Crypto

4 Steps To ‘Stake’ UST On The Anchor Protocol

How To Stake UST On Anchor Protocol

Last updated on January 19th, 2022

You may have heard of the Anchor Protocol, which provides a rather high interest rate for UST.

Anchor Protocol High Yield

If you’re looking to ‘stake’ your UST on the Anchor Protocol, here’s what you need to know:

How to ‘stake’ UST on Anchor Protocol

Here are 4 steps to ‘stake’ your UST on the Anchor Protocol:

  1. Send UST to your Terra Station wallet
  2. Connect your Terra Station wallet to Anchor Protocol
  3. Go to the ‘Earn’ tab and select ‘Deposit’
  4. Enter the amount of UST that you want to deposit and confirm the transaction

Send UST to your Terra Station wallet

The first step you’ll need to do is to send UST to your Terra Station wallet.

Terra Station Wallet Receive LUNA

You are only able to send UST via the Terra network to your Terra Station wallet, and not using the ERC20 network!

You can view my guide on sending UST to Terra Station to find out more.

Connect your Terra Station wallet to Anchor Protocol

The next step will be to connect your Terra Station wallet to Anchor Protocol.

To do so, you will need to select the ‘Connect Wallet‘ button on the right hand corner of the Anchor dashboard, and then select ‘Terra Station‘ as the option to connect your wallet.

After selecting the ‘Connect Wallet‘ button,

Anchor Protocol Connect Wallet

You will be given the option to either connect your Terra Station wallet via the Chrome extension, or via Wallet Connect.

Anchor Connect Terra Station Options

If you already have the Chrome extension of Terra Station installed, it will connect to Anchor Protocol automatically.

Go to the ‘Earn’ tab and select ‘Deposit’

Once your Terra Station wallet is connected, you will need to go to the ‘Earn‘ tab on Anchor.

Anchor Protocol Earn Tab

On the dashboard, you will need to go to select ‘Deposit‘.

Anchor Protocol Select Deposit

This will allow you to deposit UST into Anchor Protocol.

Enter the amount of UST that you want to deposit and confirm the transaction

For the last step, you will need to decide the amount of UST you wish to deposit into Anchor Protocol.

Anchor Protocol Deposit UST

Each transaction will incur a transaction fee, so you may want to minimise the number of transactions to deposit UST into Anchor Protocol.

However, the good thing is that the fees on the Terra network are much lower compared to other networks like Ethereum.

Once you have confirmed the transaction on your Terra Station wallet, the UST will be deposited into Anchor Protocol.

This will allow you to start earning interest on your UST!

When you deposit UST into Anchor, you will notice that your UST is now converted into aUST.

Anchor Protocol Deposit UST And Receive aUST

You can view my comparison between aUST and UST to find out more about these 2 cryptocurrencies.

Conclusion

The Anchor Protocol allows you to earn a rather decent interest rate on UST.

If you’re wondering how you can use the Anchor Protocol from Singapore, you can view my step-by-step guide here.

To do so, you will need to send UST to your Terra Station wallet and then deposit your UST into the protocol.

If you are just leaving your UST in your Terra Station wallet, it will not earn any interest!

After you have left your funds in Anchor for a while, you can view my guide here on how to withdraw it back to your Terra Station wallet.


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