LUNA flips Ethereum becoming second largest network for staked value


According to data from Staking Rewards, Terra (LUNA) has flipped Ether (ETH) in terms of staked value, with $29.5 billion worth of LUNA locked up compared with Ether’s $25.9 billion.

The platform’s data shows that there are currently 226,325 LUNA stakers, making it the second-most staked crypto asset with more than four times the number of those staking ETH at 54,768. Solana leads the staking charts with $35 billion in staked value.

In terms of annual staking rewards, LUNA is estimated to yield 6.62% on average while ETH fetches 4.81%. The most rewarding out of the top 10 staked assets is Polkadot (DOT) with 13.92%.

Top 5 networks by staked value, Mar. 4 –

Staking Rewards highlighted the flippening on Tuesday, noting that LUNA staking had overtaken ETH. However, some users pointed out that data from DefiLlama appears to contradict the figures dramatically.

DefiLlama’s data shows that Ethereum towers over its competitors in terms of a total value locked (TVL) of $111.4 billion, compared with LUNA’s TVL of $23.35 billion. However, these figures incorporate collateral locked across decentralized finance (DeFi) protocols and not just ETH staked on the Beacon Chain, hence the discrepancy. The explorer currently reports 9.7 million ETH staked worth around $26.5 billion at current prices, similar to Staking Rewards figures.

One trend that both data aggregators have confirmed, however, is that interest in LUNA has surged as of late. Over the past seven days, LUNA’s TVL has increased 26.905% and sits well above third-placed BNB Smart Chain (BSC) at $12.03 billion worth of TVL.

Staking Rewards clarified that staked value and TVL metrics are “entirely different,” as the latter can also incorporate assets locked in decentralized finance protocols for features such as lending.

The price of LUNA has gained a whopping 78.4% over the past 30 days to sit at roughly $92.84 at the time of writing, while its market cap currently totals $34.5 billion.

Related: Rune’s upcoming mainnet launch and Terra (LUNA) integration set off a 74% rally

As previously reported by Cointelegraph, the asset‘s bullish recovery comes off the back of the Terra protocol burning 29 million LUNA tokens worth $2.57 billion late last month. The move coincided with the supply of TerraUSD (UST) — a stablecoin backed by LUNA — that increased more than 14.5% to 12.92 million tokens.

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