KuCoin, a top crypto exchange based in Seychelles, has once again become a Terra Classic validator and registers its prominence in the fast-growing community with a whopping amount of staked LUNC tokens.
As recently shared by Rex Harrison, a notable member of the Terra Classic community, the prominent exchange staked a total of 47.9 billion LUNC tokens at once. With this recent addition, the total number of staked LUNC now stands at 946 billion, representing 13.8% of LUNC’s total supply.
It should be noted that KuCoin made this notable comeback after they undelegated 48 billion LUNC tokens about two months ago.
According to Rex in a tweet, the new development could serve as a massive boost of confidence in Terra Classic (LUNC).
Rexyz tweeted, “Kucoin Stakes 47.9bn ($8.7m). This is a massive boost of confidence in LUNC Raising total staked by 0.8% to 13.8% and total staked to 946bn. Nearly 1 trillion total removed from circulation.”
🚨Massive News🚨
Kucoin Stakes 47.9bn ($8.7m)
This is a massive boost of confidence in #LUNC
Raising total staked by 0.8% to 13.8% and total staked to 946bn.
Nearly 1 trillion total removed from circulation. pic.twitter.com/pyCWjsyMJx— Rexyz (@RexYellerBelly) February 8, 2023
It’s generally known that reducing LUNC circulating supply is paramount to the Terra Classic community. Although the move initiated by KuCoin did not burn any token, staking also helps in achieving relatively the same goal, since the whopping token will remain unmoved for a very long time and probably helps the token’s price ascent.
Read Also: Terra Classic Price Target Predicted as LUNC 24 Hours Trading Volume Surpasses $130 Million
In a recent tweet, Classy, a LUNC influencer, also acknowledged the significance of the new development.
Classy wrote, “One of the largest centralized exchanges KuCoin has now entered the LUNC chain once again as a validator.”
One of the largest centralized exchanges #KuCoin has now entered the $LUNC chain once again as a validator 👀 pic.twitter.com/kAqtr4ANma
— Classy 🔮 (@ClassyCrypto_) February 8, 2023
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