LUNA ($LUNA) is programmable internet money that is available on all leading blockchains. The largest exchange that supports Luna is Binance, but you can also make an account with Bittrex, Huobi or Kucoin exchange.
LUNA is mined to power Terra’s blockchain. Terra, backed by LUNA, is a protocol of money that ensures price-stability by algorithmically expanding and contracting supply. Miners therefore provide stability and security. One of the most exciting features of Terra are synthetic assets which mimic Stocks and ETFs and can be traded 24/7 on terra.money.finance.
Terra also uses its own synthetic version of FIAT currencies – most common being UST which mimics 1:1 the US Dollar. In order to mint new UST the network needs to burn LUNA. Since LUNA has a static supply it is deflationary in nature and it’s USD value is ever increasing the more scarce it gets. At the time of writing 1 Luna is about 8 UST. It is expected to double within next 2 months as many new functionalities will go live on Terra which increase the demand for UST and make LUNA more scarce. You will not find a much more stable bet in Crypto with a value increase literally programmed for the next months.
Now that we established that LUNA is interesting – how can you best benefit? One of the features of Terra is also super fast transactions at very cheap prices. A typical transaction is 0.001 UST, whereby on Ethereum it’s anything from 20 to 60 USD. So the first step would be get either LUNA or UST on the exchange of your choice. We like the security of a hardware wallet, so here is a guide on how to do it.
- Get a basic crypto amount into your ledger nano (e.g. Ethereum, USDC or similar)
- Go to your Ledger Live Setting and turn on “experimental”. That will allow you to install the Terra app onto your Ledger device. Install that
- Convert your basic crypto into UST on the exchange or dex of your choice (e.g. Uniswap)
- Move the UST via a bridge from Ethereum Blockchain to the Terra blockchain. For that you need to find out your terra wallet address. Log into https://terra.money.finance or https://station.terra.money/ – connect your ledger and if done correct it will you show your terra wallet (from your ledger device). copy that address
- Open https://eth.mirror.finance/ , connect your ledger wallet and you should see the UST (or LUNA) that you purchased. Click Send and enter the terra wallet address you copied before. Confirm the transaction on your Ledger. After a minute or so it will have left Ethereum and be in your Terra wallet.
- Should you have your funds not on Ethereum but on BSC use this site instead https://bsc.mirror.finance/.
- Should you have your funds on Binance the whole process can be done faster (and usually also more cost effective). Get LUNA on Binance and withdraw in Binance to your Terra wallet address.
- For the actual LUNA staking open https://station.terra.money/ and you will see in the wallet section the amount you transferred. That could be UST or LUNA – depending on what you transferred. If you have UST, swap to LUNA first. If you have Luna – move on to staking. The swap link is here https://station.terra.money/swap
- On the staking page choose the Delegator of your choice. Our recommendation is marte.cloud – they run a 0 commission promotion at the moment and the max commission of 10% is very modest. The quality is top. Also suggest their Telegram group.
- Click on the validator (e.g. marte cloud) and delegate the amount you would like to stake. Staking allows you to benefit by participating in the regular airdrops and mint new Luna. Combine that with the rise of the value of a Luna in itself and you have a winning combination.
Staking MIR follows a very similar process than with LUNA above. The steps 1 to 5 are the same (you need to your funds onto the Terra Blockchain). For the actual staking follow this
- Open https://terra.money.finance
- Open the Governance section
- Stake your MIR
Apart from staking MIR it is advised to use MIR combined with UST to mint Synthetics. That could be stocks like mAMZN (Amazon) or also Indexes like SPY. That is 24/7 open and decentralized trading.
Enjoy the low terra fees and great trading opportunities.