LUNA Topples ETH as the Second-Biggest DeFi Player Amid Price Surge

LUNA Topples ETH

Terra’s LUNA token is now the second-largest staked asset with $30 billion ahead of ether following a price surge in the past seven days.

Data from staking Rewards shows that most of LUNA’s $34 billion market cap comprises staked assets in multiple protocols. Ether trails at $28 billion in staked value.

Bridging protocol is the largest staking application in Terra’s network, whose 43,000 stakers earn an average of 7% return.

The report shows that users are getting more than 6.98% in annual yields, with about 41% of eligible digital assets being staked.

Solana’s SOL tops the list of the most staked assets with more than $40 billion, with users earning 5.86% in annual yields.

LUNA has surged 70% in the past seven days, supported by a bullish sentiment and a suitable fundamental aspect.

The network, which uses dollar-backed stablecoin to enhance global payments, has risen by 76,130% from about $0.12 in 2020.

Source: Coindesk

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