At the current figure, the community needs 35B+ tokens to reach the 1 trillion staked tokens milestone.
The Terra Classic (LUNC) staking initiative is experiencing a significant surge in activity, as up to 1,762,058,462 (1.7 billion) tokens have been staked in the past 24 hours, increasing total staked tokens to a massive 964.6 billion. The current figure represents 14.06% of the asset’s total supply.
Rex “Rexyz” Harrison, a notable member of the TerraCVita development group, took to Twitter to draw attention to the significant momentum surge. According to Rex, the community is now approximately 35 billion tokens away from reaching the highly sought-after milestone of 1 trillion staked tokens.
Just over 35bn to go until 1tr $LUNC is taken out of circulation, and 1.8bn of that in 24hrs. #Crypto confidence in #LUNC is increasing. pic.twitter.com/33YY2rnzaO
— Rexyz (@RexYellerBelly) March 13, 2023
It should be noted that this is not the first time the community has witnessed such a significant surge in staking activity in recent times. For instance, on Feb. 14, over 3.5 billion tokens were staked in 24 hours, resulting in a total staked token count of 958.7 billion. Since then, over 5.9 billion tokens have been staked.
Classy, a prominent Terra Classic influencer, echoed the excitement of the broader community as staked ratio recently crossed the 14% mark.
$LUNC STAKING HAS NOW SURPASSED 14%!!!!! LFG pic.twitter.com/5aAzRs0Oea
— Classy 🔮 (@ClassyCrypto_) March 12, 2023
Data from StakeBin reveals that the community has staked 9.39 billion tokens over the past week. The majority of these token delegations were made to validators Allnodes and JESUSisLORD.
Notably, 800 million tokens were staked through Allnodes in a single transaction, while a whopping 1.97 billion tokens were recently staked through JESUSisLORD across two separate transactions.
Staking Impact on LUNC Price
The Terra Classic staking initiative, much like the burning campaign, is one of the avenues through which the asset can stage a recovery, and proponents such as Rex have repeatedly championed this narrative.
Two months ago, Rex asserted that achieving a staked token percentage equivalent to 75% of LUNC’s supply would be crucial in driving the asset’s value up by a significant margin of 100x. This ambitious goal would require a staggering 5.15 trillion staked tokens.