Terra Set to Become the Largest Blockchain By Staked Value, Ethereum 2.0 Hits A Milestone

One cryptocurrency which has been largely resilient to the recent cryptocurrency market correction is Terra’s LUNA. It has succeeded in holding its guard with the LUNA price inching closer to $100. As of press time, LUNA is trading in the positive territory at a price of $97.27, unlike other top ten cryptocurrencies.

The performance comes on the backdrop of strong DeFi activity on the Terra blockchain. Last week, Terra surpassed Ethereum 2.0 in terms of total staked value. As per data from Staking Rewards, Terra is closing the gap faster with Solana to become the largest blockchain by staked value.

Currently, the total staked value on Solana is $31.5 billion while that on Solana is $31.6 billion. Terra’s (LUNA) rise despite the recent market turmoil makes it clear that it is soon to grab the dominant position.

Terra’s LUNA has outperformed the broader crypto market! While a majority of the cryptocurrencies witnessed severe correction in the last two weeks, the LUNA price has nearly doubled.

More Than $10 Million Staked In Ethereum 2.0

On the other hand, Ethereum 2.0 also goes to achieve an important milestone. More than 10 million Ether (ETH) have now been staked on Ethereum 2.0 blockchain with the total staked value crossing $26 billion.

All the staking is currently happening on the deposit contracts on the Beacon Chain. By this July, the Beacon Chain is likely to merge with the existing Ethereum blockchain and replace miners.

Under the current arrangement, users can stake their existing ETH on the Ethereum 2.0 consensus layer. In order to participate, each user needs to deposit and stake 32 ETH into the official Ethereum launchpad in order to acquire a validation status on the network.

The transition to Ethereum 2.0 has been relatively slow as a result of which other Ethereum Layer-1 competitors have been gaining ground. We have been seeing the share of Ethereum dropping in the DeFi space every month as other competitors like Solana, Terra, Avalanche, etc make inroads.