The Terra blockchain is a project founded by Daniel Shin & Do Kwon. The crypto has blown up in recent times and seems to offer one of the highest yields on stable coins through Anchor protocol and UST. To benefit from this high yield you of course need a Terra wallet. So in this post, we share our 5 best Terra wallets for you!
What is Terra Luna?
The Terra Luna blockchain is a strong and growing blockchain ecosystem built with the Cosmos SDK. Terra focuses on providing stable coin solutions to anyone for a good price. While at the same time improving the payment industry.
Terra brings these things to you with their dual token system. Which include the Luna token and the UST stable coin. Terra makes UST stable via an algorithm that trades between Luna and UST. But besides the UST stable coin, the Terra blockchain also hosts a variety of decentralized applications that can use UST and Luna for any type of transaction.
This dual system on their proof of stake blockchain makes it easy to use the financial payment features with stable coins without the risk of holding a volatile asset. But also gives investment opportunities to people that hold the Luna token if they desire to invest in the protocol.
This includes Defi Swaps, Lending, and NFTs on the Terra blockchain. With high-interest rates on Dapps like Anchor of up to 20% APY. On top of their usual smart blockchain applications, Terra also functions as a payment provider with fees capped at 1%. So merchants will never pay the ridiculously high fees charged by legacy payment providers of 2-3%.
Check out the Terra Money website here.
But now let’s take a look at the 5 best Terra Luna wallets for 2022!
1. Leap
On our number one spot for Terra wallets, we have listed Leap wallet. Leap wallet aims to be the super wallet for the Terra ecosystem. They aim to do this by providing wallet services that promote more than just simply making crypto transactions. The goal of their wallet is to incentivize the use of the full Terra ecosystem. Including Dapps, NFTs, and blockchain games.
They achieve this with many of their in-wallet Dapp integrations. And also with direct fiat onramps. So users will not have to go through any exchanges or other loops before they can participate in the Terra blockchain ecosystem.
Leap has an active team of developers behind it. And also has many upgrades planned for the future. Like integrated NFT marketplaces, NFT galleries, and in-app cross-chain bridges. For ultimate use of the system.
Features:
- NFTs
- In wallet Swaps
- Dapp integration
- Staking
2. Coin98
In second place we find Coin98. Coin98 wallet is known as an all-in-one Defi platform that lets its users connect to Defi applications on many different blockchains. This of course can not miss the Terra Luna ecosystem. As they support 50+ blockchains and hundreds of thousands of users.
Coin98 not only offers a wallet service but also has its own crypto wallet token. That opens up extra features for users of their products.
Features:
- NFTs
- In wallet Swaps
- Dapp integration
- Staking
- Decentralized Exchange
- Own crypto token
3. Trust
In third place we find the by Binance supported wallet, Trust Wallet. Trust finds itself among the best wallets in the world for any blockchain. With millions of users from all sorts of blockchain networks. From Bitcoin to Avalanche. Trust wallet seems to be the wallet of choice for many users and also supports the Terra blockchain.
Trust wallet comes with a super UX & UI. Making it a good wallet for those that are new to crypto. A great design might help them understand the space a bit better. But for any experienced users this can of course also always be nice.
Trust wallet also comes with its own crypto token called TWT which offers you some extra benefits within the Trust wallet ecosystem.
Features:
- NFTs
- In wallet Swaps
- Web3 browser
- Staking
- Own crypto token
- Already trusted by millions
4. Trezor
In 4th place, we find the hardware wallet Trezor. Trezor is known in the crypto space as one of the strongest hardware wallets around with support for almost every blockchain. Including Terra of course.
If you like to keep your privacy and freedom. You will probably want to keep custody of your assets yourself. And if you do you would want to secure those assets. The best way to do so is always with a hardware wallet that you store in a safe location.
With Trezor you can enjoy the Terra blockchain while at the same time keeping your tokens as secure as you can. While at the same time staking your tokens or letting your UST earn interest on Anchor Protocol.
Features:
- Staking
- Security of a hardware wallet
- Multi-chain safekeeping
XDEFI
Last but not least we have XDEFI in 5th place. XDEFi is known as the wallet that aims to improve upon the Metamask wallet. One improvement they have made for sure is their addition of blockchains that do not run an EVM. With support for blockchains like Bitcoin, Solana, and of course Terra.
Besides adding the Terra Luna chain to XDEFI. They also plan for the creation of a liquidity program on top of Terra in partnership with the Pylon DeFi protocol. The program aims to support debut projects on the network’s ecosystem and bring community governance plus more opportunities.
The integration of Terra within the XDEFI wallet provides LUNAtics with a good browser extension wallet for their desktop. This makes it much easier for Terra users. An opportunity that some wallets miss out on.
Features:
- NFTs
- In wallet Swaps
- Staking
- Own crypto token
- Supports EVM and non-EVM chains
F.A.Q.
Why is Terra buying so much Bitcoin?
Terra has announced that it would buy up to 10$ Billion worth of Bitcoin. This is meant to be used as a reserve for all the stable coins created by the network in combination with its algorithm. This move will make the stable coin not only algorithmically backed but also secured by the strongest crypto asset in the world.
How to stake Luna token?
You can easily stake your Luna tokens by withdrawing your tokens to Terra station wallet. Then go to the staking tab and choose the validator that you would like to stake your tokens. Now your Luna tokens are staked it is time to earn some interest with the staking rewards!
Where to buy Luna?
You can buy Luna in many places. As it is/was in the top 10 cryptocurrencies, almost any crypto exchange has added it to its platform. So simply go to Binance, Kucoin or Bitfinex to trade/buy Luna.
Where to earn interest on UST?
You can earn pretty high-interest rates on the UST stable coin. With rates between 10% and 30%. You can find this at centralized entities like NEXO or decentralized protocols like Anchor.
Can Terra host other Dapps?
Yes, it definitely can. The Terra blockchain is already hosting many famous blockchain Dapps, like Anchor and Mirror protocol. But has the capability to also host other blockchain applications for games, NFTs, Trading, Earning interest, and many other use cases.
End
So we hope that this post has helped you find a Terra wallet. But if you still did not find the best wallet for you. You can go to our wallet finder page and find a wallet for you. So you can enjoy the new web3 world to the fullest.
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