Over the past week, the LUNA token’s price surge has boosted it to become TVL’s second most important primary digital currency, leaving behind Ethereum. Additionally, a data source reported this data showing that Terra’s LUNA coin has overtaken Ether coin, which currently has over $28 billion in total value locked.
According to the data report, the Terra crypto project has over 226,325 stakers, representing $29.5 billion in LUNA tokens staked. Thus, pushing the network into second place, dominating Ethereum.
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Staking Rewards also released a report showing that LUNA recently overtook ETH coin based on the total locked value of its network. From the data, LUNA had over $29.5 billion in LUNA tokens locked for staking. In contrast, Ether has $25.9 billion locked for staking within its network.
Other Regions Where Terra Overtakes Ethereum
According to data from the platform, LUNA has over 226,325 token stakers. It just climbed that position recently, toppling more than four times the number of ETH stakers, which stood at 54,768. Terra is currently hotly trailing Solana, with a total value of over $35 billion locked.
LUNA is rated to reward users an average of 6.62% of their investments for annual staking revenue. However, ETH offers 4.81% staking rewards, which are relatively lower than Terra’s staking incentives. Of the top 10 staked cryptocurrencies, the most rewarding crypto is Project Polkadot (DOT) which offers 13.92% on average.
The crypto staking platform, Staking Rewards, highlighted on Tuesday LUNA’s victory over ETH. While some crypto users have still debated that DefiLlama’s data contrasts with the numbers.
From DéfiLlama’s data, Ethereum is still trading above its competitors in TVL (total value locked) with a value of $111.4 billion.
Moreover, at the other end, the total locked value of LUNA has accumulated $23.35 billion. These values include the total collateral locked on the DeFi (Decentralized Finance) protocols, not only the ETH staked on the crypto staking platform, Beacon Chain, but therefore the differences.
Currently, Beaconcha.fr Data from Explorer shows over 9.7 million ETH tokens staked, accumulating at $26.5 billion, matching data from Staking Rewards. Also, a similar trend established by both aggregators is that LUNA values have recently been boosted.
Over the past week, LUNA’s TVL has increased by 26.905%. And it overtook smart channel BNB, which has a TVL worth $12.03 billion and is currently in third place.
Staking rewards define the differences between TVL metrics and staked value
Data aggregator, Staking Rewards, explained the notable differences between TVL metrics and staked value. TVL metrics include total assets stored in DeFi protocols for components such as loans.
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Over the past month, LUNA’s price has jumped 78.4% and is currently trading at $89, with a market capitalization of $34.5 billion.
Featured image from Pixabay, chart from Tradingview.com