The native token of the Terra network, LUNA, has become the second-largest cryptocurrency in terms of staking value.
There is currently a greater value of LUNA staked than there is Ethereum, according to the Staking Rewards analytics provider. The Terra network uses a proof-of-stake blockchain that requires stakers to deposit LUNA to validate transactions.
Additionally, the platform is currently reporting that there is $30 billion in staked value for LUNA. Comparatively, there is $27.5 billion in value for staked ETH, which is now in third place.
The leading crypto asset in terms of staked value is Solana (SOL) with $37.7 billion staked, according to Staking Rewards.
Terra $LUNA is now the 2nd largest PoS network by Staking market cap having overtaken Ethereum 2.0 $ETH 🔥
Source: https://t.co/R9BVR4Ce4W pic.twitter.com/33CgPrr99a
— Staking Rewards (@StakingRewards) March 1, 2022
There is 41.16% of the current LUNA supply staked whereas just 7.92% of the total Ethereum supply has been staked on the Beacon Chain. Furthermore, LUNA staking rewards are better with an annual percentage yield of 6.8%.
By comparison, staked ETH is yielding 4.81% and Solana has a yield of 5.94%, according to the platform.
Staking Rewards Breakdown
The staked value metric depends largely on the token price, and LUNA’s recent gains have been better than those for Ethereum. Hence, the flippening.
The fourth-largest crypto asset by staked value is Cardano with $21.3 billion. Staking ADA currently yields a 5.29% reward and there is 67.5% of the total supply staked.
In the fifth spot is Avalanche with $17.6 billion in staked value for AVAX. The current reward for staking this token is 9.19%, making it the top performer for this metric in the top five.
The top network for staking rewards is Polkadot with a 13.92% annual percentage yield for DOT.
LUNA Price Pumps
LUNA has been one of the drivers of crypto market activity over the past week. As a result, the token has surged an impressive 55% in seven days, outpacing both Bitcoin and Ethereum gains.
Those massive gains have enabled the Terra token to flip Solana (SOL) and take the seventh spot in terms of market cap, which is $34.7 billion.
Currently, LUNA is trading at $92.86 and gaining 1.1% over the past 24 hours, according to CoinGecko. Furthermore, LUNA is closing in on its December 27 all-time high of $103.30 and has just 10% more to reach it.
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