Terra/Luna & Lunc Staking Guide
What is Terra?
Terra (LUNA) is an open-source blockchain protocol that emerged from Terra Classic. Terra Classic is home to the algorithmic stablecoin TerraClassicUSD (UST) which has been renamed to LUNC after the events in May 2022. Terra hosts a dynamic ecosystem of decentralized applications (dApps) and top-tier developer tools. Using proof-of-stake consensus and ground-breaking technologies like Mantlemint, Terrain, and Terra Station, the Terra blockchain is one of the fastest chains in existence. As a permissionless, borderless economy, Terra enables next-generation financial products available to anyone with an Internet connection.
Head over to https://www.terra.money/ and download the Terra Station wallet. As we can see below, Terra Station is available on browser, mobile, and desktop. In this tutorial, we will be using the windows wallet application.
Name your wallet, use a strong password and write down the Mnemonic seed phrase on a piece of paper and keep it safe.
Never share your seed phrase with anyone.
Transfer LUNA to your wallet in order to start staking. Select the “Stake” tab in the menu on the left and select a validator.
Always do your own research before choosing a validator
After choosing a suitable validator click on “ Delegate”.
Once started, the delegating or undelegating processes can’t be stopped. Undelegating takes 21 days to complete. The only way to undo a delegating or undelegating transaction is to wait for the unbonding process to pass. Alternatively, you can redelegate staked Luna to a different validator without waiting 21 days.
Choose the amount you wish to stake, enter your password and select “Submit”. After a few moments, the transaction will process, click on “Confirm” and you have now successfully delegated your LUNA and will start earning rewards.
Leave some spare funds in your wallet to cover transaction fees.
In order to stake Lunc change the network from mainnet to classic and follow the above steps.
The moment you stake LUNA you will start accruing rewards. To claim all rewards, click on “Withdraw all rewards”.
If you have any questions, looking for alternatives to delegate, or just want to chat, you can contact us on the following channels: