Staking Terra LUNA With The Leap Wallet
Terra LUNA is the native token of the Terra blockchain, and we previously covered the Terra Ecosystem in great detail, including how to stake it in Terra Station app as well as staking LUNA using a Ledger hardware wallet.
In this article, we’ll show you how to stake LUNA using Leap, a secure and innovative next generation wallet for the Terra ecosystem. What makes Leap unique is that it isn’t just trying to be a crypto wallet — its aim is to be a full hub for everything under the Terra ecosystem, including dApps, DeFi, NFTs, Gaming, Social, Web 3.0 and of course staking.
So below we’ll go through the process of installing the Leap Browser Wallet and staking your LUNA tokens through Everstake.
Installing The Leap Wallet Browser Plugin
If you already have a Leap Wallet with LUNA tokens, you can skip directly to the staking section.
However, if you don’t already have the Leap Wallet, you’ll need to install the browser plugin and send LUNA to your wallet address. The process of installing the browser Wallet is simple and takes just a couple of minutes. So let’s have a look at the process.
Step 1: Go to Leap Wallet website and click on the Install Leap button.
Step 2: On the extension page, click the “Add to…” button. Depending on the browser you’re using, this may say Add to Chrome, Add to Brave, Add to Firefox, and so on. Once you click the Add button, be sure to approve the installation of the plugin.
Step 3: Open the Leap Wallet extension and click on the Create Wallet button. Then set a wallet name (this can be anything you like), and a password to access the wallet. Be sure to write this password down and keep it in a safe place.
Tip: If you already have a Terra Wallet with LUNA (for example the Terra Station Wallet), you can import your Wallet seed phrase into Leap Wallet and stake your assets accordingly. If this is the case, Choose the Import with Seed Phrase button, input your Seed, and then skip directly to the Staking section below.
Now set your wallet name and password.
Step 4: Next, make sure to write down your seed phrase and store it in a safe place, because this is the only way to recover the funds in your wallet in the event that you lose your device or in the event that you delete the Leap Wallet from your browser.
Now click the checkbox to confirm you’ve written down your seed phrase and then click the Next button.
Step 5: Follow the instructions to confirm each of the requested words from your seed phrase. Then click the Submit button.
Then click the Done button on the confirmation screen.
Great! Now your wallet is created. Now we need to open up the wallet to begin the staking process.
Step 6: Open up the wallet from your browser’s list of browser extensions, and then log into the wallet with your password. For clarity, this is the password you would have set in step #3 above.
Once you’re in the wallet, you’ll need to send LUNA funds to your Terra address, which you’ll see at the top of the wallet interface. To get your full Terra deposit address, click the address copy button.
Staking LUNA with the Leap Wallet
In this section, we’ll go through the process of staking LUNA tokens through Everstake.
Step 1: Once you’ve opened your Wallet, click directly on the LUNA balance section.
Now click on Vanilla Staking
Step 2: Click on the Stake button
Now scroll down the list of Validators until you see everstakeone, and click to select it.
Why stake your LUNA with Everstake?
When you stake with Everstake (everstakeone), you’re staking with one of the top validators in the world with well over 425,000 delegators, so you know with confidence that your assets are safe and that your payouts will arrive on time.
In addition, when you stake with Everstake, you get the assurance of working with a validator that has:
- A 99.9% uptime (which includes the security of multiple servers, back-up nodes, and dedicated DevOps for every chain).
- Sustainable payouts for all delegators (stakers).
- A vast portfolio. Everstake is a reliable validator for 36 blockchains and counting.
- Over $4.6 billion staked in digital assets.
- 24/7 network monitoring and support.
Step 3: In the Confirm Stake section, choose how much you want to stake. You can also use the ‘Max’ button to choose the maximum amount of LUNA you can stake. Then click the Stake button.
Once you click Stake, you’ll see a message that your stake is confirming, then you’ll see another message confirming that your Stake is Complete. Click the Done button.
And now you will see your LUNA assets successfully staked to Everstake.
Frequently Asked Questions
Question: What is the reward/yield when staking Terra LUNA with Everstake? Also what is the commission rate Everstake charges on rewards?
Answer: You can find the current yield as well as a staking calculator here.
Our commission rate is 10%.
Question: What is the bonding and unbonding period?
There is no bonding period for staking Terra LUNA. However, the unbonding period is 21 days. Also, be sure to leave some LUNA in your wallet to cover fees when you unstake.
Question: Is there a minimum amount to stake LUNA?
Answer: No, there is no minimum amount to stake.
Learn More About Terra and Everstake
The Terra ecosystem is an extremely exciting one that’s growing fast and attracting the attention of many investors and institutions alike. You can learn more about Terra using the FAQ section on our website and we encourage you to check out our guide, Yield Farming in the Terra Ecosystem: How to Get Started and 10 Strategies for Newbies, to discover even more exciting ways to get involved in the Terra ecosystem.
We also encourage you to stay in touch and Subscribe to Everstake through our social media channels. This is a great way to stay in touch with updates, as well as more opportunities to earn from your crypto and discover more exciting things in the blockchain space. We look forward to connecting with you!