The Terra blockchain is one of the established decentralized finance (DeFi) protocols. It is used to store, spend, and stake crypto assets. LUNA is a Terra token that ensures there is price stability for TerraUSD (UST), which is a Terra stablecoin. LUNA is used for mining and governance to absorb the effects of price volatility for TerraUSD.
You can store your digital assets on Terra using a Terra LUNA wallet. Hence, it is important that you know where and how to get one. But before that, there is more you need to know about the Terra blockchain.
What Is the Terra Blockchain?
The Terra blockchain claims to be the home of programmable cryptocurrency. The blockchain was founded by Daniel Shin and Do Kwon with the aim of creating an ecosystem with its own stablecoin.
Since its inception in 2018, the Terra blockchain has significantly increased its user-base and partnered with several crypto platforms to spread its services and attract more users. No wonder you can get a Terra LUNA wallet from platforms other than the Terra LUNA blockchain and its founders.
Opening a Terra LUNA Wallet
Now that you know how the Terra blockchain works, it is time to get a Terra LUNA wallet that will hold your UST stablecoins and LUNA tokens and enable you to send, receive, and transact in any other way securely.
The Terra blockchain has a native Terra LUNA wallet that is available for Windows, Linux, macOS, and other operating systems. The software is more than a wallet because it has other tools to help investors achieve a lot more right on the dashboard. For instance, you will get an overview of the tokens and coins you have and an option for transacting. The Loop market platform, which works closely with the Terra blockchain, has more information on how to get a Terra wallet with ease on the original Terra platform.
You can also get a Terra LUNA wallet from approved third parties. For instance, the Trust Wallet platform has partnered with the Terra blockchain, and investors can now download the Trust Wallet for Terra LUNA for both iPhone and Android devices. This wallet allows users to send, receive, and store crypto coins through a mobile phone.
The Role of a Terra LUNA Wallet in Staking
Although a Terra LUNA wallet is basically used in transactions, it has the additional role of facilitating LUNA staking. This is the process of lending your coins to the platform and receiving interest or rewards in return.
The wallet is used to hold your coins during staking and also receive the earned interest or rewards. In short, you cannot stake LUNA without a Terra LUNA wallet.
Final Words
If you have considered staking LUNA or trying a Terra LUNA wallet for another Terra blockchain investment, then you have the insights to help you get started. So, make the right decision and start investing in LUNA. The good thing is that the Terra blockchain has numerous other opportunities that you will discover as you start using it.
About The Author
Michelle Joe
Michelle Joe is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences, and express herself through her blogs. You can find her on twitter
