Over the past week, the price surge in the LUNA token has seen it become the second most widely staked major digital currency on TVL, leaving Ethereum behind. Additionally, a data source reported this data showing that Terra’s LUNA coin outperformed Ether coin, which currently has over $28 billion in total value locked.
According to the data report, the Terra crypto project has more than 226,325 participants, representing $29.5 billion worth of LUNA tokens staked. Thus, pushing the network into second place, towering over Ethereum.
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Staking Rewards also published a report showing that LUNA recently outperformed the ETH coin based on the total value locked on its network. According to the data, LUNA had over $29.5 billion in LUNA tokens locked up for staking. In contrast, Ether has $25.9 billion worth locked up for staking within its network.
Other regions where Terra outperforms Ethereum
According to platform data, LUNA has more than 226,325 token participants. It recently moved up that position, knocking off more than four times the number of ETH participants, which were 54,768. Terra is currently following Solana closely, with a total value locked of more than $35 billion.
ETH rises above $2,500 | Source: ETHUSD on TradingView.com
LUNA is evaluated to reward users an average of 6.62% of their investments for annual revenue from participation. However, ETH offers 4.81% staking rewards, which are relatively lower than Terra’s staking incentives. Of the top 10 cryptocurrencies staked, the most rewarding cryptocurrency is Project Polkadot (DOT) which offers 13.92% on average.
Cryptocurrency staking platform Staking Rewards highlighted LUNA’s victory over ETH on Tuesday. While some cryptocurrency users still debated that the DefiLlama data contrasts with the figures.
According to data from DefiLlama, Ethereum is still trading above its competitors in TVL (total value locked) with a value of $111.4 billion.
Also, at the other extreme, LUNA’s total value locked amassed $23.35 billion. These values include the full collateral locked in DeFi (Decentralized Finance) protocols, not just ETH staked on the crypto staking platform, Beacon Chain, but also the differences.
Currently, data from explorer Beaconcha.in shows over 9.7 million ETH tokens staked, amassing $26.5 billion, consistent with Staking Rewards data. Also, a similar trend that has been established by the two aggregators is that LUNA values have spiked recently.
In the last week, LUNA’s TVL has grown by 26.905%. And it has risen above BNB Smart Chain, which has a TVL value of $12.03 billion and is currently ranked third.
Staking Rewards defines the differences between TVL metrics and value staked
Data aggregator Staking Rewards has explained the notable differences between TVL metrics and value staked. TVL metrics include total assets stored in DeFi protocols for components such as loans.
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Over the past month, the price of LUNA has risen 78.4% and is currently trading at $89, with a market capitalization of $34.5 billion.
Featured image from Pixabay, chart from Tradingview.com
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