This article has two parts. Here is the first one.
The Terra Station wallet is the official wallet of the Terra ecosystem, responsible for all Terra-related tokens and assets. It is also used to connect to decentralized apps on the Terra blockchain. The wallet comes in three main forms: mobile application, desktop, and Chrome extension.
The Terra ecosystem has endured a huge fall from grace since the collapse of its stablecoins in May. However, the Terra Station wallet remains functional. So, let’s look at a few things about this wallet.
How Does Terra Station Work?
Terra Station is pretty easy to use and has a relatable interface. The wallet has several good sides to it. For example, it enables staking with multiple validators and is compatible with the Ledger hardware wallet. The wallet has a PC and MacOS desktop file that users can download and install on their computer. There is also a mobile app.
If you want to download the app on your mobile, then select the download link for your operating system.
Follow the instructions in the downloaded file.
Next, open the desktop app and click on “new wallet.”
- Type in a secure wallet name and password.
- Confirm your password.
- Ensure you store your 24-word seed phrase securely.
- Verify your seed phrase.
- Click “submit” after ensuring your seed phrase has been written down.
Confirm your seed phrase by selecting the right words in each prompt and click on “Submit.”
Click on” connect.” Now you have created your Terra Station wallet.
You can also decide to set up multiple wallets in the app. You must securely store your mnemonic key because it will be used to recover your existing wallet. For wallet recovery, you’ll need to provide these details:
- Wallet name
- Password
- Mnemonic key
The Terra Station wallet also allows you to import an existing account from another device. Read this article for a detailed guide on sending and receiving tokens with the Terra Station wallet.
Can Terra Station Be Hacked?
Although there have been unverified complaints of hacks, Terra Station has some security features, making it quite safe. But nothing is 100% secure in crypto. It is always up to you to ensure no one has access to your seed phrase or that you don’t log into a fake site. So, make sure you download the official software extension. You can also use a Ledger device for improved security.
Terra Station With Ledger
Hardware wallets such as Ledger are a superior option for the safe storing of private keys. For example, the Terra Station web app can receive a signal from the Ledger hardware wallet to confirm transactions. This ensures that even if you have online access to your wallet, your private keys are kept offline.
You can store and send Terra crypto on both Ledger Nano S and X. This suggests that you can connect with the Terra blockchain and safely store your funds using your Ledger hardware wallet.
Is Terra Station Still Functional?
Terra Station remains functional months after the Terra blockchain collapsed. The Terra wallet remains in operation as the Terra ecosystem continues its attempt at a revival. If you missed the first part of this series, now’s a good time to click on it.
As of this writing, the Terra LUNA price is $2.46. It has a 24-hour trading volume of $184,871,626.
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