In this guide, we will be discussing how to stake your Luna Classic cryptocurrency. We will cover everything from setting up a terra station to depositing your coins. By following this guide, you will be able to start earning rewards for supporting the network!
Before we get started, let’s take a look at what staking is and why you should do it. Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Essentially, it is a way of contributing your resources to help maintain the security and stability of the network. In return for supporting the network, you will earn rewards in the form of newly minted coins or transaction fees. There are many benefits to staking your cryptocurrency. For one, it is a great way to passively earn income. Unlike mining, which requires expensive hardware and consumes a lot of energy, staking only requires that you hold coins in your wallet. This means that anyone with a modest amount of crypto can start earning rewards just by holding onto their coins. Another benefit of staking is that it helps to secure the network. The more people that stake their coins, the more decentralized and secure the network becomes. This is because it becomes more expensive for bad actors to mount an attack on the network, as they would need to control a large portion of the total supply.
So, now that you know all the benefits of staking your Luna Classic coins, let’s get into how to do it.
Make sure you go to app settings and switch network from Mainnet to Classic
The first thing you need to do is make sure you have a valid wallet address. You can not stake your coins if they are held in exchange. This is because you need to have control of your private keys to stake your coins.
If you don’t have a wallet yet, no worries. There are plenty of options out there. We recommend the terra Station App available on the Web, desktop, and Mobile. This is a great option for those who want a simple and easy-to-use wallet.
Once you have your wallet set up, the next thing you need to do is transfer your Luna Classic coins into it.
Now that you have your coins in your wallet, you are ready to stake them. In the terra Station app, simply go to the “Stake” tab.
Select the Validator with which you would like to stake and click on their name in the Moniker column of the validator list.
In the My delegations section, click Delegate and a new window will appear.
In the Amount field, specify the amount of Lunc you want to delegate.
Confirm the transaction details, enter your password and click Submit. Congratulations, you’ve just delegated Lunc!
It is recommended to maintain some funds in your wallet to be able to pay for transaction fees. Without available capital for fee payment, you will not be able to carry out further transactions until more tokens are transferred to your wallet.
Withdraw staking rewards
Rewards start accruing the moment you stake your Lunc. Monitor your rewards in the staking section of Terra Station. Once you have sufficient rewards, follow these steps to withdraw them:
Open Terra Station and click Stake.
To claim all available rewards, click Withdraw all rewards in the upper right-hand corner of the staking page. To withdraw rewards from a single validator, click on their name in the Validators list and then click on Withdraw rewards On their Validator details page.
In the Validators list, check the boxes next to the validators from which you would like to withdraw rewards.
Review the transaction details, enter your password, and click Submit.
Congratulations, you’ve just withdrawn your staking rewards!
Redelegate
Redelegating lets you transfer staked Lunc from one validator to another instantly, without having to wait for the 21-day unstaking period.
Warning: When a user redelegates staked Lunc from one validator to another, the validator receiving the staked Lunc is barred from making further redelegation transactions for 21 days. This requirement only applies to the wallet that made the redelegation transaction.
Open Terra Station, connect your wallet and click on Stake.
Select the validator you would like to redelegate to.
In the My delegations section, click Redelegate.
Select the validator you would like to redelegate from.
Enter the amount of Lunc you want to redelegate.
Confirm the transaction details, enter your password and click Submit.
Your staked Lunc will be transferred to the new validator.
Undelegate
To unstake your Luca, you will need to undelegate from the validator to which the funds were originally staked. After undelegating, it will take 21 days for the undelegated funds to be available in your wallet. Undelegation waiting period
After funds are undelegated, they will be locked for a period of 21 days. Once this process has started, there is no option for reversal. After this period has concluded, the funds will be transferred to your wallet where they will once again be available to carry out transactions. If you would like to simply stake with another validator, you may utilize the redelegating process which occurs immediately without the need to wait for processing.
Open Terra Station, connect your wallet, and click Stake.
Click on the validator you want to unstake from.
In the My delegations section, click Undelegate.
Enter the amount of Lunc you want to undelegate.
Confirm the transaction details, enter your password and click Submit.
After submitting the transaction, you will have to wait for 21 days for the staked funds to be unlocked.
That’s all there is to it! Staking Luna Classic is a great way to earn passive income and support the network.
Thanks for reading and we hope this guide was helpful. If you have any questions, feel free to leave them in the comments below or join our Discord server. We’ll be happy to help you out!
Here are a few tips to get the most out of staking your Luna Classic:
Keep your wallet software up to date. This will ensure that you are able to receive the latest rewards and avoid any potential issues.
Be patient! It can take some time for rewards to start rolling in. The more you stake, the higher your chances of earning rewards.
We hope this guide was helpful. If you have any questions, feel free to leave them in the comments below or join our Discord server. We’ll be happy to help you out!
Happy staking!
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