Beginner Perspective of The Terra Station Wallet

If you are just getting your feet wet with the Terra Station Wallet, you will appreciate the intuitive user interface that comes with the desktop app as well as the chrome extension. There is also a PC and MacOS desktop file you can download to install on your computer plus there is a mobile app as well.

Once the app is downloaded, setting up a custom wallet is easy. All you have to do is connect the wallet to a Ledger hardware wallet if you have one with a click of a button.

If you don’t have a hardware wallet, you can still use Terra Station Wallet as a software wallet. However, it is recommended to use other security measures to keep your funds safe.

On the dashboard of the wallet, users have easy access to data about the current transaction volume of the various Terra stablecoins such as UST. You also get to view the staking returns, tax rewards, and the total number of accounts across the Terra Luna ecosystem. The wallet also gives access to your wallet’s balances, history of transactions, as well as staking, swapping, and governance tabs.

Terra Station Wallet’s Best Feature

One of the best features of the Terra Station wallet is that it allows anyone with a node to become a validator on the Terra Luna blockchain. If you don’t have a node, Terra Station Wallet gives access to a detailed list of qualified validators on the Terra Luna ecosystem.

You get details on the voting power of all validators, their rate of self-delegation, validator commissions, and even an uptime rating which is useful for avoiding validators at the risk of getting their stake slashed. Users can even go as far as looking at the different profiles of each validator to get a detailed view of that validator’s credentials.

Another important feature that comes with the Terra Station Wallet is the ability to swap tokens. Even though the wallet only supports bridged tokens, users can access a majority of wrapped tokens representing multiple chains such as mETH, mBTC, or mDOT tokens.

Compatibility with Ledger Wallets

Right from your first download of the Terra Station Wallet, connecting it to a hardware wallet that already exists is easy. If you miss the prompt upon installing the app, simply head over to the dashboard on the top left corner and hit the “Connect” button.

This will allow you to import your Ledger wallet to your Terra Station wallet (so long as you have the Terra app installed on your Ledger). That means you don’t need to sign-up and generate a new recovery seed. You get near-instant access.

Hardware wallets are a better alternative for the secure storage of private keys. The Ledger hardware wallet for instance is capable of sending a signal to your Terra Station web app to verify transactions. This ensures that your private keys remain offline even though you have online access to your wallet.

Support Cryptocurrencies

Unfortunately, the Terra Station wallet features limited support for cryptocurrencies apart from Luna and the stablecoins and wrapped tokens on the Terra Luna ecosystem. The wallet also features support for Anchor (ANC) and Mirror Protocol (MIR).

Some of the wrapped tokens you will find on Terra Station include the following:

• bETH
• mETH
• mBTC
• wAVAX
• mBNB
• wBNB
• wETH
• wUSDC
• wMATIC
• wpoUSDC
• mSOL

Thanks to Terra Station’s compatibility with the Mirror Protocol which focuses on synthetic assets ranging from stocks to other crypto assets, you will also find that the Terra Station wallet features support the following mirrored stocks and assets.

• mTSLA (Tesla)
• mNKE (Nike)
• mNVDA (NVIDIA Corporation)
• mPYPL (PayPal Hodlings)
• mTWTR (Twitter Inc.)

Is Terra Station Wallet safe?

Yes, Terra Station is a safe wallet.

The wallet is built to cover all the basic security needs of storage and digital asset management. However, be sure to confirm that the wallet or extension you are downloading is the official software. Check to see the number of previous downloads, and keep in mind that un-audited web apps pose a security risk to your digital assets.

It’s also a very good idea to use a Ledger device to secure your Terra Station. You can use the Ledger Nano S or Ledger Nano X.

What Operating System Does Terra Station Wallet Support?

The Terra Station wallet is compatible with multiple operating systems, given that it comes in several versions, including a browser extension app available on Chrome, Brave, and Edge.

The desktop app comes in both Microsoft Windows version as well as MacOS.

Potential Disadvantages

Compared to other extension wallets in the Cosmos ecosystem, Terra Station falls short in terms of the number of supported cryptocurrencies.

The only tokens you can send, receive and store on the wallet are those associated with the Terra Luna ecosystem. Therefore, if you are looking to store Bitcoin, Ethereum, and other tokens, the only option you have is to use the wrapped tokens. Also, some users have complained about the lack of sufficient tech support on the platform.