One cryptocurrency that has largely withstood the recent correction of the cryptocurrency market is Terra’s LUNA. It has managed to keep its guard up with the LUNA price approaching $100. At the time of writing, LUNA is trading in positive territory at a price of $97.27 unlike other top ten cryptocurrencies.
The achievement comes against the background of strong DeFi activity on the Terra blockchain. Last week, Terra surpassed Ethereum 2.0 in terms of total value staked. According to data from Staking Rewards, Terra is closing the gap faster with Solana to become the largest blockchain by value staked.
Currently, the total staked value on Solana is $31.5 billion while that on Solana is $31.6 billion. The emergence of Terra (LUNA), despite the recent market turmoil, makes it clear that it will soon take the dominant position.
Terra’s LUNA has outperformed the broader crypto market! While a majority of cryptocurrencies have experienced a serious correction in the past two weeks, the LUNA price has nearly doubled.
More than $10 million staked in Ethereum 2.0
On the other hand, Ethereum 2.0 is also going to reach an important milestone. There are now more than 10 million Ether (ETH) wagered on the Ethereum 2.0 blockchain with a total wagered value of more than $26 billion.
All strikes are currently taking place on the deposit contracts on the Beacon Chain. In July, the Beacon Chain is likely to merge with the existing Ethereum blockchain and replace miners.
Under the current arrangement, users will be able to stake their existing ETH on the Ethereum 2.0 consensus layer. To participate, each user must deposit and wager 32 ETH on the official Ethereum launch pad to gain validation status on the network.
The transition to Ethereum 2.0 has been relatively slow with other Ethereum Layer-1 competitors gaining ground. We have seen Ethereum’s share of the DeFi space drop every month as other competitors like Solana, Terra, Avalanche, etc. make their entrance.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
About the author
Bhushan is a FinTech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.
This post Terra set to become the largest blockchain by value staked, Ethereum 2.0 hits a milestone
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