Since the beginning of this week, the LUNA token price spike has made it the second-most-sought primary digital currency in TVL. Ethereum is now behind. In addition, a data source reported this data showing that Terra’s LUNA coin passed the Ether coin, which currently has more than $28 billion in Total Value Locked.
The data report shows that Terra crypto projects has more than 226,325 stakeholders, which accounts for $29.5 billion in staked LUNA tokens. This puts Terra crypto second, surpassing Ethereum.
Related Reading | Bitcoin Outflows Spike As 30k BTC Exits Exchanges, Reserve Plunges Down
Staking Rewards also released a report showing that the LUNA recently surpassed the ETH coin based on its network’s Total Value Locked up. According to the data, LUNA held $29.5 billion of LUNA tokens that could be staked. Ether however has $25.9 Billion worth of LUNA tokens locked up for stake within its network.
Terra outperforms Ethereum in other regions
From the platform’s data, LUNA has over 226,325 token stakers. This position was rung up by LUNA recently. It has surpassed 54,768 ETH stakers. Terra currently follows Solana closely, having over $35 billion of total value.
LUNA awards users an average reward of 6.62% for their annual staking revenue. However, ETH offers 4.81% in staking rewards, which are relatively lower than Terra’s staking incentives. Of the top 10 staked cryptocurrency, Polkadot is the one that provides the greatest rewards. It offers on average 13.92%.
The crypto staking platform, Staking Rewards, emphasized LUNA’s victory over ETH on Tuesday. Some crypto users disagreed with the comparison of data from DefiLlama and the numbers.
From DefiLlama’s data, Ethereum still trades above its contenders in TVL (total value locked) with a value of $111.4 billion.
Moreover, on the other end, LUNA’s total value locked accrued $23.35 billion. These numbers include total collaterals over DeFi (Decentralized Financing) protocols. They do not include staked ETH on Beacon Chain’s crypto staking platform.
Presently, Beaconcha.in explorer’s data shows over 9.7 million ETH tokens staked, accumulating to $26.5 billion, tallying with data from Staking Rewards. Also, a similar trend the two aggregators have established is that LUNA’s values have spurred recently.
The TVL for LUNA has increased by 26.905% in the past week. It has also risen over the BNB Smart Chain which currently sits at third with a TVL of $12.03 trillion.
In order to distinguish between TVL Metrics or Staked Value, Staking Rewards is used.
Staking Rewards has provided a detailed explanation of the differences in TVL metrics and staked values. TVL metrics refer to the assets held in DeFi protocols by components such as lending.
Read More: Bitcoin Exchange withdrawals suggests that whales are accumulating| Bitcoin Exchange Withdrawals Suggests Whales Are Accumulating
Over the past month, LUNA’s price has leaped by 78.4% and is currently trading at $89, with a market cap of $34.5 billion.
Featured Image from Pixabay. Chart by Tradingview.com