, keep an eye on the 50-day estimated moving average (green) for support, which currently sits around $65.
— Lunáticos (@lunaterraluna) March 2, 2022