Terra LUNA overtakes Ethereum to become the second-largest staked crypto asset

Terra network's crypto move to its new all-time high and becomes the second-largest Proof-of-Stake (PoS) network by staking rewards

Terra network’s native token Luna has surpassed Ethereum in terms of of staked value and become the second-largest staked crypto asset after Solana with around $30 billion in staked value.

According to data from Staking Rewards, 40,81% of all eligible Luna tokens are being currently staked with $26 billion in staked value, making it the second-most staked crypto asset with way more the number of those staking ETH ($24,8). Solana still leads the staking charts with less than $33 billion in staked value.

Staking is the process of participating in transaction validation on a proof-of-stake blockchain by pledging or locking up crypto assets to a cryptocurrency protocol for a period of time. For providing this services to the blockchain, validators gain a reward from the network.

Over the last week, Terra LUNA has witnessed a strong rally registering the highest gains at 77% among all the top ten cryptocurrencies.

One of the reasons why Terra LUNA is growing so much and in such a short time comes from the announcement of the Luna Foundation Guard, the non-profit organization that leads the Terra blockchain ecosystem which it has claimed to have raised through the sale of its token over 1 billion dollars (in particular from the crypto firms Three Arrow Capital and Jump Crypto). This money will be used to create a Bitcoin denominated Forex reserve for UST.

Its value currently stands at $ 78, marking a 78% increase over the past seven days. An achievement that makes Terra LUNA the seventh largest cryptocurrency by market capitalization reaching $ 27.77 billion (at the time of writing). In its progression, LUNA also surpassed Cardano in terms of market cap.

Analysts expect this crypto to grow further.