If you are a $Luna holder and if you’re planning to hold on to your $Luna tokens for quite some time then I suggest that you create a Terra Station Mobile Wallet. It’s really easy and I will show you how in a bit.
Albeit having a very small bag of $Luna, I’m still happy because it is basically one of the main reasons why my overall crypto portfolio can still be considered ‘Green’ despite the downtrend in the last few months.
Anyway, just like all the previous tokens that I have bought on Binance, almost all of them stayed on the exchange because I was not confident enough to transfer them out to their native wallets during my first few months.
But as my confidence and knowledge grow as time goes by, I slowly transferred them one by one so I could start experimenting and learning about the various applications in their respective ecosystems.
By the way, before we continue, please be advised that this is not meant as financial advice. I’m just merely sharing my crypto trading and investing journey on this blog.
Please consult a professional financial advisor before investing your hard-earned money in anything.
Crypto is a highly volatile market and you should always Do Your Own Research (DYOR) before dipping your toes in.
Important Update as of May 13, 2022, Friday.
It is with a heavy heart to say that Terra $Luna and $UST has seemed to have failed after $UST lost its peg. The price of $Luna as of the time of writing has been spiraling down starting 2-3 days ago and it’s now at 100% at a loss according to my Binance chart.
This is an important reminder to everyone including myself that crypto is a highly volatile market (Very) and anything could happen at any time. Before the collapse, $Luna was a Top 10 crypto and now… sigh!
Luckily, I have followed the old advice when it comes to investing… only invest what you can afford to lose and always take responsibility for your investments.
I was really hoping that $Luna would be one of my long-term tokens, but it seems that it won’t be the case anymore since it has lost its value. I don’t know if it will recover or not.
Fortunately, I have diversified my small investment portfolio and crypto is not the only investment I have. But still, it’s still painful to see all the gains wiped out in a matter of days.
Here are some related news about what happened (as of the time of updating this post):
Some of the Advantages of Using Terra Station
Terra Station is the official mobile wallet for managing native Terra assets and tokens. and connecting with decentralized applications running on the Terra blockchain.
It can be installed on your laptop or desktop as a separate application or as a browser extension or you can install it in your Apple or Android mobile phone as an app.
There are so many reasons why a $Luna holder should use Terra Station and some of those include:
You Can Earn More
In my observation, most staking rewards in native wallets yield higher than when you just stake your coins in an exchange.
When you stake $Luna in Terra Station, you will earn $LUNA, $UST, and a plethora of other native tokens as well.
You will also have a chance to earn tokens from new projects that will send airdrops to $Luna stakers and holders.
You Support the Terra Ecosystem
By using Terra Station and by delegating your tokens to a variety of validators, you also help the entire Terra Ecosystem achieve better decentralization.
If you’ve been in the crypto space for some time, I’m sure that you’ve already heard of the phrase, “Not your keys, not your coins.”
If you hold a large number of tokens, then it’s always advisable to use non-custodial wallets such as Terra Station and if you even want to increase your security level, you can also use a hardware wallet such as Ledger.
How to Create a Terra Station Mobile Wallet
To ensure that you are downloading the legit app, I highly suggest that you go to Terra’s website – terra.money. Click on the ‘Learn’ tab and you will see various options to download the Terra Station Mobile Wallet.
Since I’m using an Android mobile phone, I just clicked on ‘Android Wallet.’
It should lead you to the Google Store link of Terra Station Mobile Wallet. Click on ‘Install’ and it should automatically download and install Terra Station on your phone.
It should also automatically open after the installation process. If the app doesn’t launch automatically, then just look for the Terra Station icon in your app drawer and click it. The first image should be the Terra Station blue screen followed by the welcome page which you can skip.
The next screen will ask you to create a ‘New Wallet’ or ‘Recover Wallet.’ Assuming that you don’t have a Terra Station wallet yet, then just click on “New Wallet.’
Once you click on ‘New Wallet’, it will ask you to create a ‘Wallet Name’ and ‘Password.’ Unfortunately, my phone would not allow me to screenshot the succeeding part thus I can’t share here what it looks like.
The wallet name should contain 5 – 20 alphanumeric characters and the password should be at least 10 characters.
Do that and click ‘Next.’
The next page will give your 24-word seed phrase. Please write it down in your notebook. Do not save it on your phone or any gadget that has an internet connection.
Your seed phrase is not kept by Terra Station or any other non-custodial wallet and if you lose it then it’s gone forever. Do not also share it with anyone. Anyone that has access to your wallet seed phrase will have access to your wallet and its content.
Once you have copied your seed phrase, click on ‘I have written down my seed.’
The next page will ask you to confirm some of the words in your seed phrase. Do that and click on ‘Confirm and finish’ once you’re done.
You will have an option to enable the use of your fingerprint for faster access to your account. You can also set this up later if you want.
And that’s it! You’re done!
You can now use it to stake your $Luna tokens or to interact to various applications in the Terra ecosystem.
I will share in the next weeks my experience and some How To’s of Terra apps that I have used.
I regret not using the Terra Station right away when I started holding $Luna. I could have taken advantage of better yields in staking and I could have possibly participated in airdrops, etc. $Luna is one of the tokens that I think I will hold on to for quite some time and I can’t wait to learn more about the applications in the Terra ecosystem in the next few weeks.How to Create a Terra Station Mobile Wallet Click To Tweet