FAQs
Frequently asked questions about Migaloo, Cosmos and Crypto.
General
How do IBC an asset?
What is a smart contract?
A smart contract is a digital program on the blockchain that automatically executes agreed-upon actions without needing intermediaries.
What is a "seed phrase"?
A seed phrase (aka mnemonic) is a series of words that serves as a backup for your cryptocurrency wallet. It's like a master key to access and restore your wallet if you lose access to it. You're usually given these words when you first set up your wallet. By keeping your seed phrase safe and private, you can recover your wallet and funds even if you lose your device or it gets damaged. It is vital not to share your seed phrase with anyone. Doing so will lead to a loss of assets.
Is it safe to share my wallet address or transaction hash?
Yes, you can share your Wallet address (public key) and a transaction hash. This information can be viewed by anyone using a block explorer. Sharing this information however will lower your amount of privacy as people will know which wallet you own and be able to view all of your transaction and assets.
I made a transaction by accident. Can I reverse it?
No, blockchain are immutable and final. Any transaction made on a blockchain can not be changed, undone or reversed. If you send assets to an incorrect wallet address or a scammer gains control of your wallet and steals your funds it is unlikely you will be able to retrieve them.
What is a DEX
A Decentralised Exchange (DEX) is a market place that allows users to buy and sell assets. In order to buy and sell assets the DEX you are using must have liquidity available. Liquidity can be provided by anyone by depositing assets into a Liquidity Pool.
What is a liquidity pool?
A liquidity pool is a collection of funds locked in a smart contract on a decentralized finance (DeFi) platform. It facilitates trading by providing liquidity (or availability) of a particular cryptocurrency pair.
What is a Community Pool?
A community pool is a reserve of tokens or funds that the community can decide how to use. These funds are often allocated for various purposes like supporting development, marketing, or other community-driven initiatives.
Migaloo
Is 'Staking' the same as 'bonding'?
Yes. The terms staking and bonding (to a validator) are generally used interchangeably. However, WhiteWhale (WW) DEX also offers 'Satellite Bonding'. This differs from staking as users are 'bonding' their LST WHALE to a WW satellite market in order to earn rewards from that satellite's trading volume.
Does the burn fee affect my transaction cost?
No, the introduction of fee burning doesn't affect the total amount you pay for a transaction. Just a portion of the fees you pay get burned which will lower the supply of WHALE. To read more about Migaloo Fees click here.
What's the difference between Migaloo and WhiteWhale?
Migaloo Zone is a decentralised permissionless Layer One blockchain, WhiteWhale (WW) is a multichain Decentralised Exchange. Migaloo and WW both have the same founding team.
What Validator should I stake with?
What are "tASSETS"?
tASSETS are a liquid staked version of WHALE LSTs that have been alliance staked to the Terra blockchain. These tASSETS are auto compounding and can be used for DeFi purposes suhvc as borrowing and lending. ampWHALEt and bWHALEt are both tASSETs, not to be confused with ampWHALE and bWHALE, which are both liquid staked WHALE but have not been staked to the Terra Blockchain.
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