The birth of Terra 2.0: How to acces, trade and delegate LUNA?

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The birth of Terra 2.0: How to acces, trade and delegate LUNA?

The new Terra 2.0 is finally here! Despite differing opinions about effectiveness of the compensation, we give a quick update.

How to access your LUNA 2.0 airdrop?

Follow these simple steps to access your airdropped LUNA.

Go to the Terra Station wallet, where it could be that your default page is set to Terra Classic network (First Terra blockchain).

 If this is the case you have to change networks.

Click on the Terra Station browser extension.

Next, click on ‘Settings‘ (top right corner on display).

Click on ’Mainnet‘ and refresh Terra Station wallet.

After this you will be on the Terra 2.0 network, as indicated by the Terra 2 logo.

Now you have access to your LUNA airdrop.

Note that only 30% of your airdrop is unlocked. The other 70% will be locked and automatically delegated after a period of 6 months.

How to delegate LUNA 2.0?

70% of your LUNA airdrop will be locked and auto-delegated to a random validator.

It could be that your randomly validator is charging high fees or is unreliable. Therefore you may want to consider redelegating your LUNA to another validator. There are 130 active validators to choose from 

Optimally you want a validator with no down-time. Because if the validator misses too many blocks, fees will be applied to all users who delegate to that validator. Resulting in the loss of some of your staked LUNA.

Also you want a validator with low commissions. As validators need to charge a commission from staking rewards to pay their infrastructure. Be sure to check the commission your selected validator requires.

Where to trade LUNA 2.0?

Trading is currently live on Bybit and Kucoin. Depositing LUNA was apparently not possible since a few hours after the listing on ByBit. Where the exchange gave prioirty to their own users and the opportunity to trade before outsiders could deposit.

The newly launched LUNA had a listing pump of more than 6000%. Which was followed by brutal decline of -75% in just one hour and a bounce of +50% the next. Moments later the LUNA 2.0 price was halved again and bounced back 50%. Speak about volatility.

Beware of phishing sites and scammers!

Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.