Home Reviews 4 Questions About Terra Station, Part 1

4 Questions About Terra Station, Part 1

Each blockchain has a native wallet. For the Terra blockchain, this is Terra Station. We answer 4 common questions about this wallet.

terra station review

Each blockchain has its own specific wallet. Built on Cosmos, the Terra Network is picking up the pieces after the Luna/UST crash. Terra Station is the official wallet for the Terra blockchain. It handles all native Terra-related assets and tokens.

These are not easy times for the Terra Network, but the Terra Station is still working. So, let’s find out about the Terra Station wallet.

Is Terra Station Decentralized?

In theory, the Terra Station is a decentralized wallet. In any case, it’s a non-custodial wallet. This means that you oversee the wallet. You are the only one who has access to the private keys.

After the downfall of the LUNA/UST tokens, the Terra Network had a rough time. Out of the 73 projects building on the Terra Network in March 2022, 48 left for Polygon.

 

There are also views that the platform was not decentralized. Analytics Insights makes a case for this, blaming Do Kwon’s ownership of LUNA tokens. On the other hand, this should not affect the Terra Station. The reason being, as already mentioned, is that you are in control of the wallet. 

What Is Terra Station?

Terra Station is the official wallet for the Terra network and blockchain. As such, it’s capable of handling all native Terra assets and tokens. It’s available as a mobile app, on both Android and iOS. Furthermore, there’s also a desktop version available. 

Terra has easy-to-follow instructions on how you can install the mobile app or the desktop version. These tutorials also explain how to create the wallet. You can follow a step-by-step description. Once you installed the wallet, it has many functionalities. For instance:

  • Swap
  • Stake
  • Governance
  • NFTs

It has a clean interface and is easy to use. See the picture below:

Terra Station

Source: Terra Wallet desktop extension

What Is Terra Station Extension?

The Terra Station extension is a desktop version of this wallet. It runs on macOS, macOS M1, Windows, and Linux. For the latter, on both DEB and RPM.

They offer a Chrome and Firefox extension. Terra Luna has an easy-to-follow tutorial on how to install it and how to create a new wallet.

For example, in the wallet, you can stake LUNA or send and receive tokens. Terra LUNA still has 130 active validators. See the picture below.

Terra Wallet
Terra Station desktop
What Network Does Terra Station Use?

Terra Station uses the Terra network. It’s the native wallet for the network and of the Terra blockchain. Terra was built in the Cosmos network. As a result, it uses the Tendermint Delegated-Proof-of-Stake (DPoS) as its consensus mechanism.

It’s also part of the ICB. That’s the Inter-Blockchain Communication protocol of Cosmos. This allows all blockchains inside the ICB to talk to each other.

However, the current Terra network is rather small. We mentioned already that 47 projects are left for Polygon. The remaining projects are still due two LUNA airdrops, so they can keep building. One is due on September 17th, 2022. This airdrop covers 35 projects.

Neptune Finance will receive the most funds, around $185,000. Another 15 projects will receive a LUNA airdrop on December 17th, 2022. Astroport receives the most LUNA, worth around $1.25 million. See the picture below.

Terra Station

Source: Coinhall Twitter

Conclusion

Despite being in a rocky situation, the Terra network keeps working and building. So, the Terra Station wallet is still going strong. In the meantime, we also answered 4 wallet-related questions for you. There is a Part 2 coming soon.

The Terra LUNA token is currently worth $2.45. During the last 30 days, its price increased by 30.9%. The market cap is $404.5 million. There’s an infinite number of tokens. The current circulation of LUNA tokens is 165.4 million. That’s out of a 1 billion total supply.

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