As part of the drive to boost the price of LUNC, Terra Classic community members continue to stake as well as burn hefty volumes of the token. At press time, more than 14% of the total supply of Terra Classic has been staked in a bid to make the token a bit scarce in the market.
Staked LUNC Increases
The cumulative LUNC staked saw a significant increase on the 2023 Valentine’s Day as an additional 3.5 billion Terra Classic tokens were locked up in stake pools by several Terra Classic enthusiasts.
This update was shared by Rex “Rexyz” Harrison, a senior member of the independent Terra Classic development group — TerraCVita, who recently told the Terra Classic community that the fastest way to boost the price of LUNC by 100x and more is by engaging in a more rigorous staking practice.
As stated by Rexyz on Monday, LUNC staking would greatly help to reduce the token’s circulating supply, increase Terra Classic network security, intensify LUNC uptrend pressure as well as attract more investors to the project.
According to data extracted from the Terra blockchain analytics platform, Smart Stake Analytics, the total number of LUNC staked has clocked 958.9 billion at the time of writing. This further shows that roughly 14% of the token’s total supply is not in circulation at the moment.
Additional 3.5bn staked in one day.
Only 42bn to go.#Crypto if you want to be where the action is get staking on #LUNC ❤️https://t.co/zQvNSIWFlx https://t.co/wqvGSaK7Zr pic.twitter.com/NQcAS9NCCI— Rexyz (@RexYellerBelly) February 14, 2023
There is a Need for More LUNC Staking
Therefore, the community only needs to stake an additional 41.1 billion tokens to reach their golden 1 trillion staked LUNC threshold. With more entities staking heavy LUNC amounts like the popular centralized exchange Kucoin, the goal would be achieved in a short timeframe.
Read Also: LUNC Developer Pinpoints Top Seven Risks Facing Terra Classic Blockchain
Recall that the Seychelles-based crypto exchange staked a total of 47.9 billion LUNC tokens at once on Wednesday to register its prominence in the fast-growing community yet again. That is, Kucoin became a Terra Classic validator once again after its validator node undelegated 48 billion LUNC on December 30.
Although the exchange gave a valid reason for its massive undelegation, the action incited a soft level of FUD in the Terra Classic community which triggered a decline in the asset’s price at the time.
However, LUNC and USTC have been performing moderately amid the market-wide correction caused by the recent SEC regulatory attacks on Kraken and Paxos. TerraClassicUSD rose by over 15% yesterday after CZ Binance admitted that USTC has the right vision although it failed mysteriously in May 2022.
