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Lunc Staking, The Luna classic coin has been gaining so much traction over the past few days, and it’s being discussed in every notable crypto community, and its mentions have increased across different social media platforms, especially Twitter.
This massive traction was influenced by the new development in the Terra classic blockchain that was recently announced by a DAO community named “LUNC DAO”.
The development is a staking feature in the network that will allow Luna community to support in revival of the coin. Lunc staking happened to be welcomed by the Luna classic community as they are enthusiastic about reviving the Luna classic token and the ecosystem at large.
Hence, many more people are also eager to know how to stake Lunc, this article will take a deep dive into Lunc staking and an easy-to-understand guide on how to stake Luna classic and earn rewards. But before then, it’s essential to know more about LUNC DAO — a DAO community that makes this new development a success.
What Is LUNC DAO?
LUNC DAO can be considered the current lifeblood of the Terra classic blockchain network. The DAO is an organized community where everyone has a voice in the ecosystem.
The DAO (Decentralized Autonomous Organization) will give the community power to govern the Terra classic ecosystem and vote for any update, development, and changes in the ecosystem.
After the Luna classic massive crash that happened a few months ago due to the UST (terra algorithmic stablecoin) depeg, a “burn event” was requested by the community to reduce the Lunc token supply and revive the price back.
But it seems the co-founder of Luna, Do Kwon, turned a deaf ear to the community recommendation, and, thus a new Luna chain was created.
The old chain was rebranded to “Luna Classic (Lunc)” while the new chain was named Luna.
However, some developers and community builders that have built protocols including Prism protocol in the blockchain network since its inception have decided to build a DAO — the aim is to revive and bring the Lunc coin back to life as stated in a tweet.
How To Stake Lunc And Earn Reward
The new development in the Terra classic blockchain network has amassed positive results for the token, LUNC — as the DAO made it known in the aforementioned tweet that the milestone of staking was reached within a few hours after the development updates.
They believe this development will help the Lunc coin that has been perceived as a dead bone to rise back again and shock the crypto enthusiast, thus a reason for you to participate in the Lunc staking.
If you’ve decided to stake Lunc coin in different platforms, then read along and follow the guides below.
How To Stake Luna Classic In Terra Station
If you want to partake in Lunc staking, it’s essential to know how to stake Luna classic in Terra station.
Now let’s get to the full guides:
- Create a Terra station wallet
The first you should do if you want to stake Luna classic in Terra station is to have a Terra station wallet by creating it.
This is because the wallet is where all the staking procedures would take place.
- Buy Lunc token on a crypto exchange platform
The next step to take after creating a wallet successfully is to buy the Lunc token that you want to stake in Terra station. There are a wide range of crypto exchanges such as Crypto.com, Binance, Huobi global, etc that support buying and selling of Luna classic coin.
You can select any of them based on your preference and utilize the deposit methods available on the platform to fund your wallet with USDT or BTC to buy LUNC.
- Send Lunc To Terra station and delegate
After you’ve successfully bought the Luna classic coin, you would need to withdraw LUNC bought to the Terra station wallet that you’ve created.
Then on the Terra station page, click on “stake” and select the validators you would like to delegate your LUNC to, and click on “delegate”, and input the amount of LUNC you wish to delegate to confirm the transaction.
How To Stake Luna Classic On Crypto.com
Crypto.com claims to be the world’s fastest crypto platform and it enables users to buy and sell a wide array of crypto assets, 250+ crypto assets can be traded on the exchange.
The exchange platform enables users to deposit funds in their account with different deposit methods including bank transfer, and debit/credit card. Another amazing product of the platform is the branded visa card that enables users to top up their accounts or pay for anything online.
Crypto.com enables buying and selling of Luna classic coins and allows you to stake your Lunc to earn rewards. To stake Lunc on Crypto.com, you need to register an account with the exchange platform, but you can skip that process and log in instead if you already have an account.
Once you’ve logged in, top up your account with the available deposit method and buy Luna classic coin on the exchange.
Lunc staking is supported in Crypto.com currently but seems to be available soon owing to the recent report on August 26 that cited support for the Terra classic network upgrades.
However, if the assumption could come true, you don’t need to send or withdraw the Lunc anywhere, what you just have to do is navigate to the staking page by clicking on the “stake and earn” button.
After that, you would select “Stake LUNC” and then input the amount of LUNC you would like to stake and click on “confirm”.
Luna Classic Staking Reward
There should be a benefit attached to staking your Luna classic coin, and thus the staking reward.
When you stake your LUNC by delegating them to a validator, you’d be earning a portion from the transaction fees in the Terra classic network.
How does LUNC DAO work?
LUNC DAO is a reliable and secure community validator. With this, you can stake your LUNC tokens and thus yield a return. This is employed to buy new LUNC tokens and then burn them. No monetary gain is induced by staking and it is much more of a voluntary contribution. With the help of that process, the amount in circulation is to be lowered. As a result, the value of the token will grow.
Who is behind LUNC DAO?
LUNC DAO was created by a group of developers and community builders who have been part of Terra Luna Classic since its birth in 2020. Many of the groundbreaking decentralized applications (dApps) in the LUNC ecosystem have been developed by LUNC DAO team members, including the Prism protocol with a joint TVL of $150 million.
A few months ago there was a recommendation to start a LUNC burn, which was already being asked by the community before the currency went down. The idea behind it is to decrease the amount in the circulation of Terra Luna Classic to raise the value of a coin again.
Should You still invest in Terra Luna Classic now?
The successful system of the validator and the resulting favorable effects show that the Terra Luna community is optimistic and willing to continue to help LUNC DAO. The commitment displayed has allowed the coin to grow rapidly over the past three months. This triumph should also be carried out in the following months and ensure an upsurge in the value of the coin.
This article explained an in-depth guide on Lunc staking, and also what influenced the sudden increase of the LUNC token.
The new staking feature in the Luna classic ecosystem has also indicated the community’s interest in the revival of the coin.
However, it’s worth noting that some investors are still skeptical about investing in Lunc due to the past crisis that happened in the network.