Cryptocurrency Terra (CRYPTO: LUNA) has surpassed Ethereum (CRYPTO: ETH) to emerge as the second-largest staked asset among major cryptocurrencies.
What Happened: LUNA’s staked value was $30.67 billion compared to its market capitalization of $35.17 billion, as per data from StakingRewards. LUNA is the native currency of the Terra blockchain payment network.
Solana (CRYPTO: SOL) is the largest-staked cryptocurrency with $39.80 billion worth of SOL staked directly on several platforms, while Ethereum ranks third with a staked value of $28.18 billion.
LUNA’s participants are earning over 6.98% in annual yields and a total of 41.4% of all eligible tokens are staked, as per the data.
Cryptocurrency savings platform Orion.money holds the largest amount in staked LUNA — worth $2.04 billion, followed by South Korea-based B-Harvest with $1.45 billion.
See Also: How to Buy Terra (LUNA)
Why It Matters: Staking is a way to earn passive income from using a holder’s cryptocurrency on the blockchain or allowing third parties to lend the holder’s cryptocurrency to investors.
Luna’s emergence as the second-largest staked asset comes following a nearly 64% surge in the token’s price over a seven-day trailing period, as per CoinMarketCap data. It is the second-largest DeFi protocol behind Ethereum and ranks seventh among the largest cryptocurrencies in terms of market capitalization.
The token is down 9.3% from its all-time high of $103.33 touched in December last year.
Price Action: LUNA is up 6.3% during the past 24 hours, trading at $93.84 at press time. Ethereum is up 2.2% during the period to $2,983.63.
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