Last updated on March 9th, 2022
If you’re looking to earn a high interest rate on UST using the Anchor Protocol, you will need to send UST to your Terra Station wallet.
Here’s a step-by-step guide on how you can do so:
How to send UST to Terra Station
Here are 4 steps to send UST to your Terra Station wallet:
- Buy UST on a platform that supports Terra network withdrawals
- Obtain your Terra Station wallet address
- Withdraw UST using the Terra network to your Terra Station wallet
- Receive UST in your Terra Station wallet
Buy UST on a platform that supports Terra network withdrawals
The first step you’ll need to do is to buy UST on a platform that supports Terra network withdrawals. Here are 5 platforms that you can consider:
|FTX||Up to 0.07%||0 UST|
|KuCoin||Up to 0.1%||2 UST|
|Binance||Up to 0.1%||1 UST|
|Huobi||Up to 0.2%||0 UST|
|Gate.io||Up to 0.2%||5 UST|
|Bitfinex||Up to 0.2%||0 UST|
|Kraken||Up to 0.26%||1 UST|
Obtain your Terra Station wallet address
The next thing you’ll need to do is to obtain your Terra Station wallet address.
On either platform, you can click to determine the deposit address. This is where you’ll be sending UST to.
If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.
This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!
Withdraw UST using the Terra network to your Terra Station wallet
The last step you’ll need to do is to withdraw UST from the platform of your choice to the Terra Station wallet. For Huobi and Bitfinex, you are only able to send UST using the native Terra network.
However, the other 4 platforms (FTX, Binance, Gate.io or KuCoin) allow you to withdraw UST using different networks.
For example, Binance allows you to withdraw UST using these 3 other networks:
- Binance Smart Chain (BEP20)
Meanwhile, FTX allows you to withdraw UST on either the Terra network or ERC20 network.
Your Terra Station wallet only accepts UST deposits using the Terra network. If you deposit UST using any of these other networks, your UST may be lost forever!
If you are looking to send UST from any of these platforms to your Terra Station wallet, you can view these platform-specific guides:
- KuCoin to Terra Station
- Binance to Terra Station
- Huobi to Terra Station
- Kraken to Terra Station
- FTX to Terra Station
Some platforms such as Gemini and Coinbase only support the ERC20 versions of UST. As such, you will need to perform 2 transfers:
- Transfer the ERC20 version of UST to a platform that supports both the ERC20 and Terra versions of UST
- Send UST from that platform to Terra Station using the Terra network
Receive UST in your Terra Station wallet
Once the withdrawal has been processed, you should receive UST in your Terra Station wallet.
With the increasing popularity of the Anchor Protocol, you may want to use your funds to start earning the high interest rate.
If you’re wondering how you can use the Anchor Protocol from Singapore, you can view my step-by-step guide here.
The only way you can connect to the Anchor Protocol is by using the Terra Station wallet.
If you wish to send UST to your Terra Station wallet, you can only do so via the native Terra network, and not other networks such as ERC20, BEP20 or Polygon.
This process is similar to how you would send ANC to Terra Station.
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