Want to get in to the Terra ecosystem in a few easy steps (and cheap), but don’t know how?
It took me a little bit to figure out how to get funds on to the Terra ecosystem and to do it for cheap. KUCOIN is too costly, yeah call me cheap. I’m trying to make a dollar out of 15 cents here.
Little did I know that IBC was coming together. What is IBC? The Internet of Blockchains. It connects the blockchains together. The Cosmos standard for blockchain interoperability. IBC enables independent blockchains to connect, transact, exchange tokens and other data, scale, and thrive in an interconnected network.
One of those blockchains that is connected to the IBC is Terra. So we have ways to transfer assets to the Cosmos ecosystem from exchanges such as BINANCE and Coinbase. It does not cost much either. Binance is 0.005 ATOM and COINBASE is 0.0025 ATOM. Meanwhile Kucoin is 0.01 ATOM, CRYPTO.COM is 0.1 ATOM* (I think to pay for those Matt Damon commercials. If you want to see some fees from other exchanges:
https://www.cryptofeesaver.com/exchanges/fees/coins/cosmos
Now where are we sending our ATOM and how are we getting in to Terra, hold on, I’m getting there.
I’m assuming if you are on the Terra ecosystem, then you already have a Terrastation wallet, if you don’t, then you must just be stalking LUNAtics because Facebook got old.
So, if you have Terrastation, you’re one step closer. Next if yo don’t have it, you will need to download the KEPLR wallet. Wait! What?!? Another wallet?!? Yes, another wallet. This is crypto, you need 50 wallets, get with it! KEPLR is often used with the Cosmos ecosystem, but it has the added feature of… you can add your Terrastation address to it.
Download the KEPLR Wallet here:
https://wallet.keplr.app/
It looks like this, pretty isn’t she?
Once you set up your KEPLR wallet with your seed phrase. Click on the little person without a neck here:
Then click here to add account.
It will take you to this website
Next click import account
Then you will enter in your seed phrase for your Terrastation wallet. On the website, not in the comment section below. But, I do accept tips in LOOPR tokens and at my Starname address.
Once you go back to your KEPLR Wallet, you will see your Terrastation is now hooked up through KEPLR, by clicking on the bar at the top with our new friend Cosmos’ name:
Scroll on down and you should find our hero of the story… Me… wait.. Terra!
You will find Terra in the beta section down below. Now you are Terrafied!
Now what?
There is a DEX/AMM on the Cosmos Ecosystem named Osmosis.
Hi, I’m Osmosis:
https://app.osmosis.zone/
Once you enter, look to the left and click Assets.
Once you are on the Assets page, you will see Cosmos Hub - ATOM, with deposit it.
Click on that and deposit your ATOM. Wait for the transaction to go through. Once it does and it should be cheap.
Click on Trade on the left side of the screen. You will end up here:
Here you will swap from ATOM in the top section and then click on the bottom section, scroll down and look…. It is our two mighty heroes UST and LUNA! You can swap for one or both, if you choose to in 2 transactions.
One of the nice things about Osmosis, is that swap fees are free! Unless you want to swap really really fast. I used my OSMO as an example for the swap.
One more step y’all. Next, go back to Assets on the left side of the screen.
Not far down the page, you will see LUNA and UST which will show your new balance.
Click on Deposit and it will connect to your KEPLR wallet. Pay the little fee and it will send it right to your Terrastation wallet inside of KEPLR. Which will also show up in your Terrastation wallet.
Just like that, in a few steps and 188 seed words later, you are a LUNAtic, just like me! Well, maybe not quite.
So here it is in simpler terms to Summarize…
Buy ATOM on Coinbase/Binance US> Send to KEPLR Wallet> Deposit to Osmosis> Swap ATOM for UST and/or LUNA> Withdraw UST and/or LUNA to KEPLR (which will go to your Terrastation)
And you are done!
I wish I would have known this sooner, I figured it put on my own after learning about IBC and started to tinker around. If you weren’t aware of this, I hope you find this helpful. Feel free to comment, give me some LOOPR or if you are feeling really generous, here is my Starname address:
https://app.starname.me/profile/alexlowery*atom
If you haven’t heard of Starname, it looks like this:
