Last updated on March 7th, 2022
However, the UST or LUNA that you buy on Gemini is the ERC20 version, while Terra Station only accepts deposits of tokens that are native to the LUNA network!
Here’s how you are still able to transfer your funds:
How to transfer UST or LUNA from Gemini to Terra Station
Here are 4 steps to transfer UST or LUNA from your Gemini account to Terra Station:
- Find a platform that supports both the ERC20 and LUNA versions of UST or LUNA
- Obtain the ERC20 deposit address of either UST or LUNA on that platform
- Withdraw UST or LUNA from Gemini to the ERC20 deposit address
- Withdraw UST or LUNA via the LUNA network to Terra Station
Here is a step-by-step guide on how you can do so:
Find a platform that supports both the ERC20 and LUNA versions of UST or LUNA
The first step you’ll need to do is to find another exchange that supports both the ERC20 and LUNA versions of UST or LUNA. There are currently 3 platforms that have this capability:
The most important thing is that you are sending your cryptocurrencies over the correct network. If you send UST or LUNA from Gemini directly to Terra Station, it will be lost since they are using 2 different networks.
Obtain the ERC20 deposit address of either UST or LUNA on that platform
Once you have selected which platform you want to use, you will need to obtain the ERC20 deposit address on either platform.
This is how it’ll look like on KuCoin,
However, you may want to note that Gate.io does not support ERC20 deposits of LUNA.
This means that you should only be sending UST from Gemini to Gate.io, and not LUNA!
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 or LUNA from Gemini to the ERC20 deposit address
Once you have obtained the deposit address on either KuCoin or Gate.io, you can paste it as your destination address on Gemini.
This can be done by selecting either LUNA or UST, and then selecting the amount that you wish to withdraw.
The best thing is that Gemini offers free up to 10 free withdrawals a month, which helps to save on the hefty fees when you withdraw on the ERC20 network!
Withdraw UST or LUNA via the LUNA network to Terra Station
Once you have deposited your coins on either KuCoin or Gate.io, you can now send them to Terra Station via the LUNA network.
You can read my guide on transferring from KuCoin to Terra Station to learn more about this process.
You will need to use the LUNA network deposit address that you have obtained from Terra Station to perform this withdrawal.
Once it has been processed, your funds should be in your Terra Station wallet which you can use to either stake or earn with the Anchor Protocol!
3 reasons for using this method
You may be wondering why you have to use such a complicated method to withdraw from Gemini to Terra Station? Here are some reasons why you’ll need to do so:
#1 Terra Station does not support the ERC20 version of UST or LUNA
When you are depositing cryptocurrencies into Terra Station, you can only do so via the LUNA network.
This means that if you send ERC20 versions of the cryptocurrencies to Terra Station, it will be lost forever!
On Gemini, you are buying wrapped LUNA, and not native LUNA. You can find out the differences between these 2 tokens in my comparison here.
#2 Gemini only supports the ERC20 version of UST or LUNA
Gemini only supports the ERC20 version of UST or LUNA.
When you want to transfer your funds from Gemini to Terra Station, it is not possible to do so since you will be using 2 separate networks.
#3 Some exchanges support both ERC20 and LUNA versions of these currencies
Even though Gemini doesn’t support the LUNA version of UST or LUNA, there are some exchanges that do. As such, these platforms act as a bridge between the ERC20 and LUNA networks.
It is possible for you to use the Terra Bridge to bridge your assets from the ERC20 network to the LUNA one.
You can view my guide on transferring LUNA or UST from Metamask to Terra Station for an in-depth guide.
However, you may incur additional gas fees during this conversion.
I would prefer to use another platform, as they will only charge the withdrawal fee for either UST or LUNA.
When you are buying UST or LUNA on Gemini, you are receiving the ERC20 version of it. If you want to send these funds to Terra Station, you will need to send them via the LUNA network instead.
If you’re looking to generate tax reports for your crypto trades, you can consider using Koinly, which allows you to track your transactions from 350+ exchanges and 50+ crypto wallets.
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