Re-Delegating Your LUNA Stake on Terra Station (A Visual Walkthrough)
How to re-delegate your precious LUNA to your favorite validators in the Terra Ecosystem in < 5 minutes, in 4 simple steps.
Table of Contents
1.) Sending Your LUNA From An Exchange to Terra Station
2.) Staking Your Fresh LUNA
3.) Choosing Your Terra Validator
4.) Redelegating Your LUNA
Sending Your LUNA From An Exchange to Terra Station
First, assuming you already have (or just purchased) LUNA sitting on your exchange of choice, the first step is getting it over to Terra Station, which you can download here.
Once you’ve downloaded the Terra Station, you’ll be given a wallet address, by this point you will have already been given a seed phrase and created your account, so please practice good OpSec (Operational Security) and protect your seed phrase by storing it somewhere safe.
Now, let’s send this LUNA to your Terra Station address and stake our piece of the moon ;).
Keep in mind, exchanges charge fees to withdraw, this one is 0.1 LUNA.
Be cautious to make certain you are sending on the Terra Network.
Your LUNA should arrive to your wallet in < 30 seconds.
Staking Your Fresh LUNA
Once your LUNA arrives, you’ll want to head to the ‘Staking’ tab on Terra Station.
Choosing Your Terra Validator
Once you open the ‘Staking’ tab and scroll down, you’ll see the entire list of Terra validators that you get to choose from, now is the fun part.
Be cautious of voting power, self delegation (how much LUNA a validator has delegated themselves) the validator commission rate, and the uptime. These are all important factors that will help you determine which validator you choose to support and what is best for you. Keep in mind, it takes 21 days to “undelegate” from a validator or to “redelegate” (which is the main point of this article) that we will now discover.
So you’ve chosen your validator, in this example: I come across Talis Protocol’s validator, I check through all the criteria and support this validators project, voting power, etc… and would like to delegate to them.
Redelegating your LUNA
Assuming you already have some LUNA delegated, (if not, still follow along and delegate from your wallet, you would take the following steps when you are redelegating. Onward to the redelegation process..) I would now click on ‘Delegate’.
I know longer have the LUNA in my wallet, as it has been delegated already, so I click on ‘Source’ and a drop down menu falls:
I would select which validator I’m currently delegated to, that I would like to re-delegate my LUNA from, to Talis Protocol (or any validator of your choice).
Confirm the amount + fee, then click ‘Redelegate’.
I’ve now successfully redelegated to a Terra Validator, the best part, you can pick any validator you support, and can now use this LUNA to earn rewards, have voting power, and further contribute to the build out of the Terra ecosystem.
Keep in mind that ‘undelegating’ your LUNA essentially subjects it to being locked for 21 days, earning no rewards or airdrops. You can redelegate at any time (to any validator) as long as its not to a validator you redelegated to within the last 21 days.
I would strongly encourage anyone who is staking their LUNA *why wouldn’t you ;)* to read this thread by Nachodon, on why re-delegating some of your LUNA to validators with less voting power is key to continue decentralizing the Terra Ecosystem, if you got great value out of this, feel free to follow me on Twitter and hang around with fellow Lunatics building on Terra! Many thanks to Learn Terra & Terra Money for creating community bounties that incentivize further teaching/learning of the basic fundamentals and even advanced strategies that make us all greater Lunatics.
All The Best,
Perpetual Degen
