How to get UST on Binance Smart Chain for 20% staking on Anchor Terra
I’ve always been an advocate of taking profits into stables and then staking those stables. This stable stack should only go up and never go down in value. I believe that currently the most lucrative yield for stablecoins is found by staking UST for almost 20% APR on Anchor Protocol where it compounds daily automatically. However, this process can be a bit daunting. This guide is to help those of us on BSC to get UST, bridge it to the Terra Blockchain, and start earning on anchor.
This guide assumes that you are already on Binance Smart Chain with BNB, if this is not the case one can follow the guide that I wrote. I’m also using BUSD as the stable coin in the examples but feel free to use USDC, USDT, or DAI as well. One last note is that this guide was written for those of us who wish to stay in control of our funds and not go through a centralized exchange.
Getting UST on Binance Smart Chain
- Swap BNB to BUSD. BUSD is Binance US Dollar. This can be done easily on PancakeSwap. If you already have BUSD then you can skip this.
2. Swap BUSD to UST on ACryptos Stable Swap. I like this swap because of low fees and low slippage (I would recommend using 0.1% slippage). Please note that USDC, USDT, DAI, BUSD are all supported for swapping.
Congratulations you now have UST!!!
Create Wallet for Terra Blockchain
If you already have a Terra Wallet setup you can skip this section.
- Download the Terra Station Chrome Extension: https://chrome.google.com/webstore/detail/terra-station-wallet/aiifbnbfobpmeekipheeijimdpnlpgpp
- Create a new wallet. Make sure that you save the mnemonic phrase, account name and password. If you want to recover an old wallet just having the mnemonic phrase isn’t enough, you must enter the exact same account name as well.
- Copy your terra wallet address for later use.
Bridge UST to Terra Blockchain
Now we’re ready to bridge our UST from Binance Smart Chain to Terra!
- Navigate to the Terra Bridge: https://bridge.terra.money/
2. Make sure that you’re going from BSC to Terra. Then change the Asset to UST. Enter the amount you want to bridge (I always try with a small amount first). Then enter your Terra Wallet address into the Destination Address field.
3. Click next and confirm the transaction.
4. It will take around 5 minutes for your UST to arrive in your wallet.
Stake UST on Anchor
- Navigate to https://app.anchorprotocol.com/earn
- Connect your Terra Station Wallet to the Anchor Application.
- Click on Deposit and enter the amount you want to deposit. Click Proceed and confirm the transaction in your wallet.
4. Enjoy your auto compounding gains!!!
For those who want to invest in LUNA I would recommend buying swapping UST to LUNA using either
- TerraSwap (https://app.terraswap.io/swap?to=&type=swap&=&from=uluna)
- Terra Station Swap (https://station.terra.money/swap) that gives you the option of using one or the other also.
For staking your LUNA I would recommend using StaderLabs. Before StaderLabs came out the only way to stake LUNA would be to use the dashboard on Terra Station Staking. This process was a bit tedious as you had to manually check on your staking every now and then because these validators can change and if you aren’t on top of it you could go weeks or months without any returns. StaderLabs has solved that problem and made it so much easier with auto compounding and “spreading your stake across multiple best-in class validators with a single click” (StaderLabs Docs).
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