Crypto Exchange KuCoin Restarts Terra Classic (LUNC) Staking
- KuCoin has rejoined the LUNC chain as a validator, giving it a voting power of 5.09%.
- The exchange allocated 47.9 billion $LUNC.
Initiating staking for LUNC was a long overdue move, and the crypto community has embraced KuCoin’s initiative. After delegating 48 billion LUNC in January 2023, the cryptocurrency exchange has brought back its staking function. After 47.9 billion $LUNC were allocated, KuCoin may rejoin the LUNC chain as a validator, giving it a voting power of 5.09%.
Investors in the recently announced KuCoin Earn LUNC staking programme may anticipate a return on their money equal to 12% per year. While there is a 21-day grace period for returns. Perhaps in reaction to KuCoin’s LUNC delegation, the token’s price spiked in the last few hours, only to have those gains wiped out. As of the time of this writing, Terra Classic (LUNC) was down 2% over the last 24 hours.
Inspiring Investor Confidence in LUNC
By restarting staking, KuCoin was able to regain an impressive 5.09 percent of the total vote. According to the exchange last month, a modification in the pledge node of its internal financial account caused the validator to undelegate 48 billion LUNC. As a result, KuCoin’s position as a validator fell precipitously, to 46th ranking overall.
Staking is a major contributor to the Terra Classic community’s efforts to reduce the circulating quantity of the asset, alongside token burning, which remains a top priority. The decision by KuCoin to remove 47.9 billion LUNC from circulation at once should strengthen the value of the asset.
Additionally, KuCoin’s prominence as one of the largest exchanges in the cryptocurrency world suggests that this news ought to inspire renewed investor confidence in Terra Classic.
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