Over the past week, the price spike of the LUNA token has made it the second most dominant digital currency in TVL, leaving Ether behind. In addition, a data source reported this data, showing that Terra's LUNA coin surpassed Ether and now has a total value of over $28 billion locked up.
According to the data report, the Terra cryptocurrency project has more than 226,325 pledgers, pledging LUNA tokens worth $29.5 billion. Thus, pushing the network into second place, ahead of Ether.
Staking Rewards also released a report showing that LUNA recently had more than the total value of ETH tokens locked up based on its network. By the numbers, LUNA has over $29.5 billion in LUNA tokens locked up for pledging. In comparison, Ether has $25.9 billion worth of pledges locked up in its network.
Terra over the rest of the Ether
Looking at the platform's data, LUNA has over 226,325 token pledges. It just recently climbed to that position, toppling the number of ETH pledgers by more than four times, or 54,768. Terra is now right behind Solana, locking in a total value of more than $35 billion.
ETH rises above $2,500 | Source: ETHUSD on TradingView.com
LUNA is assessed to reward users with an average of 6.62% of their annual pledged revenue investment. However, ETH offers a pledge reward of 4.81%, which is relatively lower than Terra's pledge reward. Among the top 10 pledged cryptocurrencies, the most rewarded cryptocurrency is the Polkadot (DOT) project, which offers an average of 13.92%.
Cryptocurrency pledge platform Staking Rewards highlighted LUNA's victory over ETH on Tuesday. However, some cryptocurrency users are still debating how the data from DefiLlama compares to the data.
Looking at DefiLlama's data, Ether's TVL (total locked-in value) is still higher than its competitors, worth $111.4 billion.
Furthermore, on the other hand, the total value locked in LUNA is $23.35 billion. These values include the total pledges locked in on the DeFi (Decentralized Finance) protocol, including not only the ETH pledged on the cryptocurrency pledge platform Beacon Chain, but also the differences.
Currently, data from Beaconcha.in explorer shows that more than 9.7 million ETH tokens have been pledged, reaching a cumulative total of $26.5 billion, in line with Staking Rewards' data. Furthermore, a similar trend established by these two aggregators is that LUNA's values have recently been stimulated.
Last week, LUNA's TVL grew by 26.905%. It has overtaken the BNB smart chain, whose TVL is worth $12.03 billion and is now in third place.
The pledge incentive defines the difference between the TVL metric and the pledge value
The data aggregator Staking Rewards explains the significant difference between the TVL metric and the pledge value. The TVL metric includes the total assets stored in the DeFi protocol for components such as lending.
In the past month, LUNA's price has risen 78.4% and is currently trading at $89 with a market cap of $34.5 billion.
Featured image from Pixabay, K-line chart from Tradingview.com