Terra 2.0 is the new Terra blockchain. This new chain works in tandem with the current Terra, rather than replacing it. The proposal was introduced on May 18 and passed with 65 percent of the vote on May 25.
To be able to skin in this blockchain, of course, you will need a Terra 2.0 wallet. In today’s article, I will show you the details on how to create a Terra 2.0 Wallet.
What is the Terra 2.0 Wallet?
The Terra 2.0 wallet is where new LUNA and CW20 tokens are stored on the Terra 2.0 blockchain. You can send and receive LUNA tokens as well as interact with applications on the Terra 2.0 platform.
In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.
What is included in a Terra 2.0 Wallet address?
A Terra 2.0 Wallet has 3 extremely important pieces of information you must note:
- Wallet address: A sequence of numbers and characters used to send assets to the Terra 2.0 wallet. Others can transfer coins to you through the wallet address you provide. A Terra 2.0 (LUNA) wallet address will have the following format: terra1vfcp3dzu94uyfqsr42zfdf5tzh7kt8ar52grgv.
- Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to recover the wallet, you must go through the Passphrase login step. Format of a Passphrase: entire annual slow album wisdom snow slice reject pony flower middle under.
- Private Key: A string of letters and numbers to connect to the account, quite similar to the password of a bank account. In addition to the standard Private Key, the Terra wallet also include a Base64 Private Key to help users easily restore the wallet on Terra Station. Format of a Private Key: eedc3752ec9133f17713156aa5a860f77d926ea4b805bc4102094005cc4e23b2
To visualize, you can imagine that the Terra 2.0 wallet is a bank account, the wallet address is the account number and the passphrase is the password.
The difference here is that with a bank account, other people will know your personal information. As for the Terra 2.0 wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.
Terra 2.0 Wallet Review
There are many wallets on the market that support creating the Terra 2.0 blockchain. Let’s take a look at some outstanding Terra 2.0 wallets in the crypto world.
Coin98 Super App
Coin98 Super App is a well-known super app containing crypto services, and it is the gateway of DeFi & Web3. After installing the Coin98 Super App, you can experience many of its features such as Dapp Browser, Terminal toolkit, Coin98 Staking,…
Because it is a decentralized wallet platform, users are in complete control of their assets, no one has access to your wallet, including the developers. You can rest assured when storing LUNA 2.0 tokens here.
Learn more: What is Coin98 Super App?
Terra Station is an official wallet for managing Terra 2.0 asset and connecting with decentralized applications on the Terra 2.0 blockchain.
Create a Terra Station wallet here: station.terra.money
How to create a Terra 2.0 Wallet (LUNA CW20)
This tutorial will guide you on how to create a new Terra 2.0 wallet on both the mobile and desktop interfaces, so you can also install both to flexibly switch use.
Download and access the app
Terra 2.0 wallet is now available on the Coin98 Super App for both iOS and Android users.
After downloading the app, open the Coin98 Super App application and select the language you want to use before directly accessing the wallet interface.
At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to the Coin98 Super App.
Create the Terra 2.0 wallet (LUNA CW20)
Step 1: Open the application, at the homepage click the Wallet icon → Manage.
Step 2: Click Add Wallet and click on the Terra 2.0 (LUNA CW20) icon to create a Terra 2.0 Wallet, or you can choose to create a Multi-chain wallet to own more wallets with just one passphrase (recommended) → Create.
Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.
Step 4: Back up the Passphrase in a safe place.
Note: These are CRUCIAL information that directly affects control over your assets.
- Copy and paste the Passphrase into the Confirmation box.
- Tick the Backup your recovery key box and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen if someone knows these sequences of characters.
- Tick the two remaining boxes to confirm that you understand the risks if you lose your Passphrase.
Select Create Wallet.
Once done, you can also go to Manage → Manage All Wallets to check the newly created Terra 2.0 wallet.
How to use Terra 2.0 Wallet
Add LUNA to Terra 2.0 Wallet
This process is similar on both the mobile version and the extension, so you can follow these steps for both.
Step 1: Click the Terra 2.0 wallet on the main screen.
Step 2: Click Receive.
Step 3: Copy the wallet address or use the QR code address and send your assets to this address.
Send LUNA tokens
This operation works the same on both the Coin98 Super App and the Coin98 Extension Wallet. I will give an example of how to send LUNA stored in the mobile wallet.
Step 1: Click the Terra 2.0 wallet
Step 2: Choose Send.
Step 3: Select the token, the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm.
In addition, you can also go to the Send section in the main interface, select the Terra 2.0 wallet you want to send from.
- The gas fee for each transaction is paid with LUNA, approximately 0.003 LUNA
- The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.
Some notes when using the Terra 2.0 wallet
Is it safe to store LUNA tokens on the Terra 2.0 wallet?
Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others. Therefore, it is perfectly safe for your assets.
Is there a fee to transfer LUNA tokens?
Sending LUNA tokens from a Terra 2.0 Wallet will cost the blockchain platform fee in LUNA.
Is it possible to create multiple Terra 2.0 wallets?
Yes! You can create as many Terra 2.0 wallets as you want. Each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Terra 2.0 wallets.
Can Terra 2.0 wallet store other coins?
Terra 2.0 wallet can store LUNA tokens supported by the Terra 2.0 blockchain platform. In addition, do not transfer any coins on other blockchain platforms to Terra 2.0 wallet if you do not want to lose your assets
What is the best Terra 2.0 wallet app?
For those who mainly interact with the Terra 2.0, Terra Station will be one of the options worth considering.
For those who use a lot of blockchain platforms the Coin98 Super App is a great choice for you.
With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on Terra 2.0. Hope the tutorial can help you to easily create and use the Terra 2.0 (LUNA) Wallet on Coin98.
If you have any questions regarding this tutorial, don’t hesitate to leave a comment below! The Coin98 team will answer your questions as soon as possible!
See you in our future posts!
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