The total value staked on the Terra blockchain has exceeded the $30 billion thresholds. This development comes as the price of its native LUNA closes in on its record high. The digital currency is currently changing hands at $93.3, almost within touching distance of the $103 all-time high recorded late last year.
Data from StakingRewards showed that 40% of LUNA’s circulating supply is now being staked. This implies that token holders can now earn rewards for helping to secure the network. Furthermore, the current yearly rewards stand at 6.8%.
LUNA is benefitting from a broader recovery in the crypto market amid an ongoing geopolitical crisis in Eastern Europe, which became full-blown when Russia invaded neighboring Ukraine.
Developed by South Korean blockchain company Terraform Labs, Terra launched its mainnet in April 2019. After the launch, its native LUNA token took a while to really get going. However, earlier this year, the digital currency saw a massive explosion in growth, partly owing to its support for smart contracts and decentralized applications.
Currently, LUNA is used “in the issuance of stablecoins (TerraSDRs), as a price stability mechanism, as well as for staking and network governance.”
Terra developer Terraform Labs was founded in January 2018 by Daniel Shin and Do Kwon.
Image Credits: Pixabay
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