Terra’s LUNA Passes Ether to Become Second-Largest Staked Asset

Some $30 billion worth of the tokens are staked by users to earn yields of just under 7%.

AccessTimeIconMar 2, 2022 at 7:36 a.m. UTC
Updated May 11, 2023 at 5:58 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

A price surge in Terra’s LUNA token over the past week has made it the second-largest staked asset among all major cryptocurrencies in terms of total value staked, according to a data source. LUNA surpassed ether, which has just over $28 billion in staked value at the time of writing.

  • Data from Staking Rewards shows over $30 billion worth of LUNA is now staked directly on various platforms, representing a majority of the token’s $34 billion market capitalization.
  • Participants are earning over 6.98% in annual yields. Some 41% of all eligible tokens are staked, the data shows.
  • Cross-chain protocol Orion.money holds over $2 billion in staked LUNA, the largest among all staking applications that support LUNA. Its 43,000 stakers generate nearly 7% in yields.
  • Former SEC Senior Trial Counsel on Spot Ether ETF Approval Outlook
    12:10
    Former SEC Senior Trial Counsel on Spot Ether ETF Approval Outlook
  • Former SEC Senior Trial Counsel on Spot Ether ETF Approval Outlook
    12:10
    Former SEC Senior Trial Counsel on Spot Ether ETF Approval Outlook
  • Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
    00:53
    Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
  • Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
    11:52
    Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
  • Terra is the second-largest staked asset. (Staking Rewards)
    Terra is the second-largest staked asset. (Staking Rewards)
    • Prices of LUNA rose nearly 70% in the past week amid strong fundamentals and positive sentiment among the community for Terra.
    • LUNA is one of the two tokens issued by Terra, a blockchain protocol that uses dollar-pegged stablecoin UST to build a global payments system. LUNA was among the best performing cryptocurrencies in the past two years with a nearly 76,130% rise since lows of $0.12 on Mar 18, 2020.
    • Staking in crypto refers to a process where token holders deposit – or lock away – a number of tokens to become active participants in running the network in return for rewards. The rewards are referred to as “yields” and are usually higher than those offered by traditional institutions on deposits.
    • Solana’s SOL tokens remain the most staked asset with over $40 billion worth of SOL staked on various platforms. Stakers earn some 5.86% in yields annually.
    • However, ether retains its crown in terms of total value locked on applications built on its blockchain. Over $118 billion is locked on Ethereum-based apps, compared with $23 billion on Terra-based apps and $7 billion on Solana-based apps, data from DeFiLlama shows.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Shaurya Malwa

    Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.