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Updated 12.05.2022 The Terra blockchain halted the production of new blocks and will not be usable to move LUNA or UST tokens. The games using this blockchain may switch to other networks.
UPDATED 11.05.2022 Terra (LUNA) exists as a separate blockchain using the Terra Station wallet. However, in the days between 9-11 May 2022, LUNA, the native asset, erased most of its value, sinking from above $100 to $0.91 within a week, with no sign of stopping the slide. The loss of trust happened after UST, the native token tied to LUNA, lost its dollar peg and could not renew it. UST fell to $0.35, while Terra LFG sold more than 42,000 BTC in a futile attempt to defend the UST value.
While some games have chosen Terra and UST as a reward token, the loss of credibility may make P2E games switch to other blockchains
What is Terra: The Money Platform
Terra branded itself as the money platform, for its ability to build liquidity and foster payments in an entirely open, crypto-based economy. Terra has built an independent blockchain with a different block and fee schedule from Ethereum.
Despite this, Terra is versatile and its assets can be bridged to Ethereum, Binance Smart Chain, Solana, and Harmony Protocol (ONE).
Terra is a delegated proof of stake blockchain, using a collection of validators to produce blocks. This kind of blockchain ensures almost no chance of transaction backlogs, and no potential for unpredictable high fees.
With its well-developed bridging, Terra has positioned itself as a hub between some of the most prominent blockchains involved in play to earn. Owning LUNA may open more doors to GameFi compared to more obscure assets.
What is the Best Wallet for LUNA
The Terra blockchain is accessible through the native Terra Station wallet, available as mobile or browser extension. The standard seed phrase wallet requires a strong, non-recoverable password and preferably, saving the private keys safely.
The advantage of Terra Station is easy connection to all side projects, following the already established tools similar to MetaMask, Phantom Wallet, Binance Wallet and others. Terra Station wallet combines hardware wallet access and import tools for existing private keys.
Browser extension wallets can connect immediately to apps such as bridges, as well as play to earn games. The Terra Station wallet is essential for bridging. If LUNA or UST is stored on exchanges, the exchange wallet address cannot be used for bridging. Only a personally controlled wallet can be used to connect to games, bridges or other smart contracts.
How to Get LUNA
Getting LUNA and UST assets is possible through the Changelly swap service. For simplified trading, a Binance account linked to a Binance Wallet can also perform swaps.
Take care to choose LUNA that exists on the right blockchain when buying the asset. Using the Terra ecosystem can also happen through UST, which can also be exchanged for other stablecoins.
Is Terra Getting into Play to Earn
Despite the reputation of Terra as mostly a financial platform, the decentralized money generator started to attract its first GameFi projects toward the end of 2021.
Fanfury, a fantasy football game, will focus on UST usage and start building the Terra metaverse. Flokiverse, a collectibles and metaverse competition game, is also running through a UST incentive reward system.
Talk of GameFi on Terra is very recent, and more projects may be added by the day. The most attractive feature of Terra is the potential to lock in earnings in stablecoins, for a more intuitive valuation. Only a handful of other protocols have native stablecoins, and most rely on Tether (USDT), DAI or other fiat-denominated tokens.
The growing demand for UST and the unique feature of earning a more predictable token may be Terra’s ticket to becoming a leading GameFi platform.