What is a Terra 2.0 Wallet? 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.

A Terra 2.0 Wallet has 3 extremely important pieces of information you must note:

• Wallet address: A Terra 2.0 (LUNA) wallet address will have the following format: terra1vfcp3dzu94uyfqsr42zfdf5tzh7kt8ar52grgv.
• Passphrase: Format of a Passphrase: entire annual slow album wisdom snow slice reject pony flower middle under.
• Private Key: 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.

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 Wallet 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.

Note:

• 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 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 Wallet is a great choice for you.

Learn more: What is OKExChain Wallet? How to use OKExChain Wallet