If you have joined the crypto world, then you have probably come across the word Terra. Although the Terra blockchain is relatively new, it is slowly gaining fame, and it will be one of the most known blockchains around the globe in the next few years.
The Terra blockchain is critical in revolutionizing digital payments and investments. It creates the right infrastructure with modern approaches and slowly eliminates intermediaries through automated smart contracts.
This article gives you all the information you need to know about the Terra blockchain from what it is to all the benefits that come with it. Whether you are a beginner or not, you will find this article to be helpful.
What Is the Terra Blockchain?
This blockchain can simply be explained as the reinvention of the day-to-day digital financial system. If you check this source, you will notice that the Terra blockchain is decentralized and programmable, which enables users to work on smart contracts and other programs on top of transacting digitally.
Most of the cryptos in the Terra blockchain such as LUNA and USDT are pegged to fiat currencies to provide stability and are used for cross-border payments. Mainly, the Terra blockchain uses LUNA as the utility and the staking token. But for the sake of any all-new crypto enthusiasts who are eager to try Terra services, we will look at the popular coins and tokens in the Terra blockchain.
Popular Cryptocurrencies and Tokens in Terra
· Terra LUNA – LUNA is the native crypto coin on the Terra blockchain. In addition to being a fast mode of transaction on the platform, LUNA allows investors to stake and earn interest. Staking involves saving to provide liquidity and funds for Terra smart contracts.
· Terra USD (UST) – This is a popular stablecoin on the platform designed to regulate the stability of coins in the blockchain. It is pegged to the US dollar at the value of 1:1. But apart from this role, UST allows instant digital transactions on the blockchain.
· Anchor Protocol (ANC) – The ANC is a token used to reward investors and users of the Terra blockchain who are part of various projects. The token is redeemable, and one can exchange it for other tokens within the ecosystem or even fiat currencies.
· Mirror Protocol (MIR) – There is one more crucial token: MIR. If you have just begun investing, you will definitely come across this. It is built on the Ethereum model to allow the creation of fungible assets. On the Terra blockchain, it is the main synthetic asset creator, which is designed to mimic real-world assets. Hence, it is crucial when handling smart contracts on the platform.
How to Stake LUNA on the Terra Blockchain
One of the best activities you can do on the Terra blockchain is to stake LUNA. It comes with numerous benefits as we will see. The two most important things you need are the wallet and the LUNA coins. Here are the basic steps you can follow.
· Get a wallet – Fortunately, the Terra Station wallet is accessible on the Chrome Web Store. So, if you really want to get started on the Terra blockchain, start by downloading Terra Station. You can also access it on the Terra website. Follow the steps to register for a wallet, and you will be ready to buy LUNA.
· Buy LUNA – You can buy LUNA just like any other crypto coin. Terra is a digital asset management platform; hence, you can buy the listed coins with ease. Choose to buy with your bank card or use other cryptos. And to evaluate what you are about to buy, you can take advantage of their crypto calculator.
· Start staking – Staking gives you rewards in return. You will need a validator on the Terra blockchain to complete the staking process. You will earn interest for staking LUNA and get a percentage of the income generated by staking your coins. Staking LUNA also qualifies investors for Terra airdrops on a weekly basis. The ecosystem is one of the most secure, so there is no need to worry about committing your LUNA to support smart contracts and other projects on the blockchain.
How to Enjoy Terra Airdrops
Staking LUNA gives investors the opportunity to unlock weekly airdrops. These are rewards given to familiarize users with the Terra tokens. So, if you are new to the Terra blockchain, this will be an amazing benefit. One good thing is that the airdrops have a higher reward if you have staked more LUNA.
You can redeem your tokens and use them to purchase goods and services online because the Terra blockchain has partnered with numerous e-commerce stores. Actually, it is a fun investment that opens many opportunities for you. So, give it a try.
The Terra blockchain is indeed one of the greatest revolutions in the digital financial world. It is anticipated that it will significantly grow in the coming years. As a newbie, joining such a growing ecosystem encourages you to become a major financial investor. So, make the right choices today, and you will not regret it.