A recent surge in Terra (LUNA)’s price has pushed the total value staked to over $30 billion, suddenly surpassing the total staked value of Ethereum (ETH).
Data from Staking Rewards shows the staking value comparisons as well as the annual yields. 41% of all eligible Terra LUNA tokens are staked at this time, and the investors are earning over 6.90% in annual yields. Ethereum for the time being lands in 3rd place behind LUNA and Solana (SOL) which remains the token with the highest value staked at a value of over $34 billion. The Terra LUNA price has risen close to 70% in just the past week alone showing positive sentiment.
What is Crypto Staking?
Staking crypto lets you earn income with your held crypto by contributing to the Proof of Stake (PoS) network of that particular asset. Staking allows crypto investors to lock up their tokens and play a role in securing the network and making the network more efficient in exchange for rewards, usually of the same token. Investors can stake their eligible crypto tokens of choice and can earn average annual yields between 4% and even upwards of 30% depending upon the coin and its value. When the coins are staked you do not have access to them for the time period specified.
Terra Luna is widely considered one of the fastest-growing cryptos in the space and a direct competitor to Ethereum and Solana. Within a short time period Terra LUNA has surpassed extremely popular cryptos like Dogecoin, Shiba Inu, Litecoin and a multitude of others. It now sits at #7 in terms of market cap overall. Terra LUNA is one of two tokens issued by Terra, it also uses a stablecoin UST that is pegged to the US Dollar to build a global payments system. The popular token has enjoyed a nearly 76,000% rise in price since lows of $0.14 in March of 2020.
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