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How to deposit UST on anchor protocol (20% APY)

How to deposit UST on Anchor Protocol

1. INTRODUCTION

Depositing UST on anchor protocol is as easy as connecting your Terra Station Wallet to the web app of anchor protocol and click a button.

Near instant transactions. Low fees. The UX is years away from any ETH DeFi protocol.

If you don’t have a Station wallet or Terra UST, don’t worry, below you can find the steps to buy UST, send them to your Terra wallet and depositing them on anchor protocol to generate a 20% APY.

 

2. HOW TO DEPOSIT UST ON ANCHOR PROTOCOL (20% APY)

  1. Buy UST on Kucoin.
  2. Send those UST to your Terra Station wallet (you can create one on the official Terra money website).
  3. Connect your Terra Station wallet to anchor protocol here.
  4. Deposit UST on anchor protocol.

 

Anchor protocol UST deposits

 

 

3. NOTES AND CLARIFICATIONS

  • To send UST from Kucoin to your Terra Station wallet, make sure you use the Terra network (not the Ethereum one).

 

4. ANY FURTHER DOUBTS?

If you have any questions though, leave them below.

 

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8 Comments

  1. Thank you very much. I tried this as my first way of transferring the money but I was suprised to lose UST on fees/swap. Now I am trying the way via Kucoin.

  2. When I try to deposit my UST in Anchor, at the step 4, it apperas this message:
    Timeout
    Failed to receive responses to post(Tx) for 120000milliseconds
    I the operation gets cancelled. I dont know how to do to deposit them, could you help me? Thanks in advance

  3. Thanks for the instructions but it does not seem so easy to me: which address do I have to use for sending my UST to Terra Station? Just the general wallet address, not a specific one for UST, which I cannot find anywhere? Thanks. It should be clearly explained in the Terra Station wllet in the first place. But I afraid as in the whole crypto sector, the designers think everybody knows or they have to spend hours searching on Google. Why is nothing easy and straightforward in the realm of crypto?

    • Hi Alonzo.

      1) You need to send the UST to your Terra Station wallet. The one that starts with terra…. For example, mine is this one: terra14l46jrdgdhaw4cejukx50ndp0hss95ekt2kfmw

      2) Send just a few UST to make sure it works. Then do the rest.

      Ps. I agree with you about crypto not being ready for the average user, but unfortunately for now, terra/anchor UX are one of the best in the whole space. The daily rewards will make it up for it. You’ll see.

      • Thank you very much for your answer. So I take it the address for sending UST is the same like the one I used for sending Luna. I have asked this question because I am used from other wallets that the address is different for every coin. I am glad that I am not the only one missing user-friendliness in the crypto sector.
        I have stumbled upon another question. You do not have to answer as you are not employed by any crypto company. But due to the lack of customer support, I must try posting it on social media to get an answer somewhere.
        The claimable ANC reward balance for my UST loan has remained the same for days in the little pop-up window. But the value in the table on the Govern page is much higher probably being correct. Very confusing.
        It is also unclear to me whether the ANC rewards for the loan are provided based on the nominal value (e.g., 100 UST loan, 150 pcs. of ANC annually) or if that number is based on the real ANC value (its fluctuations).
        And finally, I have been trying to find out a cheap way of getting UST on Anchor. Binance sadly does not offer them. I have set up a Polonex account with lots of effort only to find out that their USDT-UST market is dead and I would have to wait days for my order to be filled. And the few UST I partially got could not be transferred to Terra. I transferred my Luna from Binance to Terra (for very low fees) only to be subject to some swap spread there. everybody speaks about Pancake but I would have to use a bridge. (unbelievable – why have people designed cryptos in the 21st century in such a way that they cannot be easily transferred without such tools – it is as if you have USD, EUR in one country but it was not the same as USD, EUR in another country because it is wrapped.) But that Terra bridge does not seem to work with Trust Wallet (recommended by Binance) but I have to set up another wallet. This is what I mean by complicated. Now I am going to try Kucoin, let me see. Sorry for airing this complaint here. I only wish I could speak to the managers of crypto platforms and crypto designers to complain to them directly. Thanks for your attention.

        • Another thing you can do is sending LUNA to your Terra Station Wallet and swap them for UST (“Swap” tab). 😉

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