Welcome to this post, where we are going to see how terra station works and how you can staking your Luna in the safest way.
What is Terra Station?
Terra station is the main platform of the terra network and created by the network itself to staking your Moons and make the most of your cryptocurrencies. To receive rewards for delegating them, instead of having them in an Exchange without generating anything.
So let’s see step by step how it works if you have never used the Luna network. The first thing we have to do is go to station.terra.money, I’ll leave the link in the description. You will see the terra station, but you will not be able to use it, as you will have to download the program to be able to use it and create a wallet. This is to add more security by using it on your computer instead of in a browser.
Terra Network Wallet
To do this, go to wallet, click on connect and download terra station. Follow the installation steps and you will have the program ready to use. Now look for the program on your computer and open it.
With the program open, go to wallet. Here, you will be able to create your wallet, or if you already have it, recover it and integrate it with terra station. To create your wallet you can do it through terra station, or with the google Chrome extension, which allows you to connect with other dapps. If you have already installed the Chrome extension and created your terra wallet, click on recover wallet and here you will have to enter the wallet name, your password, and the unique phrase that is generated when you create your wallet.
In case you don’t have any wallet, follow the steps to create it, and above all, save in a safe place the unique phrase, as you will need it to recover your wallet, in case you want to use it also in the google Chrome extension with other dapps. Copy the unique phrase again once you have entered a name and password, and you will have your wallet created. In my case I already have my wallet connected with terra station, as you can see.
In the main dashboard, you will be able to find information about the protocol, such as the price of luna, the staking ratio, the staking return, the total number of accounts and much more information about the terra protocol.
In order to staking your Luna, first we will have to send them to our wallet. In my case I use binance, so let’s see how to move your Moons from binance to your wallet to staking with them.
If you don’t have an account with binance, just below you can find a link to create one.
How to Send Terra (Luna) to your Wallet
Once you are on binance, and you have purchased Luna, we will go to wallet, and spot wallet. If you don’t know how to buy Luna on binance, I’ll leave a video on how to do it in the description.
Here, we will search for the Luna cryptocurrency, and click on withdraw. Once inside, we will go back to terra station and wallet, and copy the address of our wallet. You can also copy the address with the Chrome extension if it is the same wallet. If you are using binance on your mobile, I recommend you to use the qr to copy the address directly in an easier way. With the copied address, we go back to binance and paste it.
We indicate the amount we want to withdraw, and click on withdraw. Check that the address is correct before confirming the withdrawal. Enter the codes you are asked to withdraw your Luna, and that’s it. Now, in a few minutes you will be able to see your Luna in your wallet. Binance currently has a minimum withdrawal of 5 moons, but you will not be able to send a lower amount.
With the Luna in our wallet, we can go to staking. Here you will see different profiles, which are the people where you will delegate your moons in exchange for a reward or staking. At the top you will see the new ones, and then you will see a ranking of the best ones depending on the filter you use. Usually it is filtered by delegation return, which is the annual % of staking you will receive for delegating your Moons. As you can see, right now the rewards are around 13.5%, a little higher, but this number may vary in the future.
A very important aspect is to check that the profile you decide to delegate has a green tick in front of it. This indicates that it is a verified profile, and is therefore much safer than delegating your tokens to an unverified profile. Click on the profile you want to delegate your tokens to, and you will see the validator details.
Here, click on delegate, and indicate the amount you want to delegate. Note that there are commissions to pay, and as in other networks, you pay with the network’s cryptocurrency, Luna. Therefore, I recommend that you leave an amount of Luna to be able to pay for transactions, both to delegate and to exchange any cryptocurrency whenever you want. Indicate the amount, leaving some luna to pay for commissions and click on delegate. As you can see, terra station itself warns you before confirming to leave an amount of LUNA for commissions. In addition, you can see the amount you are going to pay as commission, as you can see, it is really low.
Enter the password and click on delegate. You will see the success message. Now we go back to staking and we will see delegated assets the amount we have placed. In rewards you will see the rewards you are receiving every day, and you can withdraw them at any time.
Rewards and Withdraw Funds
To do this, simply click on withdraw all rewards and you will receive them in your wallet. An important aspect to know is that once you want to stop delegating your moons, you will have to wait 21 days to have them back in your wallet. You can see this if you click on undelegated, indicate any amount and click on next. You will see the message that it takes 21 days before you can have your moons to sell them or make any use of them, plus these 21 days you will not receive any reward for having your moons undelegated. After 21 days, you will have your moons in your wallet to use them.
Another important aspect is that the rewards you receive are not 100% in Luna. You will receive a large percentage of staking in Luna, and another % in different stablecoins with different currencies. As you can see in my wallet, I have different currencies in terra protocol stablecoins. Although if you want to have 100% in Luna, you can always go to swap, click on swap multiple coins, select those you want to exchange for luna, below you will see the amount of luna you will receive in exchange for the different stablecoins, click on next, enter the password and click on swap. This way, you will be able to have all the rewards you receive in LUNA.
My recommendation is that as they are stablecoins, wait to accumulate an amount that is worth to move to luna, because for making the swap of different stablecoins to luna you will also have to pay a small commission, and the price of these stablecoins will hardly vary.
Finally, in terra station you can see other aspects such as governance, where you can see the different votes of new proposals of the protocol and many other aspects, but I leave this for you to explore it yourself.
I hope this video has helped you to know the safest way to staking with LUNA TERRA, remember that if you don’t have an account with binance, you can create one just below.