Terra is a decentralized Proof of Stake (PoS) blockchain protocol. It uses a basket of fiat-pegged stablecoins which are algorithmically stabilized by its native crypto asset, LUNA. Terra is aimed at the mass adoption of cryptocurrencies. To accomplish this ambitious goal, Terraform Labs, the company behind Terra, is developing an entire ecosystem of financial platforms.
LUNA is the native staking token of the Terra protocol and foundational asset for the entire ecosystem. It has two core functions which are ensuring the price stability of Terra stablecoins and providing incentives for the platform’s validators. Since LUNA is the stability mechanism, LUNA delegators are entitled to earn rewards for providing network security.
You can buy LUNA on a number of popular exchanges, including the world’s top exchange in terms of trading volume Binance. Also note, there is no minimum requirement to stake LUNA for delegators.
Always keep some coins to pay fees with. Never stake your entire wallet amount. Without money for fees, you can’t make any transactions.
Congratulations, you’ve just delegated Luna!
Rewards start accruing the moment you stake Luna.
When you decide to undelegate your LUNA tokens, there is a 21 day unbonding period during which neither rewards accrue nor your LUNA tokens can be freely traded.
There is a risk of loss of funds if a validator misbehaves. In this case, its stake will be penalized, hurting both the validator and those who stake with it. For example, the slash for double signing will be at 5%, and if the validator experiences significant downtime or does not participate in the oracle process, the slash will be at 0.01%. Therefore, it is crucial to choose the validator with a good reputation like 01node.
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