Terra 2: An Overview
Terra 2 is a blockchain platform that serves as a hub for various DApps. It was created as a response to the collapse of the UST stablecoin in May 2022. The new iteration of the blockchain lacks the stablecoin and mint-burn mechanism that characterized the original Terra Luna. Instead, Terra 2 focuses on hosting a variety of DApps, both those that were present on the original Terra Luna and new ones. The primary token of Terra 2 is $LUNA, which is a completely separate coin from the original $LUNA from before the crash.
Terra 2 has introduced an innovative feature known as the Alliance module. This module allows any token to be whitelisted and staked to the Terra 2 chain, thereby enhancing its security. A small portion of the newly issued WHALE token is allocated to stakers of the whitelisted token, enabling them to earn staking rewards. External stakers are required to pay a small fee when staking to the Terra 2 chain, which is then redistributed to native WHALE stakers. Terra 2 plans to whitelist Liquid Staking Derivative tokens, such as ampLuna, bLuna, etc., to allow external stakers to secure their native chain and Terra 2 while earning staking rewards from both ecosystems.
Fees on Terra 2
On Terra 2, the only fee that applies to all transactions is the gas fee. Gas is a small computational fee that covers the cost of processing a transaction. Validators can set their own minimum gas fees, and most transactions will estimate more than the minimum amount of gas to ensure the transaction gets completed. Unused gas is not refunded, and transactions are not queued based on gas amounts, but in the order received.
Station: The Interface to Web3
Station is an interchain wallet that simplifies the often complex process of interacting with multiple blockchain networks. With Station, users can easily stake, vote, send and receive tokens, and interact with their favorite DApps across all supported chains. Station also offers a feature called Quick Stake, which streamlines the staking process across all Station-supported chains by automatically selecting and staking to a validator based on specific pre-disclosed criteria.