The bot account LUNC staking, which monitors LUNA Classic (LUNC) staking activity on Twitter, tweeted today that over 62.9 billion LUNC had been staked thus far, accounting for 10.237% of the entire supply, with 50 billion LUNC staked on KuCoin in a single day.
KuCoin staked a staggering 50 billion LUNC yesterday, making it one of the biggest cryptocurrency exchanges, per data from Smart Stake Analytics. It’s still unclear why the change was made.
However, it considerably raised the exchange’s staking power to 8%, elevating it to the top 5 validators in terms of voting power. The action suggests that there may be some long-term optimism about the asset’s future, which calls for greater involvement.
Last Saturday, it was announced that more than 56.6 billion LUNC had been staked in total. Additionally, the most recent data shows an increase of 63 billion over the previous five days.
It is important to note that the increased staking of LUNC tokens is a positive indication for the network, demonstrating a strong long-term investor view and reducing selling pressure and circulating supply.
One of the first actions taken by the LUNC community after taking over the network as they navigate a road to recovery after the Terra ecosystem collapse in May was to resume staking.
Staked LUNC is locked for 21 days and receives rewards up to 37.8%. Deposits have no minimum requirement.
For on-chain LUNC transactions, the 1.2 tax parameter modification became live yesterday. Over 100 million LUNC have already been burned to lower the supply of the cryptocurrency, with the majority of that number occurring after KuCoin enacted a tax on deposits and withdrawals.
As the cryptocurrency markets seem to be stabilizing following the Fed’s 75 basis point rate hike, LUNC is currently trading at the $0.0002864 price level, up 0.38% over the last 24 hours.