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This is my Second time writing an article. I hope you like it. Please leave feedback in comments. The following are the steps that worked for me to move USDT from Binance.US to UST on the Terra Luna network. I have tried to be detailed but take each step carefully as it is possible something may change over time.
- Install Metamask Wallet
Add METAMASK wallet to either Chrome or BRAVE Browsers if you do not already have it
https://chrome.google.com/webstore/detail/metamask/nkbihfbeogaeaoehlefnkodbefgpgknn Set up new wallet if you do not already have one. Be careful to keep the Seed Phrase keywords written down safely.
- Add BINANCE Smart Chain to Metamask Wallet
Open Metamask Wallet and Click on 3 dots and open expanded view
access the Settings via clicking circle in Metamask top right corner
on Settings page, we want to locate the Networks menu and click add network
Fill in data using following text exactly:
- Network Name: Binance Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
An Alternative / easier path is go to https://chainlist.org/ search for Binance Smart Chain
Connect your Metamask wallet to site
Click on add to Metamask
Verify Metamask has new network listed
- Install Binance Chain wallet
add extension to either Chrome or Brave Browsers via
https://chrome.google.com/webstore/detail/binance-chain-wallet/fhbohimaelbohpjbbldcngcnapndodjp Create wallet account using SAME Seed Phrase keywords used on Metamask Wallet
Critical that you verify that binance smart chain address is the same between Binance wallet and Metamask
- Binance.US steps
make sure you have some BNB for gas fees on Binance Chain and Binance Smart Chain Networks and purchase USDT as you desire
Withdrawal BNB using address for Binance Chain from Binance Wallet
- enter SMS code
- get email and click on approve withdrawal
Withdrawal USDT but make sure you have selected BEP2 (Binance Chain) network as destination
- Bridge USDT and BNB to Binance Smart Chain
Open Binance Wallet and ensure you are on Binance Chain Networks
click on send and when you click on address you will see Transfer between my accounts Click on it and when you see Binance Smart chain come up click on that. Enter amount to transfer. I suggest a small amount first time to verify everything is set up correctly. And finally click send. You can now select Binance Smart chain and see your transfer. Now open Metamask and verify that is also sees amount of transfer on Binance Smart Chain. You will need a little BNB here for gas fees. You can also now look at all Binance Smart Chain Defi projects as you desire.
- Convert USDT to UST
Once your USDT arrives on the Binance Smart Chain you need to convert it into UST for Terra Network. I use 1inch.io for this as I get best rates (https://app.1inch.io/#/56/swap/USDT/UST). You will need small amount of BNB for Gas for transaction.
- Set up Terra Station Wallet
I suggest you follow the direction on Terra Docs quick start if you need to download and set up Terra Station wallet.
https://docs.terra.money/quickstart.html#download-terra-station
- Bridge USDT to Terra Network
The next step is to bridge your UST over to Terra station Wallet. You need to use the Terra Bridge https://bridge.terra.money/ Ensure it points to your Binance Smart Chain wallet and select UST as asset. Fill in your destination address from Terra Station. And then approve transactions and wait for your UST to arrive in Terra Station.You will need small amount of BNB for Gas for transaction.
- Next Steps
You are now able to take advantage of great ecosystem. You can swap UST for LUNA via Terra Station Swap function or go directly to Terra Swap https://app.terraswap.io/#Swap. I suggest you look at staking Luna for Staking rewards and Airdrops from Many of the Terra Ecosystem protocols. You should also examine Anchor protocol to earn ~ 20 on UST and/or ~80% on what you borrow but be careful to understand liquidation limits/ process. You can head over to Mirror protocol and buy or sell short synthetic stocks and crypto.
Anchor - https://app.anchorprotocol.com/earn Mirror - https://terra.mirror.finance/my Pylon Protocol - https://gateway.pylon.money/tokens/mine Spectrum Protocol - https://terra.spec.finance/vaults Extraterrestrial Blockchain examiner - https://finder.extraterrestrial.money/ Apeboard cross chain viewer - https://apeboard.finance/dashboard
