How To Stake $LUNA with Keplr Wallet

Terra

Aug 07, 2023

4 min read

How To Stake $LUNA with Keplr Wallet

Terra is an open-source, Cosmos-based blockchain on which you can build applications and organizations using its available suite of developers tools. The ecosystem is fueled by its native cryptocurrency: $LUNA. Users can use $LUNA to pay transaction fees on the Terra blockchain, earn staking rewards, purchase NFTs, and vote on governance and trade.

Terra is permissionless and borderless, which means anyone with an internet connection can utilize the ecosystem.

In this article, we'll walk you through staking $LUNA with Keplr Wallet. So, let's get started.

Creating a Keplr Wallet and Depositing $LUNA

To be able to stake $LUNA with Keplr Wallet, you'll first need to set up a wallet and deposit your assets. To do so, go to: https://wallet.keplr.app/ to download the extension.

Select "Create a new wallet" to start with a brand-new wallet. If you've previously had a wallet with Keplr, you can also select "Import an existing wallet". Note that it's not necessary to create a new wallet for each Cosmos-based asset with Keplr. You can simply deposit the assets of your selected network.

To continue, Keplr will ask you to select a new recovery phrase or to connect with Google. In this guide, we'll use the Recovery Phrase.

Remember to store your recovery phrase securely offline and never share it with anyone. If you lose your recovery phrase, you will lose the assets within the wallet.

Make sure that you keep your seed phrase somewhere safe and preferably offline. Create an account name and desired password to access the wallet and select "Next".  

To then confirm the creation of your Keplr wallet, fill out a selected number of seed phrase words to continue to select "Register".

You're Keplr wallet is now ready. Go to: https://wallet.keplr.app/ to complete the next steps.

Depositing $LUNA

If you don't own any $LUNA yet, you can acquire some by trading or purchasing them on Osmosis or any other DEX.

You can deposit your $LUNA by selecting "Terra" on the left menu under assets in the Keplr dashboard. After that, copy the public wallet address on the top right of your dashboard or click on "Deposit" to copy the address there.

Send the $LUNA to your new wallet, wait a few seconds, and now you're ready to start staking.

Staking $LUNA (Terra)

Once your wallet is created, and you've funded your $LUNA, it's time to start staking. Select Terra on the left side menu of your dashboard once more, and ensure you're on the "Staking" tab.

If you scroll down, you'll find a list of available validators who operate on the Terra network. It's possible to select the validator of your choice by scrolling or by entering the name of your selected validator in the search bar.

To select the validator, click on their name. A pop-up will appear. In the pop-up, select "Stake" to continue.

Once you've selected "Stake", you can fill in the number of $LUNA that you'd like to stake with the validator. Remember that you need to keep some $LUNA in your wallet for transaction fees.

Select "Stake" to continue once more. Read through the pop-up with the transaction info and select "Approve" if it's all okay.

And that's it! You've now staked your $LUNA.

Redelegating $LUNA

If you'd like to spread out your stake more, or you simply want to move your stake to another validator, you can redelegate.

To do so, click on the validator you're currently staking with under "my validators" and select "redelegate".

Search for the validator you'd like to redelegate to, click on their name, and select "Next" to continue.

You'll now see the amount available for redelegation. Fill out how much $LUNA you'd like to redelegate and select "Redelegate" to confirm. In the pop-up, confirm their transaction by selecting "Approve". That's all; you've now redelegated your $LUNA.

Claim $LUNA Staking Rewards

$LUNA stake needs to be compounded by hand. This means if you want to restake your earned $LUNA staking rewards, you will need to claim them and then follow the staking process mentioned above.

To claim, simply go to the staking tab of Terra in the dashboard. On the right side, select "Claim". Confirm the transaction in your wallet by selecting "Approve". That's all there is to it; you've now claimed your rewards.

Happy staking, everyone!


DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.

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