The developers of the new Terra (LUNA) network have released Terra Station, a cross-chain wallet that will allow interaction with multiple blockchain networks.
In the announcement made on the Terra official account, the developers announced the new features as follows:
“The new wallet is designed to simplify the complex and laborious process of interacting with multiple blockchain networks, allowing users to easily stake, vote, send and receive tokens and interact with their favorite dApps on all supported chains.
This launch marks Terra’s first step towards creating an interface to Web3 and is an important milestone for the project as it brings it closer to its vision of a multi-chain future.
In this future, decentralized blockchain economies can align incentives with each other by generating reciprocal economic agreements, and it may only take a few minutes to create a new chain.
The wallet also includes a feature called Quick Stake that simplifies the staking process on all Station-supported chains. Quick Stake automatically selects and stakes a validator based on predetermined criteria such as voting authority and past performance.
This is a huge advantage for users looking to join Proof of Stake (PoS) networks, as the process of choosing a validator to transfer their stake to can be difficult, there are many options available, and it can be difficult to figure out which one is appropriate. With Quick Stake, users can trust that their stakes will go to a convenient and decentralized-optimized validator.
The user-friendly interface and clear arrangement of assets make it easy to track assets and make informed decisions. Terra Station allows users to add new tokens, monitor their portfolio at a glance, or quickly send and receive tokens across chains using Station’s pop-up sidebar wallet
Also, non-custodial wallets like Station offer several advantages that central storage counterparts cannot offer, such as full control over funds.
Users who hold their private keys and manage their own funds are not dependent on a third party to access or remove them; this is especially important in today’s environment, where custody fraud cases reveal the underlying risks of centralized exchanges.
Overall, Terra Station is a significant improvement for Terra and the cryptocurrency community as a whole, as it brings users closer to a multi-chain future and provides them with an easy-to-use, secure and efficient cross-chain wallet.”