A small but growing portion of the Atlo community are new to the Terra ecosystem. Welcome, you fresh faced LUNA-tics! We have prepared something of an onboarding for you. If you have questions, you know where to find us.
Let’s start with the technical stuff.
TERRA WALLET SETUP
The Terra blockchain’s native staking token is LUNA, which absorbs the price volatility of Terra. LUNA is used for governance and mining. Users stake LUNA to validators who record and verify transactions on the blockchain in exchange for rewards from transaction fees.
UST is Terra’s USD denominated algorithmic Stablecoin. Its peg is maintained through the community taking advantage of any arbitrage opportunity if its value deviates from 1 USD. For more detailed information on how that peg is maintained you can read up here.
SETTING UP A PERSONAL TERRA WALLET
Start by installing Terra Station. It’s available as a mobile app, desktop app and browser extension. A detailed how-to guide on installing your preferred version of Terra Station can be found here, under the menu option “Get Started”.
HOW TO OBTAIN UST ON THE TERRA BLOCKCHAIN
- Fiat onramps through exchanges. The 3 exchanges below have fiat onramps to fund accounts. After your account is funded you can trade your fiat currency for UST at:
2. Trading other cryptocurrencies for LUNA or UST. This can be done on Gate.io, Kucoin.com and other exchanges. Once you have LUNA or UST you can withdraw it to your personal Terra wallet.
If you only have access to an exchange that sells LUNA and not UST this is ok. Withdraw LUNA from your exchange account to your Terra wallet and swap LUNA for UST on Terraswap.
AN IMPORTANT DETAIL
Before purchasing UST on an Exchange, always confirm they support withdrawal on the Terra blockchain. Some exchanges have Wrapped versions of Terra tokens that you cannot withdraw to your personal Terra wallet. UST exists on the Ethereum blockchain too but this is not the kind you want.
For example, Coinbase only has UST on the Ethereum blockchain, meaning if you buy UST on Coinbase you will not be able to withdraw it to your Terra Wallet.
Below is a very detailed long form video explaining many more methods of acquiring UST. It is time stamped so you can jump to the segment relevant to you.
PARTICIPATING IN OUR EARLY BIRD OR PUBLIC SALE
At each step of your Atlo journey you will be required to interact with the Terra blockchain. This includes claiming your Early Bird spot if you are eligible, performing KYC and participating in either of our remaining sale rounds.
Interacting with the Terra blockchain requires you to broadcast transactions and these incur transaction fees in order to complete successfully. Transaction fees can be paid in LUNA or UST from your personal wallet that is connected to Atlo. The steps in the sections above would have got you to the point where you have UST available for the sale. Always ensure you have enough LUNA or UST available for the transaction fees associated with these transactions.
Always leave a bit of spare change in your wallet. Transaction fees are usually no more than a few cents, so a couple of UST is more than enough.
If you wanna wonder down the rabbit hole, we suggest this thread of threads by LUNAomics.
Be sure to follow the co-founder of Terra, Do Kwon. Searching through the replies to his tweets is a great way to find other accounts worth following. Another good account to follow is @Cephii1. He regularly hosts spaces on Twitter with all kinds of interesting guests.
YOU ARE GONNA MAKE IT
The Terra ecosystem is very easy to navigate once you become familiar with it. Whenever you’re doing something new, proceed with caution, practise safe tx, and if you’re uncertain, test with small amounts. The Terra community is helpful but always be wary of scammers waiting to take advantage and never share your seed phrase with anyone who asks for it.
Be sensible, be cautious and you gonna make it!