Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
How Terra Classic (LUNC) Works?
The main function that the native token performed was to absorb the price deviation of the algorithmic stablecoin — $UST. The price of the UST stablecoin was pegged to the US dollar by minting and burning UST tokens to balance the supply and demand of the coin. In May 2022, UST lost its peg and collapsed. The UST stablecoin algorithm created trillions of LUNA tokens, fell into a hyperinflationary spiral, and reduced the value of the original LUNA token by 99%.
Staking Terra Classic (LUNC)
If you have an interest in generating passive income and increasing your wealth through cryptocurrency, particularly Terra Classic (LUNC), Bitrue offers an exceptional staking, accompanied by distinctive features and advantages. Below, we'll delve into the ways you can optimize your staking experience on Bitrue to maximize your gains:
Power Piggy is the best way for Terra Classic (LUNC) holders looking for straightforward and flexible staking solutions. Currently, Power Piggy (Flexible Staking) offers an Annual Percentage Yield (APY) of up to 20%. This allows you to accrue daily interest on your staked Terra Classic (LUNC), which is then deposited into your Bitrue account. For Power Piggy, There are no lockup periods, making you completely autonomous over your Terra Classic (LUNC) holdings, enabling withdrawals or trading on the exchange at any time.
To start staking Terra Classic (LUNC) with Power Piggy, follow these steps:
Explore the available coins and their respective APYs.
Choose Terra Classic (LUNC) and select a time period and APY that align with your financial goals and risk appetite.
Click "Stake now" for Terra Classic (LUNC) and provide your investment details.
Confirm your Terra Classic (LUNC) stake, and you're all set to earn daily interest.
Enjoy daily interest payments credited to your Bitrue account around 16:00 UTC.
Staking for Other Tokens and Long-Term Investments:
If you're thinking about investing your cryptocurrency investments for a longer time, the traditional Staking option might be a better fit. It offers higher rewards in terms of Annual Percentage Yield (APY). However, your tokens will be locked up for a set period. It’s worth noting that you can cancel the staking early, but you won't earn any interest during the locked-up period.
Browse the available coins and their respective APYs for different lockup periods.
Choose the cryptocurrency and lockup period that align with your investment preferences.
Click "Stake now" for your chosen coin and provide the necessary investment details.
Confirm your investment, and your coins will be staked for the specified lockup period.
Watch your earnings grow with the higher APY rewards while your coins are staked.
In a nutshell, Bitrue's Power Piggy and Staking options give you great chances to make money passively with Terra Classic (LUNC) and other cryptocurrencies. Just pick the one that matches your financial goals and how much risk you're comfortable with, and you're on your way to a potentially better financial future. Happy staking!