2 [MINE] Governance Staking over Time
MINE staking has maintained a steady state while LUNA has ramped up
Since launch, the amount of MINE staked quickly ramped up to nearly 180M on July 25th. Surprisingly, on this day alone the amount of MINE staked went from ~40M to ~180M! Since then the amount of MINE has been moving up and hovering between ~200M and 300M USD.
LUNA staking on the other hand was in a constant decline and reached a low point of around 144M staked LUNA just before the Columbus-5 upgrade. But since the Col-5 upgrade, the staked LUNA has ramped up to almost 300M LUNA. This is likely because of the increase in staking APY expected post-Col-5.
Significant patterns of stake and unstake around project launches
Many projects launching on Pylon require a certain amount of MINE staked for participation in the IDO swap process. The amount of MINE staked directly correlates to how many project tokens a user can buy.
On many occasions, there have been significant patterns of staking building up to the project launch date followed by unstaking of MINE. Here are some project launches and dates to notice on the chart below.
- August 21st, 2021 - TerraWorld failed launch
- August 29th, 2021 - TerraWorld swaps cancelled
- October 6, 2021 - Valkyrie
The staking and unstaking activity does not seem to be affected by the price of LUNA.