THREAD
@anchor_protocol now supports $bETH as collateral with the help of @LidoFinance, allowing you to borrow $UST to either deposit directly at Anchor for 20% APY or farm on other venues like @mirror_protocol. $LUNA $ETH $ANC
But how you ask? Find a short guide below 🧵👇
@anchor_protocol now supports $bETH as collateral with the help of @LidoFinance, allowing you to borrow $UST to either deposit directly at Anchor for 20% APY or farm on other venues like @mirror_protocol. $LUNA $ETH $ANC
But how you ask? Find a short guide below 🧵👇
1. You need to convert your $ETH to $stETH (staked Ethereum 2.0) either via @LidoFinance at directly stake.lido.fi (staking rewards 5.6% APY will later go to aUST holders)
2. Or you just swap your $ETH for $stETH on @CurveFinance at curve.fi via the respective ETH/stETH pool - slippage currently is low but always check before swapping
3. Now you can transfer your $stETH to @terra_money as $bETH directly by the dedicated dapp from @LidoFinance at anchor.lido.fi - don't forget to double-check your #Terra which you need to enter as a receiving destination.
4.
Finally, you can head to @anchor_protocol and use your $bETH as collateral to borrow $UST. You pay interest on this loan but earn $ANC as an incentive for it, netting a 27% APY (distribution APY > borrowing APY). $UST can directly be deployed at Anchor to earn 20% APY.
Finally, you can head to @anchor_protocol and use your $bETH as collateral to borrow $UST. You pay interest on this loan but earn $ANC as an incentive for it, netting a 27% APY (distribution APY > borrowing APY). $UST can directly be deployed at Anchor to earn 20% APY.
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