New LUNC holders are closely following the incessant developments about LUNC following the coin’s launch on May 28. One of the new developments is LUNC staking. So how is LUNC staked?
The Terra crash after Terra’s stablecoin, UST, lost its stability against the dollar, caused serious collapses in the market. Then, two new tokens, Terra Classic (LUNC) and Terra (LUNA) were released by hard forking Terra, one of the plans to save Terra.
How is LUNC Staked?
The collapse of the billion-dollar ecosystem Terra in May 2022 went down in history as one of the biggest collapses in the history of cryptocurrency markets.
In the Terra LUNA crisis, the value of Terra’s native token LUNA, which aims to support the price of UST, the world’s largest algorithmic stablecoin, also dropped to almost zero in a single week. From the crash, Terra LUNA and USD were among the top 10 cryptocurrencies.
Terra’s founder, Do Kwon, launched Terra Ecosystem Revival Plan 2 after the ecosystem collapsed. On May 28, 2022, the brand new Terra Blockchain was launched. The blockchain, called Terra Classic, is still operational. Recently, LUNC has been experiencing an erratic increase in token price thanks to the v22 upgrade.
If you have LUNC in your wallet, you can stake your LUNCs to earn passive income.
After the v22 update, around 6 billion LUNC tokens were staked. If you want to stake your LUNC, you can follow the steps outlined below:
- Go to Terra Station.
- Link your Terra wallet by clicking the “Connect” button on the right side of the website.
- Choose any of the several validators mentioned on the staking page.
- After selecting your authenticator, click “Delegate” to continue.
- Type the number of LUNCs you want to stake.
- Confirm the action by clicking the submit button.
It is also considered by some to be safer and better to stake by delegating the LUNC to smaller validators. LUNC’s new V22 upgrade allows users to get some of what they lost in the May crash.
Whether LUNA can return to its former form in full force is a moot question. The cryptocurrency community will wait and find out. In addition, when we interpret the decisions made about Do Kwon, this situation becomes more and more difficult, and the desire to bring the founder Kwon to court is increasing day by day.
