Terra is a decentralized finance platform that focuses on stablecoins as a means to avoid the price volatility commonly seen with other crypto assets. Terra aims to provide multiple ways for users to use their crypto assets globally under one blockchain network; such as sending money and making payments along with several other sought-after functions. It has produced several stablecoins pegged to various financial assets.
Terra stablecoins can be stored in Terra Luna wallets. One of the most popular wallets is the Terra station wallet created by Terra. This wallet not only stores your tokens but has a dashboard where you can check your transactions history, trade, and stake your Luna tokens as well.
Several other Terra Luna wallets offer similar functionality to that of the Terra station wallet. However, it is difficult for many crypto enthusiasts to know which wallets are the best for extended storage periods, which ones best serve as a temporary means for financial transactions, and the best for delegating Luna.
In this post, we look at what are Terra Luna wallets, their strengths, and their weaknesses. Let us begin.
What is a crypto wallet?
A crypto wallet allows you to store your crypto tokens after buying them. It comes with two keys, one public and another private. The public key contains the wallet address and allows other people to send crypto tokens to your wallet. The private key is yours alone and enables you to access your wallet account to make transactions.
In the case of a Terra Luna wallet, you will receive a key that enables access to various Terra tokens including Luna, UST, ANC among many others. Your private key is proof that you own crypto tokens and you must not share it with anyone else. You can check out this website link to learn more about Terra Luna wallets.
The Terra station wallet
Terra station wallet is a wallet created by Terra to allow terra users to store their tokens, and trade as well as stake Luna. Bear in mind that there are other platforms such as Loop finance where you can delegate Luna and store your tokens too. Terra station is the native Terra wallet and has been created in such a way that it comes with various tools that enable users to use several functions using the wallet app. Here are the key strengths of the Terra station wallet.
Every crypto owner needs a place where they can safely store their tokens and, at the same time, have access to the tokens whenever they want. The Terra station app has a wall tab where you can check your crypto tokens balance and conduct basic crypto transactions like sending tokens to other Terra Luna wallets.
This keeps a record of all the crypto transactions on the app. If you want to check previous records of transactions, just open the history tab and you will find all the details.
Terra achieves price stability for its crypto tokens through the staking of Luna. Users earn rewards in return in form of airdrops during the staking period. The wallet has the staking part where you can delegate your Luna tokens to a validator of your choice. Terra Luna wallets also enable you to swap crypto tokens, participate in making governance changes, connect to web apps or extensions where you can safely store your keys.
There is no issue with Terra Luna wallets that can be counted as a weakness. As long as you keep your private keys to yourself, connect your wallet to web apps that are audited and have been recognized by the Terra community, your crypto tokens will be safe.