Total amount of Luna tokens staked down 62% from ATH even amid massive price rally

Terra has just lately made many headlines attributable to its meteoric positive factors. Sadly, this may often result in affirmation bias in how we view the stats behind our most beloved crypto property.

In the event you’ve been studying across the cryptosphere this week, you can be forgiven for believing that Terra is now the second-largest asset by staking worth. For instance, stakingrewards.com tweeted this week how Terra has overtaken Ethereum 2.0 staking.

Terra $LUNA is now the 2nd largest PoS community by Staking market cap having overtaken Ethereum 2.0 $ETH 🔥

Supply: https://t.co/R9BVR4Ce4W pic.twitter.com/33CgPrr99a

— Staking Rewards (@StakingRewards) March 1, 2022

While it’s true that Terra has seen a rise within the staked worth in $USD over the previous few weeks, this doesn’t inform the entire story.

Staked Luna down 416 million from ATH

Most individuals solely have a look at crypto charts in $USD, making it simpler to grasp in ‘actual world’ phrases. Nonetheless, if we have a look at the present worth of Terra staked in $USD, we’re presently at an all-time excessive of round $25 billion. This paints an image that buyers are extra bullish than ever on staking Terra.

Nonetheless, once we look as an alternative on the precise quantity of Terra staked, we get a totally completely different story.

The all-time excessive for the quantity of Terra staked was again in July 2021 at round 667 million Terra while at this time’s TVL sits at simply 280 million Terra. If we zoom in additional, it worsens as we’re not even at a neighborhood excessive, with the locked worth dropping 19% since February 18.

This doesn’t instill the arrogance that different headlines focusing solely on the $USD worth are purporting. Nonetheless, whether or not buyers are unstaking to take income from the current 78% positive factors is anybody’s guess at this stage.

Has Luna overtaken ETH2.0?

Now, let’s have a look at the information that helps the idea that Terra has overtaken ETH2.0 staking. As we will see, this primary chart from stakingrewards.com does the truth is present Terra forward of ETH2.0 and second solely to Solana.

Nonetheless, the same chart from defillama.com means that Ethereum has over $100b extra in locked worth and, the truth is, Terra is forward of Solana by fairly some margin.

So. How can this be? Maybe, there’s a conspiracy to make Ethereum look inferior by some events? Is one dashboard extra dependable than the opposite?

The quick reply isn’t any. DeFI Llama appears at greater than Eth2.0 staking when calculating TVL figures. For instance, the than its counterpart, which seemingly explains the distinction in reported complete staking worth.

It’s important to look past simply the $USD worth when assessing crypto property. A pump equivalent to that skilled by Luna will trigger a correlating surge in staking values for the asset in query. Consequently, staking outflows can cover from the untrained eye. Moreover, not all dashboards use the identical knowledge, so there is usually a lot to be realized by exploring completely different platforms.