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How to establish a trust line to accept custom assets with StellarTerm?

*** Update: In a token split done in 2020, MTXLT became TXL with a split ratio of 1:1,000. The MTXLT mentioned in this article migrated to TXL.***

In order to hold a balance of custom assets in your wallet (e.g. after from an Airdrop or ICO) you first need to add a trust line for that asset in your Stellar wallet. Not all Stellar wallets support this feature. On the other hand, different wallets do so. That’s why we wanted to provide a series of posts regarding different wallets. Let’s start with the StellarTerm wallet today.

Photo by Marcos Mayer on Unsplash

Step 1) Understand the minimum XLM balance

XLM is the native currency on the Stellar platform. Currently, activating a Stellar wallet requires 1 XLM as a minimum balance. In addition to that, for establishing a trust line 0.5 XLM per trust line must be added to the minimum balance. So for an active wallet, only trusting one custom asset, a minimum balance of 1.5 XLM is required.

Step 2) Buy some XLM

In case you already own XLM you can skip this step. XLM can be purchased on various exchanges. A list of exchanges can be found here.

Step 3) Create a wallet with StellarTerm

Skip this step in case you want to login with an existing Stellar account’s private key. Go to https://stellarterm.com/ and hit the “Sign Up” button. Accept the Terms of Use and press “Generate keypair”. StellarTerm will now show you the “Public key” and the “Secret key” of your freshly created wallet. Safely store your secret key.

Step 4) Login to your wallet with StellarTerm

Hit the “Login” button or navigate to the “Log in with key” section. Enter your secret key, accept the Terms of Use and your wallet will be unlocked. You should now see your Wallet Account ID and another navigation menu.

Logged-in state of the StellarTerm Wallet

Step 5) Send XLM to your StellarTerm wallet

Skip this step in case you’ve already got some XLM in your StellarTerm wallet. Send at least 1.51 XLM to the public address (shown as the “Wallet Account ID”) of your StellarTerm wallet. Why not only 1.5 XLM? Not only sending assets will cost transaction fees, also establishing a trust line does. With a buffer of 0.01 XLM (currently ~ $ 0.001) your wallet will be able to do some more transactions.

At next, wait until your StellarTerm wallet is activated. This should only, depending on the exchange you are sending XLM from, take a few seconds or minutes.

Step 6) Accept the custom asset

Click the “Accept assets” section of the second navigation bar. Scroll down to the end of the page until you see the “Manually accept asset” section. This is the safest way to accept a custom asset.

Manually accept assets section of the StellarTerm Wallet

Enter the asset code and the Stellar Issuer Account ID. E.g. for our Tixl Asset this is:

Asset Code: MTXLT

Issuer AccountID: GA2OSNR6DFWBRPCLYLMPX4IZVSLPKZ25ATJAITJRWGWWGPANURSZVY5G

As soon as the information is entered an “Accept asset <asset-code>” button will appear. Hit that button to establish the trust line. You can now receive the custom asset. Unfortunately StellarTerm will show most of the custom assets as unknown unless certain listing steps are conducted.

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The Autobahn Network is the first Layer 2 Optimistic Rollup for the BNB Smart Chain (formerly Binance Smart Chain). It’s designed to run at lightning speed while minimizing fees, and benefits from the BNB Smart Chain which underlies it. 💬 https://discord.gg/dzVzMdp

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Sebastian Gronewold

Sebastian Gronewold

web3 at @AutobahnNetwork @ccb_bridge @polychainmon 🤓 Follow me for #L2 scaling 🚀 and #NFTs 🐉 Tweets are my personal opinion and no financial advice.

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