LUNA Overtakes Ethereum as Second Largest Staked Value Network

According to Staking Rewards, Terra (LUNA) has surpassed Ethereum (ETH) in terms of staked value, with LUNA having $29.5 billion locked in value compared to Ethereum’s $25.9 billion.

There are currently 226,325 LUNA stakers, making it the second most staked crypto asset, with more than four times as many stakers as ETH (54,768), according to the platform. Solana leads the way with $35 billion in staked value.

In terms of annual staking rewards, LUNA projects an average yield of 6.62%, compared to 4.81% for Ethereum. The highest return among the top 10 staking assets is Polkadot (DOT), accounting for 13.92%.

Staking Rewards highlighted the March 1 rollover, noting that LUNA has surpassed Ethereum in staking, however, some users pointed out that data from DeFi Llama appears to be quite different from these numbers.

Data from DeFi Llama shows that Ethereum has a total value locked (TVL) of $111.4 billion, higher than its competitors, while LUNA has a TVL of $23.35 billion. However, these numbers include collateral locked across DeFi protocols, not just ETH on the Beacon Chain, so there is a discrepancy. The Beaconcha.in explorer is currently reporting 9.7 million ETH staked, worth around $26.5 billion at current prices, which is similar to the Staking Rewards figure.

One trend both data aggregators have confirmed, however, is the recent surge in interest in LUNA. In the past 7 days, LUNA’s TVL has increased by 26.905%, which is much higher than the TVL of the third-ranked BNB Chain worth $12.03 billion.

Staking Rewards clarified that the staked value and TVL metrics are “completely different” because the latter can also use assets locked in decentralized finance (DeFi) protocols for functions such as lending.

At the time of writing, the price of LUNA has increased by 78.4% in the past 30 days to approximately $92.84, while its market capitalization currently totals $34.5 billion.

As previously reported by Cointelegraph, LUNA’s bullish recovery comes on the back of the Terra protocol, which burned 29 million LUNA tokens ($2.57 billion) worth at the end of last month. The move coincided with an increase in the supply of LUNA-backed stablecoin TerraUSD (UST) by more than 14.5% to 12.92 million tokens.