There are plenty of videos and posts out there to show you how to stake your luna to earn passive income. Consider this post as a short guide.
Purchase your Luna from Cryptocurrency exchanges such as Binance (which I use), Kukoin, Crypto.com and many other platforms. Note — You cannot send Luna out of your Crypto.com account right now, they are working on making this function available in the future.
To get started:
- Download the Terra Station Wallet from here:
Terra - powering the innovation of money
Anchor Protocol allows Terra stablecoin deposits to earn stable yield, powered by block rewards of leading…
Remember to select the compatible OS for the app to work:
2. Set up your wallet, obtain your address and make sure you write down your seed phrases and store it somewhere safe. You will not be able to recover your wallet without the seed phrases.
3. Transfer your Luna across to your wallet. If you are transferring out of the exchanges, you don’t need to fill in the Memo. However, if you are transferring from the Terra Station back to the exchange, you will need to include the Memo.
From this point, you will need UST to use for gas fee along each of the steps below.
4. You will need to delegate your Luna to a validator to start earning rewards and projects airdrops. There are many validators but only the top 130 are in voting power. You can read more here.
Select Staking, in Terra Station
Choose a validator you want to delegate your Luna to, normally go with the one with a green tick, and low commission (the fees they charge you). I stake my Luna with Orion.Money. A new validator normally charges 0% for commission, to attract stakers but over time this may increase.
note: to undelegate, it will take 21 days for your Luna to be available for claiming, but you can redelegate to a different validator immediately without waiting for 21 days, I think you can do this twice in 21 days.
For more details, you can check out the 4 videos posted by Nacho Crypto.
For the rewards we all have been waiting for …. at the moment there are three airdrops available to claim weekly for Luna Staker.
You will just need to connect your wallet to each of these sites each week to claim the airdrops. (Connect your Terra wallet using the Chrome extension)
You can check out the status drop of the airdrops here:
Happy days !