How to setup a LUNA Terra Wallet for Staking | Get Anchor & Mirror Protocol Airdrops

how's it going everybody so let's jump right into how to get your luno wallet fully set up in this tutorial we'll talk about how to set up your wallet how to download uh the chrome extension as well as the desktop application so you can start staking earning that nice luna apy stacking more crypto stacking more luna and compound as well uh what we'll also do too is uh talk about how to get your wallet uh set up so that you can start earning the weekly air drops as well as genesis air drops which is the day one air drops for all new tara based projects as well too so this tutorial is trying to do a full handholding assuming that you do not have your wallet fully set up but what i will say though is that you will need to have luna if you don't have luna i have a whole separate video that you can take a look at that i'm gonna go and shoot and create that talks about how you can go and buy luna on many exchanges like binance uh kucoin uh or voyager this tutorial is not about that if you do need help for getting set up you do need to have a vpn especially over in the u.s or in a country that this just has no exchanges that have luna available because of sec regulations or whatever it is so highly recommend that you look into setting up or get set up with vpn i personally use expressvpn it is my go-to vpn and i always tunnel through singapore hong kong or a few other asia countries as well that's when we get the most access into all the exchanges and tokens so i won't go too much into that take a look at it i have a referral code if you want a referral code for expressvpn and again i'll have a separate video for a guide for that so let's get right into setting up your wallet so uh what you want to do is you want to go to the website tara.money as you can see this is a really cool website here and you can go ahead and go and download the wallet you click whatever os that you got so let's say chrome extension you probably want to download that let's open it up let's open up also windows 2 since i have a windows application so you go and click and download the desktop version and then we also want the chrome extension i'll tell you why chrome extension lets you go and collect the airdrops directly on mirror protocol as well as anchor and all the other upcoming protocols and then the desktop wallet is what you can manage the staking side the chrome extension does not allow for staking so download them both but let's get set up on one wallet let's assume that uh let's do the desktop wallets and once you download it and you open it up you'll see a while look that looks like this and what you want to do is you want to go click connect and then from there if you have a hardware ledger wallet definitely go and utilize the ledger to go and connect and plug in your wallet this is the most a very secure way to get a full wallet set up but we don't have that so let's pull down this example let's open up a tara again and then let's go create a brand new wallet assuming that you don't have one let this load okay so now i have the wallet set up i want to click new wallet and so here you can create a wallet name for this example i'll just call it luna sample example password choose a password that works for you 10 characters long okay great oh passwords don't match okay one second okay they match now so what you have here is the seed phrase so this is like your secret backup password that will help you unlock your accounts and if you don't know what it is definitely read this right here but you got to save this in somewhere safe i do not highly recommend that you save it in like a google drive if somebody hacks your drive they get access to your wallet this is the secret password to get into your wallet just in case you lose it your computer breaks down this is your backup phrase essentially for this example i'm just going to save it onto sticky notes again do not do this i'm doing this just for the tutorial pause this video right now when you go and create this write this down in a safe place uh there's a lot of different ways to secure this some people write it uh with uh on the pen and paper some people print it out make sure there's no extra copy about this and store this somewhere face safe but if you do lose this do know that you're going to lose your account and potentially all your crypto so again imagine this as your private key it pretty much is your private key or your backup key to unlocking your account so again i'm just saying this here just so we can go through the questions to give you an example and also set up one you also will need this for the chrome extension as well too so it's going to test you to make sure that you actually have it written down so you have the password so let's see it's going to test us for a 16th so it's 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16. so reunion and then the last one here is language create wallet and we are correct so it won't really give you a input that we're done except that it will just spit out a wallet address right here and this is your address so if you want to send from binance into this wallet this is the one you're going to send into now okay so for this example though this is my other wallet where i have some luna and let's say that i want to send some luna over to another wallet in this case i want to transfer it over from binance again i'll copy my original wallet here which is a lunar example and then i can use uh let's see just add the address here pushing all my luna and then just hit send so let's send some over to this wallet so this is assuming that i got a voyager or some other wallet and i want to pre-fill this lunar example here with uh some luna so cool we moved some luna over boom and so it'll be a little bit while before this lunar wallet connects but actually it's really really fast so we actually just got the luna right here that's how fast uh the luna network or terra works it's just it's super quick to receive transactions so now that we have transactions into this wallet you might ask okay how do we stake so let's run through it history you can see all the transaction history send receive stake etc and then you can just go to the sticking panel here now what you see here though is a lot of different options okay and what you want to notice here is that actually sorry so we have this tells you how much luna you have to stake and these are the different like validators or monikers or validators of basically these are like different servers or hosts that you can kind of host your staking with so usually what i say is you can take here's this is like gold silver bronze doesn't mean that these ones that are down here are are bad um these ones on top here are doing some bigger promotions in terms of getting the uh high apy but you know what i always look at is a few different stats here so voting power tells you how many people have delegated or how many people have contributed to uh this staking note so you see here five percent a lot of people really trust this mosaic and so five percent of overall all of luna is uh camping with mosaic uh but other ones are still growing too as you see smart stake and mark cloud et cetera uh self-delegation this is how much they're actually delegating delegated of their pool into uh into their uh validator and this is the commission too as well too so some some groups will actually take a commission for now since these guys are doing promotion there's zero so usually you want to stay with that for now since uh there's a little there's little to no fees delegation return kind of gives you the idea for the apy that you can generate for staking luna currently right now it's at an accelerated rate 44 ish uh this rate is so high because it's assuming and it's actually built into the apy the anchor protocol and mirror protocol air drops for now once those air drops are gone this rate will shoot back down to something about like 10 percent ish i don't know what they exactly mixed it into here i don't exactly agree with it because it doesn't show you the true true apy of just staking luna itself just to get luna but i will tell you though that just thinking luna itself will generate about 10 percent more luna that doesn't again include anchor and mirror protocol that you can get every single week on this right hand side here is uptime that tells you how long the the validator has been up for you do not want to choose something that is not 100 that means they're not always 100 staking and that just gives you downtime which means you're not getting the maximum apy so for this example you know we'll want to go through mark cloud as one of the examples here oh one thing i also want to note too is that when you're choosing your staking or validators i should say is look for the blue check marks i think that these guys are much more trustworthy and i usually just go with these guys so let's say i want to delegate um this is where you actually go stake okay so you can look and look at the stats here you can see all the stats max commission this is not how much commission they actually have active right now zero percent commission again uh but what you can do here is uh go ahead and hit delegate this is how you stake so what i'm gonna do is i'm gonna just hit one i'm gonna delegate one actually i'm just gonna delegate a small amount just for this demo test uh let's do actually a small amount micro mount because i'm just doing a demo here and then what you want to do is you want to put in your password again do not forget your password this is not your 24 hash key this is just a personal password you put in as a pin code to validate transactions so yeah right there i delegated 0.25 into mark cloud and as you can see here under this very last column here this is the amount of luna i have delegated and so over time after you check like an hour or two this will highlight and once you are ready i would highly suggest at least once a day go ahead and click withdraw or you can go up here to the very right and withdraw all rewards it is very possible for you to stake multiple validators again if you want to do that if you're just trying to spread the risk or if somebody is providing higher apy well why not put some there to camp that extra 0.2 percent or a half percent apy so you can generate and stack more uh crypto but let's say mark cloud starts crapping out it doesn't have a hundred percent uh a hundred percent uptime and i don't want to stay with them there's a few two things you can do first off you can go ahead and uh delegate but what i will do what i will say though is that if you decide to unstake okay if you decide to unstake the luna platform it's going to take 21 days to unstake and while it is on staking you do not get any rewards why is this it's because of proof of stake i don't want to dive too much deep into it but when you are staking you're essentially creating a node or or you are joining a node to help validate transactions that are happening within the network okay and you are getting rewarded by validating transactions similar to like a hardware miner except you're doing it all kind of in the decentralized cloud in a way and the reason that they did 21 days is there's a whole bunch of reasons first is to prevent anti-dumping allowing people to immediately just unstake from the network and just dump their coins but also too it's just for security reasons in terms of validations of the network getting consensus uh you don't want to have people just automatically pull out and that will just damage the whole network itself because it can't really validate transactions especially if a lot of people are just pulling out uh immediately super fast so it's kind of like a i wouldn't say like a penalty but it is a hold that is preventing you from actually unstaking um and you have to keep this in mind when you are thinking about your strategies whatever it is for investments it will take you three weeks just to unlock your uh luna to then go back and sell and trade into the open market so that may or may not drive with a lot of people that's up to you again like i'm thinking about luna in the long term and i just want to stack more luna at the end of the day i don't really care um so i'm just locking it all in so you can collect all the rewards as they go up okay so let's go back into staking so let's say that again we go back to the example mark cloud's not doing that well um and i want to transfer and move over well go to that new validator let's say you want to re-delegate and reassign your current stake from the previous staker from mark cloud over to mosaic so i would do is just go click delegate and instead of hitting a source of my wallet now i can source the other previous validator that i'm in and then just move it over now again redelegation to the same original uh validator will be prohibited for 21 days back to mark cloud so make sure once you switch you choose an actual good validator to move away from and you have to have good reason otherwise again like you cannot go back to that uh previous uh sticker uh with mark cloud and then from there you can see we've just transferred and re-delegated our luna without unstaking again if i were to unstake it would take 21 days and we would not earn any rewards so this is the basics you can go to here swap and what swap allows you to do is to convert your luna into other coins you can see here there's there's australian dollar canadian dollar chinese dollar pound hong kong dollars etc and there's even like the crypto stock here this is for the mirror protocol so if you're just it's kind of like you know swap you want to convert this into a different asset let's say i want to convert it into microsoft boom it tells me i can convert into three luna into maybe one microsoft ish okay so this is just one example here too one microsoft or mirror microsoft coin now there's a lot of other reasons why you might want to do this for example when you are going out and claiming luna it's actually going to reward you a lot of other currencies within the network especially if people are transacting and the luna network is transacting and collecting fees for korean won u.s dollar et cetera and as the network grows and they have more stable coins within the network you're getting rewarded that fee as well so they might when you claim every single time you might be actually getting paid out in korean one and you might have some krt and this will stack and i would say like once a week probably you want to take the stack and just convert it into more luna and if you don't if you forget about this again like it's going to compound over time and compile and again you could cash it in whenever you want to later the reason why i want to do this again is i want to keep stacking more luna every single week or i should say day i actually collect my luna and then what i do is i go back and restake more why because it's the power of compounding the apy actually goes higher than 10 because i am taking my lunar rewards and pushing back in i'm essentially auto compounding but the platform itself won't do it for you because for security reasons they won't want to make the decisions on the smart contract for you only you can decide to do that so again you can do it by hand with straw and then just restake it especially if you're thinking about the compound long-term game now let's go on to the next section uh the next section we're going to talk about uh getting set up for air airdrops so you do want to download the chrome extension and when you download the chrome extension right you're going to be asked about the wallet so let's set up a new wallet here actually change password this select let's add a new wallet so let's call it again let's just call this oh no not new wallet let's let me show you again now let's try to get our desktop wallet into uh the chrome extension so by default it's not going to have any existing wallet so technically what you have to do is you have to recover existing wallet and this is the only way again you can claim your stake so it's going to ask you to test again here recover existing wallet so again let's just call it uh luna example let's put my password okay then it's going to start asking me for all the uh here again you should have had this written down don't save it and how i'm doing it this is literally just for uh examples here i'm just pretty sure once i unlock leash this video someone's gonna try to hack this account this is just a throwaway luna account so it's whatever i'm just building this just so you can give you guys a nice little demo here especially you're starting from ground zero and you don't have no clue how to set up this wallet i just want to do a full handholding on getting get this all set up all right now we have all our 24 passwords code and let's see if it's right and it is so you can see here it imported our same exact wallet that we had in the desktop version again what it does is it lets you recover your wallet which is essentially mirroring your wallet both on the desktop as well as the chrome extension and this is how you go out and claim we'll go on to the anchor protocol website and claim uh the airdrops so let's talk about how you can go and claim your anchor in mirror protocol first what you could do is you can go to terra.smartstake.io and this lets you know how uh when the upcoming airdrops that are coming for example here you can see the snapshot of the anchor airdrop this is coming in uh 21 hours and then mirror is coming down in three days and you go this far right here you can see that you get 0.31 anchor per 100 luna staked and then on mirror you also get 0.11 per uh every 100 lunar state right here it shows you that you have 103 weeks remaining for anchor and so obviously you're going to get a lot more for our anchor and then uh for mirror you get about 37 weeks for staking and you have to stake directly on luna remember we had the terra station wallet again you have to get your luna staked here through the validator and once you do have the validator set up make sure you also have the chrome extension setup which i showed you you got to add in that same exact 24 pin uh 24 password code into the account uh so you can go ahead and access your airdrops so once the airdrops are happening every single week you do have to go to the websites and claim it first is anchorproto.comcall.com if you go there and you connect your wallet on the top right hand corner here you're going to see claim your wallets and boom i get to collect it now if i don't claim it for the week don't worry it just keeps stacking in your account and just keeps adding it there well let's say i just want to go claim and then i'm just going to enter my password make sure i have some ust in the account just so i can go and claim it and boom uh there we go i should have anchor added into my account and let's take a look and yeah actually do we got more anchor in my account so let's also go to mirror what you want to do is you want to go to terra web app again go ahead and claim your wallet and i don't have enough ust actually on my account so i actually have to go and add more um to my accounts uh but in this demo you know i don't you know i can't do this right now at the current wallet but what you want to do is you want to go and swap and get more or you want to go and stake and reclaim more ust actually actually can go and do that i can go to trade here um i want to get some ust uh let's sell some mirror that's actually the sell some yeah let's just sell actually i don't have any mirror right here actually they don't they only take in mirror they don't do any luna uh luna assets as well too so but anyways you can get you could get the demo though once i go to the mirror protocol you got to go and just click uh claim let me just refresh this one more time and then once you go claim it's no difference uh than what you saw previously uh with the airdrop with uh anchor uh once you go do that it's gonna go and land into your accounts and then from there you can immediately uh claim and utilize it so this gives you kind of a good walkthrough if you have any questions feel free to reach out uh comment down below in the comments have any questions or join the telegram i can answer questions live especially if you have some tough questions in terms of how to get your wallet fully staked set up and collecting air drops so feel free to reach me out justin wu thank you again for hopping on my first kind of official tutorial on stacking crypto

Channel: Justin Wu

Views: 47,496

Rating: 4.972435 out of 5

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Id: Q84cj9T11Yo

Length: 22min 13sec (1333 seconds)

Published: Tue Mar 30 2021