Amid the recent market correction that the crypto industry underwent, only a few cryptocurrencies were resilient and braved the storm; one of them is LUNA.
The Terra Luna has been strong enough to maintain its standing as the market correction rages on, seeing a host of top-performing digital currencies lose a substantial part of their value. LUNA has been steady for some time now, with its price about to reach $100.
At the time of writing, LUNA trades at a favorable price zone of $97.27, in contrast to the other top cryptocurrencies, whose price zones fall into negative territory.
The strong performance is attributed to the robust DeFi activities on the Terra blockchain, which have never been this busy, unlike before. Last week, Terra outpaced Ethereum’s 2.0 network in total staked value.
According to data gotten from the stake rewards, Terra is in the race to shorten the gap between it and
Solana is set to emerge as the most significant blockchain in terms of staked value. Solana’s stake value is currently $31.5 billion, while the overall market cap of Solana is $31.6 billion.
Terra is trying to do all it can to become a dominant player in the blockchain network and overtake Solana despite the market turbulence that has shaken the industry.
Terra has outperformed most of the leading digital tokens in the broader crypto market when most have witnessed market correction pressure over the last two weeks. The price of LUNA has been on an upward trajectory.
Ethereum 2.0 Witnessed More Than $10 Million Stake
As the LUNA is poised to make its way to the top of the staked value chain, ETH 2.0 has achieved an impressive milestone with 10 million Ether and above being staked on the Ethereum 2.0 blockchain, bringing the total stake value to more than $26 billion.
Staking is currently taking place on the deposit contracts on the Beacon Chain. In July, the Beacon Chain plans to merge with the Ethereum blockchain to replace the miners in phases. Achieving this would end the need for LUNA miners as the network is working towards efficiency.
How To Stake On The ETH 2.0
The current arrangement allows users to stake their existing Ether on the Ethereum 2.0 consensus layer. In order to participate, users are required to make a deposit and stake about 32 ETH in the Ethereum Launchpad to be eligible to land a validation status on the network.
Despite the widespread publicity, the move to Ethereum 2.0 has been moving at a snail’s pace, resulting in other Ethereum Layer-1 rivals gaining the upper hand. Another negative outcome is the share of Ethereum dropping, declining in the DeFi ecosystem each passing month as its competitors like Terra, Avalanche, Solana, and others make inroads, leaving Ethereum behind.
Still, Ethereum 2.0 can surpass its competitors, depending on how the network shifts its focus and its strategies to outperform others.