Terra blockchain is surprisingly becoming very popular. Apart from supporting the exchange of cryptocurrency for fiat money and crypto swap, it is the home of many upcoming crypto smart contracts. If you are curious about Terra blockchain and how it works, then you are in the right place.
Terra is a decentralized finance (DeFi) platform, meaning that there is no single entitle controlling its operations. Decisions are made on a consensus platform by LUNA holders. LUNA is the native token in the blockchain and one requires a LUNA wallet to stake the token, sell, or receive.
How to Get a LUNA Wallet on Terra Blockchain
The first step is to get a LUNA wallet on the Terra blockchain. For this, you have to download the Terra station on your PC or phone. Once the software or app is ready, create a new wallet with a name and password. Apart from the name and password, you will also create a seed phrase to use for recovery in case you lose your credentials. Voila! Your wallet is ready.
It is worth mentioning that you can install the LUNA wallet on third-party platforms that support the coin. To discover this, visit the web and read more about the LUNA wallet on Terra blockchain and other platforms.
Loading Your LUNA Wallet on Terra Blockchain
Before using the Terra LUNA wallet, it is normal to get anxious and a little nervous, especially if you are a first-timer. The first step would be to load it with LUNA so you can stake it. Place either a market order or limit order on the Terra LUNA platform or any other exchange that supports LUNA. Depending on the country, you will be required to give personal information.
How LUNA Wallet on Terra Blockchain Works
Now that your LUNA wallet on Terra blockchain is loaded, there are many things you can do. First, you can trade LUNA actively to make a profit. To sell, you should use the Terra blockchain or any other supported crypto. One cannot trade what is in their LUNA wallet, so you will need an account with a supported exchange where you will transfer the LUNA you intend to trade.
But this is just one investment option. There are many other things to do including staking LUNA to earn an APY. This is better done on the Terra LUNA blockchain. Choose to stake LUNA on any of the protocols depending on the benefits you will get. For instance, you could try the Mirror, Pylon, or Anchor protocols, which are well-established.
LUNA wallet on Terra blockchain also helps you to gain and store other tokens and coins on the blockchain such as ANC, MIR, and others. It is a dynamic wallet that accommodates other coins as long as they all belong to the Terra blockchain.
Final Words
With LUNA wallet on Terra blockchain, you are open to numerous earning opportunities. Now that you know how to open one, load it with cryptocurrency, and use it, it is time to make this a reality.