Terra Delegation Guide

Michael Ng
Jun 20 · 6 min read

StakeWith.Us is proud to announce our support for Terra, a stablecoin aimed to disrupt the current payment network landscape via price-stability algorithms and a strong go-to-market.

Important Notes on Terra Money project:

  • The Terra stablecoin is pegged to a basket of fiat currencies within the IMF Special Drawing Rights (SDR), which reduces the peg’s daily volatility as compared to pegging to US dollars alone (which most other stablecoin projects are solely pegged to).
  • The staking token, LUNA, facilitates the expansion and contraction of Terra’s stablecoin supply to maintain its price peg at 1 TerraSDR.
  • Unlike typical Proof-of-Stake based projects, there is no constant inflation in Terra. Instead, stakers are rewarded via i) transaction fees on the network (default fee is 0.1% and max fee is capped at 1%/1SDR) and ii) seigniorage when demand for Terra increases.
  • The Terra protocol automatically burns by burning a portion of earned LUNA when demand for Terra is high. The protocol mints Terra stablecoin in exchange for LUNA, which is then partially burnt (unburnt portion goes to Terra Treasury), and this drives scarcity for the staking token.
  • All Terra currencies have access to shared liquidity through atomic swaps at market exchange rates, allowing for cross border transaction and settlement instantly.
  • Terra is currently listed on Coinone. You can view more information regarding the blockchain on Big Dipper, Stake.ID, Hubble and Terra Finder.
  • Terra has an impressive lineup of partners within their global e-commerce Alliance, including TMON, Carousell, Qoo10 and many more. Staking returns for LUNA will increase as more platform integrates with Terra network — check out their first intergration with CHAI, a newly launched Korean mobile payment service on TMON.
  • The live staking ratio can be found on Staking Fund Terra Explorer. It is approximately 19.6% as of 20th June 2019.
  • The main 2 type of risks associated with delegations are: i) Validator uptime risk — Stakes will be slashed by 0.01% if your chosen validator miss more than 95% of any consecutive 10,000 blocks; ii) Malicious action by validator — For now, the only way to be slashed due to malicious activity is to Double sign. This will result in a 5% slash on all stakes for the malicious validator.
  • To fully understand the complex stablecoin design, we urge all delegators to have a read at their whitepaper, staking reward analysis and to have a read through their medium blog.

There are currently 2 ways to delegate your LUNA tokens to validators, either via CLI or via Terra Station Desktop application.

Delegation via CLI

For delegators who prefer to use CLI, you will need the latest version of TerraCLI. Please refer to Terra documentation under Bond Tokens or Redelegate Tokens for instructions on delegation and redelegation. Our validator address is:

terravaloper1c9ye54e3pzwm3e0zpdlel6pnavrj9qqvq89r3r

Do take note that the staking amount and gas price are denominated in micro-LUNA, which is 10^-6 of a full LUNA (1 LUNA = 0.000001 uluna).

Delegation via Terra Station

Download the correct version of Terra Station for your device (Windows or Mac)

Due to the seamless experience on Terra Station, we highly encourage delegators to utilize it for delegating LUNAs.

Install Terra Station and open the .exe file. On the account landing page, you can choose to:

  • Sign in with password if you are an existing user.
  • Generate a brand new seed and create a new account if you have already claimed your LUNAs (go to Step 1a).
  • Import your fundraiser seed if you have not claimed your LUNAs (go to Step 1b).

Step 1a: Generating new account with new seeds

For delegators who have already claimed your LUNAs from the fundraiser, please select Create new account. You will be required to fund this new account with the LUNAs for delegation (and transaction fees).

Please back up your 24 words seed phrase securely.

Enter your preferred account name and password (They will be used as your login credentials via Sign in with password).

Please back up the 24 words seed phrase for your Terra Station account in a secure manner. This is the only time you will be able to back up the seed phrase.

Check the boxes, click Next and go to Step 2!

Step 1b: Importing your fundraiser seed

For delegators who have not claimed your LUNAs, please select Import with Seed.

Enter your preferred account name and password (They will be used as your login credentials via Sign in with password).

Enter your 24 words seed phrase from the fundraiser and click Next.

Step 2: Stake your LUNAs with us!

Prior to staking, you will need to have

This is the landing page for the Terra Station desktop application, showing your wallet balance and address. You will also be able to send LUNAs to other addresses if the account is funded.

For delegators who have generated new seeds for a new account, please fund the account with LUNAs in order to continue with the delegation process.

To proceed with delegation, click on Staking tab on the left, then the Validators tab in the dropdown menu.

Scroll down and select StakeWith.Us!

Click on the Delegate button on the top right corner of the application. A popup should appear.

Insert the amount of LUNAs you would like to StakeWith.Us!

Remember to ensure that the address stated is:

terravaloper1c9ye54e3pzwm3e0zpdlel6pnavrj9qqvq89r3r

Click Next to proceed.

Confirm the total LUNAs required for this delegation and click Next (there are fees involved to broadcast this transaction).

Insert your password and click Submit to complete the delegation process.

Step 3: Other features of Terra Station

You can check out your current delegations by clicking on the tab My delegations. Do note that the current version of the Terra Station does not support redelegation — the only way to do this is via CLI.

You can also choose to undelegate anytime on the validator page.

Ending Note

We hope that this guide has been useful for all Terrans on their journey to boostrap the Terra Network! We look forward to having you StakeWith.Us! If you have got questions on delegating on any networks that we support, feel free to drop by our telegram group for a chat!

Disclaimer: This guide is made available for educational purposes only, to give you general information and understanding on how to delegate on Terra Network. By using this guide you understand that there is no client-servicer relationship you, the writer and/or StakeWith.Us. By delegating with us, you acknowledge that we are not liable for any losses on your investment.

StakeWith.Us is a secure Staking-as-a-Service provider for leading blockchain projects. Put Your Crypto to Work — Hassle Free.

Here are our staking guides for Loom Network, Cosmos Network and Terra Network.

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Alternatively, reach out to Earn@StakeWith.Us if:

  • you have any burning queries for us;
  • if you are a project looking for a professional validator;
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Michael Ng

Written by

Co-Founder @MWPartners and @StakeWithUs. Find me on twitter @maigoh91 . I try to learn new things everyday.

StakeWithUs

Secured staking made easy. Put Your Crypto to Work — Hassle Free. Contact us at: Earn@StakeWith.Us