Interest in the Terra Classic project grows as more users lock their LUNC tokens on the chain for rewards. This has caused a significant increase in the total amount of LUNC staked as the community eyes the one trillion mark.
As part of the means to drive the value of LUNC up and also earn staking rewards, members of the Terra Classic community have been staking hefty amounts of LUNC in the past weeks. Recall that over 1.8 billion LUNC tokens were staked within 24 hours in March while over 3.5 billion LUNC were staked in a day around mid-February.
Accordingly, total LUNC staked has reached an all-time high as shared by Rex “Rexyz” Harrison, a prominent member of the community. Per the tweet, over 970 million LUNC have been locked in staking contracts by different users.
In response, Rexyz noted that the latest staking development is a great endorsement and confidence for the long-term future of LUNC. “Staking on LUNC reaches new highs, 1 trillion staked is in sight, this is a great endorsement and confidence for the longer-term future of LUNC,” Rexyz wrote.
Staking on $LUNC reaches new highs
1tr staked is in sight, this is a great endorsement and confidence for the longer term future of #LUNC ❤️ pic.twitter.com/auCK6Af0Q4— Rexyz (@RexYellerBelly) May 11, 2023
Although staking does not imply removal from circulation forever, Rex Harrison believes that the fastest way to boost the price of LUNC by 100x and more is by adding more Terra Classic tokens to the staking contract. Also, he maintains that staking would increase Terra Classic network security, intensify LUNC uptrend pressure as well as attract more investors to the once-broken project.
The Terra Classic community now sights the 1 trillion mark in terms of staked LUNC. With this high momentum, it could be achieved sooner than later. Despite this bullish development, a former Terra Rebels member noted that LUNC could drop over 81% if Bitcoin retraces to $22,500.
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