The Terra blockchain had a hard time after the TerraUSD de-pegging. The Luna token tanked from $86 to $1 in just seven days. Many projects left and joined other blockchains. Still, they stayed alive and have had a bit of a comeback.
Staking Luna classic is one of the options you can do with this token. So, let’s have a look at how this works.
Coming together is a beginning. Keeping together is progress. Working together is success.🌘#LUNCARMY
— LunaClassic HQ 🌕 ™ 𒀭 (@LunaClassicHQ) October 29, 2022
How Do You Stake Luna Classic?
After the Terra Luna meltdown, Do Kwon, the Terra CEO, came up with a recovery plan. A new blockchain came to life and that’s a new version of Terra. The old Luna token is now called Luna Classic. This is all part of the Terra Ecosystem Revival Plan 2.
However, the original blockchain still works. This is now called the Terra Classic. Recently, the V22 upgrade happened. This blew new life into the Terra Classic token.
What a lot of Terra Classic holders don’t realize is that you can stake Luna Classic. So, one option is staking Luna Classic on Terra Station. The APR is currently 37.8%. Holders are only staking 1.06% of all eligible LUNC. Later, I also describe how to stake LUNC on Binance.
To stake LUNC, follow these steps.
- Open the Terra Station and click the stake button.
- Connect a wallet. For example, MetaMask or Trust Wallet.
- Make a choice from one of the validators on the page.
- Once you pick a validator, click on the “Delegate” button.
- Add the amount of Luna Classic you like to stake.
- Hit the submit button and confirm the transaction in your wallet.
See the picture below, it shows the Terra Station. You can see the staking button, which is marked in red.
Source: Terra Station
Where Can I Stake Luna?
There are a couple of options available for staking LUNA. For instance, you can stake it on a CEX like Binance, KuCoin, Okex, or Kraken. Another option is to stake it in a Trust Wallet.
Terra has its own wallet, the Terra Station. Here you can also stake LUNA. Current APR is 14.64%. See the picture below; look for the red box. You can also use a hardware wallet, like a Ledger, to stake your LUNA.
How Do You Stake LUNC on Binance?
Currently, there are three options for staking Luna Classic on a CEX. Binance is the biggest of these three. The other CEXes are AAX and OKX. Binance offers 4% in a flexible earn option. AAX offers from 4% to 2.5%. This will depend on the staking period. OKX offers 1%.
So, the staking on Binance is easy. Buy Luna Classic or LUNC and add them to the flexible staking option on the Binance Earn page. Now you can sit back and relax. You are earning passive income. See the picture below.
Source: Binance Earn
How Do You Stake Luna on Terra Station?
Staking Luna on Terra Station follows the same procedure as staking Luna Classic. Here are the steps again.
- Open the Terra Station and click the stake button.
- Connect a wallet. For example, MetaMask or Trust Wallet.
- Make a choice from one of the validators on the page.
- Once you pick a validator, click on the “Delegate” button.
- Add the amount of Luna you like to stake.
- Hit the submit button and confirm the transaction in your wallet.
Conclusion
We answered four questions about staking LUNA Classic and LUNA. The best option with the highest yield is staking on the Terra Station. So, for LUNC, you get 37.8%, and for LUNA, it’s 14.64%. However, on a CEX, you only get around 4%.
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