LUNA flips Ethereum becoming second largest network for staked value

Data from Staking Rewards shows that Terra (LUNA), which is Terra’s staked value, has flipped Ethereum(ETH) to $29.5 billion, compared to Ether’s $25.9 million.

According to the platform’s data, there are currently 226,325 LUNA holders. This makes it the second most-staked crypto asset, with more than four times as many ETH stakers at 54,768. Solana is the leader in staked value at $35 billion.

LUNA yields 6.62% annually in terms of annual staking reward, while Ethereum is worth 4.81%. Polkadot, (DOT), is the most profitable of all 10 staked assets with 13.92%.

Mar. Top 5 Networks by staked Value 4 –

Staking Rewards noted the flippening of March 1st, noting that LUNA staking had surpassed Ethereum. However, some users pointed to the fact that DeFi Llama data appears to contradict these figures in a dramatic way.

DeFi lama suggests different data
— Luna Studio.UST (@Luna_Studio_) March 2, 2022

DeFi Llama data shows that Ethereum outperforms its competitors in terms a total value locked(TVL) at $111.4 billion compared to LUNA’s TVL at $23.35 billion. These figures do not include collateral that is held across DeFi protocols. They also include ETH staked on DeFi’s Beacon Chain. According to the Explorer, 9.7 million ETH have been staked at current prices and are worth approximately $26.5 billion. This is comparable to Staking Reward figures.

Both data aggregators confirmed that there has been a surge in interest in LUNA. LUNA’s TVL has risen 26.905% in the last seven days and is now well ahead of third-placed BinanceSmart Chain (BSC), which boasts $12.03 billion in TVL.

Staking Rewards clarified staked value and TVL metrics can be “entirely different” as TVL metrics can also include assets that are locked in Decentralized Finance (DeFi) protocols to allow for features like lending.

The price of LUNA rose by a staggering 78.4% in the past 30 days, to $92.84 at the time this article was written. Its market cap is currently $34.5 billion.

Related: Rune’s upcoming mainnet launches and Terra (LUNA integration) set off a 74% rally

Cointelegraph previously reported that the asset’s bullish recovery is due to the Terra protocol burning 29 millions LUNA tokens valued ($2.57 billion) last month. This move was made as TerraUSD (UST), a stablecoin backed LUNA, increased by more than 14.5% to 12.92million tokens.

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