Terra Classic (LUNC) Socializes as Staking Gains Momentum with Over 28 Billion Tokens Staked in 3 Hours

– Advertising –

Terra Classic (LUC) staking appears to be gaining momentum, with holders staking over 28 billion in 5 hours on Monday.

The LUNAtics community is not giving up on the Terra project as easily as the great crypto space expects. Recent activities by the LUNC community highlight renewed hope in the project. From the burn tax proposal to the staking initiative, developers are pulling out all the stops to revive LUNC.

The move appears to be intensifying as data suggests holders staked 28B LUNC in 3 hours after the staking initiative was introduced.

LUNC Burn – an unofficial Twitter account that tracks all LUNC burns live – shared the data in the final hours of Monday.

“We are currently at $528.8 billion staked Lunc, an increase of $28 billion over the past few hours. 7.66% of the total supply blocked”, the account noted in a tweet. A screenshot has been shared to corroborate the alleged numbers.

According to the screenshot, as of September 5 at 22:58 (UTC), the LUNC community has staked around 528 billion LUNC tokens. This figure represents a staggering 7.66% of the entire circulating LUNC supply of 6.9T tokens. The data points to massive growth in staked tokens as ten days ago – August 27 – there were only 101 billion LUNCs staked.

Moreover, this represented an addition of 28 billion tokens staked in 3 hours. A Twitter bot account that automatically tracks staked numbers corroborates the data. According to the data from the bot, the amount of LUNC staked on September 5 at 6 p.m. (UTC) was 500 billion tokens. Surprisingly, this value rose to 528 billion tokens as of 9 p.m. (UTC).

28B added to staking:

The Terra community will vote for the 1.2% tax cut proposal on September 10

The number jumped to 537 billion at the time of reporting, representing 7.79% of the circulating supply. Despite the reduced pace, the massive increase in staked tokens translates into renewed confidence in LUNC.

LUNC staking helps with the price action of the asset, as it removes a significant amount of the asset from circulating supply, further limiting its supply. Price action on the asset also remained promising, instilling more confidence in the space.

After falling off Tuesday’s high of $0.00044, LUNC slipped to a 2-day low of $0.00034 today. Nonetheless, the asset has recently staged another comeback as it is currently trading at $0.00042 at press time. With a 162% gain over 7 days, LUNC remains the highest paying asset over the past week.

Additionally, social crypto-intelligence platform, LunarCrush has ranked LUNC as the asset with the highest combined social and market activities.

Despite these promising moves, Terra supporters show no signs of slowing down. Basic Crypto recently revealed that the community had chosen September 10 as the date to vote for the 1.2% tax reduction mechanism.

If the poll is in favor of the proposal, the initiative will come into effect on September 20. This will further help reduce the circulating supply of LUNC, an exercise that could prepare the asset for larger gatherings.

– Advertising –

Joel C. Hicks