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How To Buy Terra(LUNA) For Beginners?

What Is Terra(LUNA)

Terra is a blockchain network created using the CosmosSDK dedicated to the creation of stablecoins. The Terra stablecoin does not use fiat or overcollateralized cryptocurrencies as reserves, but instead converts to LUNA, the network’s native token.

LUNA allows holders to pay network fees, participate in governance, entrust a proof-of-stake consensus mechanism in Tendermint to pledge and link to stablecoins.

Terra is a blockchain platform where users can create fiat-pegged stablecoins. These tokens primarily utilize the seigniorage mechanism of the Terra network. Terra, co-founded by DoKwon and Daniel Shin of Terraform Labs in 2018, uses Tendermint Delegated Proof of Stake (DPoS) as the consensus mechanism. Terra features smart contracts to create various different types of stablecoins.

The maximum target supply of LUNA is 1 billion pieces. If the supply of LUNA on the network exceeds 1 billion, Terra will burn LUNA until its supply returns to an equilibrium level. LUNA token holders can stake their tokens in the consensus mechanism of the Terra ecosystem. By staking LUNA, users can receive the exchange fee obtained in the direct Terra protocol. Users pay these fees when exchanging LUNA and Terra stablecoins with each other. LUNA token is an integral part of Terra's algorithm. LUNA adopts a flexible monetary policy and carefully controls Terra's currency supply.

Four Different Roles Of Luna In The Terra

1. Act as a utility token to pay transaction fees in the gas fee system.

2. Governance system for participating in the platform. By staking LUNA tokens, users can initiate and vote on amendment proposals related to the Terra protocol.

3. Act as a mechanism to absorb fluctuations in the demand for stablecoins minted by Terra to maintain the price peg.

4. Used as a pledge token in the DPoS consensus mechanism. The verifier relies on this mechanism to process network transactions.

 

How To Buy Terra(LUNA)

To buy Terra(LUNA), first you need to pick a crypto exchange.

Step 1: log in to a reliable exchange website and enter the market page.

Step 2: Register to create your account and bind the bank account.

Step 3: Search for LUNA.

Step 4: Fill in the purchase quantity and click to buy. If it is sold, fill in the sell quantity and click to sell.

 

Where To Buy Terra(LUNA)?

LUNA is listed on many cryptocurrency exchanges,such as Binance, Coinbase, FTX and Bitfinex.

 

Disclaimer: Cryptocurrency investment is subject to high market risk. TOPSINMETA is not responsible for any of your trading losses. The opinions and statements made above should not be considered financial advice.