Terra Luna Classic Staking Nears All-Time High Amidst Major LUNC Burns

• The Terra Luna Classic staking ratio is approaching a notable milestone.
• The network has seen a substantial increase in staked LUNC recently.
• Both LUNC and USTC have shown price movements in the past 24 hours.

Discover how Terra Luna Classic’s staking ratio is nearing an all-time high amidst large-scale LUNC and USTC burns linked to Terraform Labs’ wallets.

Terra Luna Classic Staking Ratio Nears Record High

The Terra Luna Classic staking ratio has moved closer to its peak, nearing an all-time high of 15.16%. The community has shown positive sentiment with an increase in the number of tokens being staked. Cumulatively, 1.025 trillion LUNC have been staked, driven by major delegations to validators within the last 24 hours. There is optimism among stakeholders that the staking ratio could eventually rise to 20%.

Significant Influx in Staked LUNC

According to data from StakeBin, over 1.025 trillion LUNC have now been staked on the network, with a significant contribution happening recently. Mr. Diamondhandz1, the owner of the LuncLive validator, announced that their validator achieved a milestone of over 21 billion LUNC staked. A notable 1.3 billion LUNC ($90k) was staked in a single transaction from a Binance wallet, emphasizing the increased confidence in the network.

LUNC and USTC Show Price Movements Amid Market Rebound

LUNC saw a price increase of over 1% in the last 24 hours, currently trading at $0.00007175. Although it did not break past the $0.000072 level, the community remains optimistic about future growth, especially with the ongoing token burns by Terraform Labs. LUNC’s 24-hour trading volume has, however, decreased by 32%, suggesting lower trading activity. On the other hand, USTC has seen a 0.69% price increase, with its price now at $0.0161. USTC’s trading volumes declined by 52% in the last 24 hours, indicating a similar decrease in trading interest.

Oracle Split Logic Development Completed

The Terra Luna Classic developer Fragwuerdig has completed the development of Oracle Split logic, which aims to divert community pool rewards from tax burns to the Oracle Pool (OP). This development is expected to boost long-term staking rewards. A proposal will soon be submitted to gain validator and community approval for updating the terrad client to version 3.1.0, marking another significant improvement for the network.

Conclusion

As Terra Luna Classic’s staking ratio nears historic highs, the community celebrates yet another milestone. With significant token staking and strategic developments like the Oracle Split logic, the network shows promising potential for long-term growth. Investors and community members remain hopeful for future advancements and market rebounds.