LUNC staked tokens has surpassed 900 billion again.
Rex Harrison (AKA Rexyz), a senior member of the independent Terra Classic development group TerraCVita, took to Twitter to announce the remarkable feat, saying:
“According to Smart Stake, we’ve just smashed $900bn $LUNC staked.”
According to Smart Stake we’ve just smashed $900bn $LUNC staked.Again even more massive news. 1 trillion… let’s make it happen. pic.twitter.com/bfguzmqiCF
— Rexyz (@RexYellerBelly) January 20, 2023
LUNC Staking Gains Momentum Amid Growing Utility
The development comes hours after the Neblio blockchain platform announced it would be launching a new mobile wallet with a built-in LUNC staking functionality. Neblio also noted that the wallet would feature a cross-chain staking mechanism between its native token, dubbed NEBL, and LUNC.
The cross-chain staking mechanism will allow users to stake LUNC in order to earn NEBL and also stake NEBL to earn LUNC. Interestingly, the Terra Classic community took the campaign seriously, which saw the number of staked tokens surpass 900 billion. According to the data shared by Rexyz, the total staked LUNC sits at 901 billion.
Recall that LUNC staked tokens had surpassed 900 billion in December. Following reports that some members of Terra Rebels misappropriated $150K worth of community funds, the number of staked tokens declined to 850 billion.
The incident also affected the price of the crypto asset at the time, as many Terra Classic community members lost faith in the crypto project due to the funds’ misappropriation carried out by some Terra Rebels members. Interestingly, LUNC staking has gained momentum again, as the number of staked tokens surpasses 900 billion.
LUNC Surges 10%
The development contributed significantly to LUNC’s price. In the early hours of today, LUNC soared nearly 10%, pushing the price of the crypto asset to $0.0001755. At press time, LUNC is changing hands at $0.00017349.
Meanwhile, the LUNC burn campaign has remained on track, with millions of tokens incinerated daily. On January 18, the Terra Classic community burned 5,096,362 (5M+) in one day. Out of the 5M+ LUNC tokens burned, independent Terra Classic validator LUNC DAO incinerated 2.6M LUNC tokens.