Terra Staking Guide for LUNA token holders

Note: Last updated on June 11, 2019

With Korea’s leading e-commerce platform Ticket Monster kicking off in June, it’s a good time establish a staking position on Terra. Currently, 15% of the Luna token supply is being staked, and those stakers will share 100% of the network fees.

Figment Networks is one of the few Terra validators with with a service-level agreement (SLA) offering a 100% token transaction reward guarantee and rebates for large token holders. We also provide reward reporting tools for delegators and partners to be tax compliant, as well as access to industry insights.

Initially, this will be a guide to stake via Terra’s command line interface (CLI). Check back for updates as new tools & features become available 👍

A note regarding the beta version of Terra Station

Terra Station will purportedly not support the redelegation feature until June.

Current options for redelegating LUNA:
1) use the command line interface (TerraCLI) to redelegate, or
2) use Terra Station to unbond, wait 21 days, and then rebond.

We don’t recommend unbonding and rebonding because of the 21-day wait period, during which you will not receive staking rewards. Uncomfortable with using a command line interface? We can walk you through the CLI process 😎

Staking Delegation Guide

If you have unstaked Luna tokens (LUNA) available for staking, you may delegate them to a validator such as Figment Networks. If you have already staked LUNA by delegating to a validator, you may switch to another validator by redelegating from the source address to the destination address.

Prior to delegating, you’ll need to establish the following information:

  1. The validator address. Here’s Figment’s:
    terravaloper15cupwhpnxhgylxa8n4ufyvux05xu864jcv0tsw
  2. The amount you want to stake.
    Example: 100000000000uluna is 100,000 LUNA
    Note that uluna is micro-LUNA, denoting a factor of 10^(−6), or one millionth of a Luna token. A shortcut is to multiply the number of LUNA by 1,000,000 to get the number of uluna that you’ll need.
  3. The gas price you want to pay.
    Example: 0.025uluna
    Note that it’s important to be careful to review your gas price before executing the transaction. There are examples of incidents where people have spent thousands of dollars worth of cryptocurrency, likely due to a typo.
  4. The key name for your account address.
    Example: myKeyName
  5. You’ll need the latest version of Terra’s command line interfaceterracliThis is the Terra team’s guide to setting up terracli and creating an account. You will not need to run a full node. Instead, use the IP address below in Point #6.
  6. The IP address of the node you want to connect with to process your transaction.
    Example: 138.197.153.132:26657
    Note that 26657 is the default port, so it’s not necessary.

Using Terra’s Command Line Interface (CLI)

Terra’s command line interface is nearly identical to that of Cosmos.

Delegating

To delegate 100,000 LUNA to Figment Networks, use this command:

./terracli tx staking delegate --validator terravaloper15cupwhpnxhgylxa8n4ufyvux05xu864jcv0tsw --amount 100000000000uluna --from myKeyName --node 138.197.153.132:26657 --gas 150000 --gas-prices 0.025uluna --chain-id=columbus-2

Note that the denomination uluna can be confusing — it is ‘micro LUNA’ and notLUNA. Thus, there are 1,000,000 uluna in one single LUNA. To delegate 100,000 LUNA, the amount is 100000000000uluna.

For example, I delegated 0.07 LUNA to Figment’s validator using this exact command:

./terracli tx staking delegate --validator terravaloper15cupwhpnxhgylxa8n4ufyvux05xu864jcv0tsw --amount 70000uluna --from terragavin --node 138.197.153.132:26657 --gas 150000 --gas-prices 0.025uluna --chain-id=columbus-2

Redelegating

If you have LUNA delegated and now you‘d like to redelegate from one validator to another, use this command:

./terracli tx staking redelegate --addr-validator-source [source-validator-address] --addr-validator-dest [destination-validator-address] --amount [amount in uluna] --from myKeyName --node 138.197.153.132:26657 --gas 250000 --gas-prices 0.025uluna --chain-id=columbus-2

For example, I redelegated 0.035 LUNA from Figment to Chorus One’s validator using this exact command:

rracli tx staking redelegate --addr-validator-source terravaloper15cupwhpnxhgylxa8n4ufyvux05xu864jcv0tsw --addr-validator-dest terravaloper15urq2dtp9qce4fyc85m6upwm9xul30496sgk37 --amount 35000uluna --from terragavin --node 138.197.153.132:26657 --gas 250000 --gas-prices 0.025uluna --chain-id=columbus-2

Unbonding

If you have staked LUNA delegated to a validator, you may wish to initiate the unbonding process. To unbond 100,000 LUNA from Figment Networks, use this command:

./terracli tx staking unbond --validator terravaloper15cupwhpnxhgylxa8n4ufyvux05xu864jcv0tsw --amount 100000000000uluna --from myKeyName --node 138.197.153.132:26657 --gas 150000 --gas-prices 0.025uluna --chain-id=columbus-2

Note that it will take 21 days for the unbonding process to complete, whereupon you will be able to transfer your LUNA if desired.

For example, I began unbonding 0.03 LUNA from my delegation to Figment Networks’ validator with this exact command:

./terracli tx staking unbond --validator terravaloper15cupwhpnxhgylxa8n4ufyvux05xu864jcv0tsw --amount 30000ulunu --from terragavin --node 138.197.153.132:26657 --gas 150000 --gas-prices 0.025uluna --chain-id=columbus-2

Again, check back for guide updates as new tools and features become available. Feedback is always welcome!

Figment Networks is on Twitter | Medium | Discord | World Wide Web