Cryptocurrencies are transforming the world’s financial structure, especially with the introduction of fiat-pegged stablecoins. The popularity of crypto continues to be on the rise as many businesses are now accepting crypto as a means of payment. Terraform Labs identified this opportunity and developed the Terra blockchain network, a platform where users can make payments as well as invest and trade to earn crypto.
Although the Terra Luna network has not been around for long, it ticks all the boxes in terms of offering investors financial solutions. You can use Terra Luna wallets to stake Luna and earn interest and, at the same time, use the various stablecoins in the Terra system to make payments. This is the reason why many users want to know more about Terra Luna wallets.
A Terra Luna wallet enables you to store and manage your crypto tokens. Apart from the Terra station wallet, there are several other Terra Luna wallets which leaves some users wondering which of them is the best Terra Luna wallet. In this post, we explore the various Terra Luna wallets and their features in detail.
The Terra station wallet
The Terra blockchain network created the Terra station wallet to help its users easily manage their crypto tokens. It is their native Terra blockchain and just like other crypto wallets, it comes with private keys that will enable you to access your crypto portfolio as well as keep them safe. The Terra station wallet can be accessed through various operating systems even online. You can visit the Loop site and learn how you can use Terra to manage your crypto.
Its top features include:
§ Dashboard – This serves as a menu where you can access important information and various functions that you can perform on the wallet.
§ The wallet tab – Here you will find important information about your wallet including your tokens balance. This is where you can find the function for sending your tokens to other crypto wallets.
§ History – Here you will find a record of all your past transactions on Terra.
§ Staking – This is the main reason why users are buying Luna tokens. Here you can delegate Luna tokens to a validator of your choice and earn weekly airdrops.
§ Governance – The Terra blockchain network provides an opportunity for Luna owners to participate in voting and making important governance changes such as any changes to transactions fees among others.
Cold Terra Luna wallets
Apart from the Terra station wallet, users can also store their Luna tokens in cold storage wallets that store your private key in an encrypted piece of hardware. If you want to make a transaction, you will need to connect it to your computer which will then link to the web app you are using. You will be asked to enter your passcode for the wallet which will then send a signal to verify and confirm the transaction.
Hardware wallets are one of the safest wallets as there is no chance that your private key can be stolen even when you use a web app. Even if your computer has been infected with a virus, your private key will remain safe. Some of the cold storage Terra Luna wallets you can use include Ledger and Trezor. Cold wallets are perfect for long-term storage but if you are looking to conduct some intermediary transactions, consider using the Terra station wallet.
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