Terra station is the home wallet for Terra money, a blockchain network that only focuses on stablecoins and open decentralized finance infrastructure. On the Terra network, you can find a wide range of crypto stablecoins pegged to a number of fiat currencies. They are all kept stable by Terra’s native token Luna via a series of algorithms.
The Terra station, or the Luna wallet on Terra station, is where users can delegate Luna to validators in a process known as staking. It is through delegating Luna that Terra is able to keep their various stablecoins pegged to their respective fiat currencies. In return, the users who delegate Luna are rewarded with weekly prizes commonly referred to as airdrops.
The Luna token plays a big role in the Terra network. This is a big reason why it is becoming both more popular and more valuable. Crypto enthusiasts are now aware of how staking and owning Luna can be rewarding and this is a reason why many of them are interested in Luna wallets. In this post, we share all you need to know about the Luna wallet on Terra station.
What is Luna?
Luna is Terra money’s native token. It is the asset that lays the foundation for the entire Terra ecosystem. The Terra network’s aim, in the long run, is to provide various functions such as payments and find alternatives or solutions to the challenges facing the traditional financial ecosystem—all in one blockchain network. This is to be achieved by using various stablecoins that are all pegged to different fiat currencies. Luna will be used to collateralize the mechanisms put in place to achieve the stability of these stablecoins.
The primary role for Luna is maintaining the value of the Terra tokens through staking. Luna holders stake their tokens for some specific period and are rewarded with staking rewards for taking the risk. You can browse through the Loop website to learn more about the Luna wallet on Terra station and how to open one.
How to download a Luna wallet
The Luna wallet on the Terra station can either be set up using a desktop app or a chrome extension on your chrome browser. The desktop wallet can be downloaded from https://station.terra.money/wallet and the Chrome browser extension can be found at https://chrome.google.com/webstore/detail/terra-station/.
Getting started with the Luna wallet on Terra station
First, download the wallet version that you feel suits you. After successful installation, launch the wallet and select the option to create a new wallet. Here you will be required to fill in details such as your username or wallet name, your password, and a seed phrase. It is important to make sure that your seed phrase is safely stored somewhere else (and if possible) not in an online platform.
The seed phrase helps you recover your wallet if you forget your password. Proceed to the next button where you will be asked to verify your seed phrase by completing some of the words contained in the phrase. Once successful, select next, and the Terra station dashboard will appear. Here various functions will appear including depositing Luna to your wallet as well as staking.
How to stake with the Luna wallet on Terra station
It is actually very simple to stake Luna once you have deposited the tokens into your account. On the left side of the dashboard, there is a menu. Open the menu and the staking tab will appear. Select the tab and you will see the Luna tokens available for staking. A list of active validators will appear and you can select one of a number of them to delegate your tokens to. Click on the delegate option to stake your tokens.