How to Transfer Funds from Terra Network to Polygon — Part 1/2: Via Ethereum Network
We are excited to announce the launch of Terra Community farms on Dfyn Network. The Dfyn and Terra communities can now stake their LUNA and UST tokens on Dfyn Exchange to earn $DFYN tokens as rewards. The initial liquidity mining program consists of two pairs — UST/USDT and LUNA/DFYN. For more details regarding the farms, the reward rate, and the vesting schedule, kindly check out our article here.
Since a lot of the community members are unclear on how to transfer LUNA and UST tokens from their Terra wallets to Polygon (Matic), we decided to make a step-by-step guide for the same. As of now, there is no bridge that directly transfers liquidity from Terra Network to Polygon (Matic). Therefore, users will need to transfer their assets to Polygon either via a) Ethereum or b) Binance Smart Chain. In the first part of this two-part guide, we will focus on how to transfer liquidity from Terra to Polygon via the Ethereum network.
Transferring assets from Terra Network to Polygon (Matic) via Ethereum
If you already have your LUNA/UST tokens on Ethereum, you can skip the steps delineated in Phase 1 and go directly to the steps listed in Phase 2.
Phase 1: Transferring tokens from Terra Network to Ethereum
Step 1) Check whether you have a sufficient amount of tokens (LUNA or UST) for the transfer.
Step 2) Go to https://bridge.terra.money/.
Step 3) By default, the bridge between Terra and Ethereum should be selected. If your wallet is not already connected to the website, click on Connect.
Step 4) Depending on your device, choose the Terra Station (Extension) or Terra Station (Mobile).
Now that your wallet is connected, the bridge should show your LUNA balance.
Step 5) Open your Ethereum wallet and copy the address where you want to receive your LUNA tokens. Make sure that you use a non-exchange wallet since the Terra Bridge does not support exchange wallets.
Step 6) Paste the address into the destination address field. Once you paste the destination address, you will automatically be shown the transaction details including the gas fee. Here, you may choose to pay the gas in either LUNA or UST. We’ll pay the gas fee in UST for now.
Step 7) Review the details and click on Next.
Step 8) To ensure that no malicious entity transfers your funds illegally, Terra wallet will prompt you for your password before submitting the transaction. Enter your password and click on Submit.
After a few seconds, your transaction should be successfully processed.
Step 9) Now, you may check your Ethereum wallet for your funds. In case your wallet doesn’t show the tokens by default, click on Add Token.
Step 10) Enter the token contract address of wrapped LUNA token on Ethereum: 0xd2877702675e6ceb975b4a1dff9fb7baf4c91ea9.
Once you enter the address, you should be given an option to choose the Wrapped LUNA token. Select the token and click on Next.
Step 11) You should now be shown your token balance corresponding to wrapped LUNA. Click on Add Tokens to add the balance to your wallet.
Your wallet should now successfully show your LUNA token balance.
Congratulations! You have successfully added LUNA tokens to your Ethereum wallet. Now, follow Phase 2 of this guide to transfer these tokens to the Polygon network.
Phase 2: Transferring tokens from Ethereum to Polygon (Matic)
Step 1) Go to https://wallet.matic.network/bridge/.
Step 2) Make sure that you are connected to the Ethereum mainnet. Click on the dropdown to select the asset to transfer, i.e. wrapped LUNA.
Step 3) Search for and select Wrapped LUNA token.
Step 4) Enter the amount to transfer and click on Transfer.
Step 5) The following screen with some important notes will open up. After reading these notes, click on Continue.
Step 6) A screen showing the estimated gas costs will open up. Click on continue.
Step 7) Review the transaction and click on Continue.
Upon clicking on Continue, the process initiates the interaction with your wallet.
Step 8) The Matic bridge will ask your permission to interact with your LUNA tokens. A small fee will also be associated with this transaction. Review the fees and click on Confirm.
After you click on Confirm, the transaction will be sent to the validators for approval.
Step 9) Once approved, you would be asked to confirm the transaction one last time. Click on Continue.
Step 10) Review the gas fees associated with the transaction and click on Confirm.
The transfer of your LUNA tokens from Ethereum to Polygon (Matic) will be initiated.
Step 11) After a few minutes, your funds will be deducted from your Ethereum wallet and credited into your Matic wallet.
To confirm that, go to https://wallet.matic.network/ and check your balance.
Congratulations, you have successfully transferred your LUNA tokens from the Terra Network to Polygon (Matic). You can now go to https://exchange.dfyn.network/#/pool to pool your LUNA tokens with your $DFYN tokens to receive LUNA-DFYN LP tokens. You can stake those LP tokens at https://exchange.dfyn.network/#/popular-farms to receive $DFYN tokens as rewards.
Stay tuned for Part 2 of this guide, where we will show you how to transfer UST tokens from Terra to Polygon via the Binance Smart Chain (BSC).
About Terra Money
Terra is a proof-of-stake (PoS) public blockchain network built on Tendermint and the Cosmos SDK. Terra deploys a suite of fiat-pegged, algorithmic stablecoins powering a thriving ecosystem of DeFi applications, including Mirror and Anchor Protocol. With a goal of mass adoption, Terra’s UST stablecoin, the fastest-growing in the crypto market, is quickly becoming the leader in the emerging world of cross-chain DeFi.
Dfyn is a multi-chain AMM DEX currently functional on the Polygon network. Dfyn nodes on various chains act as liquidity entry and exit points into the cross-chain liquidity super mesh that is being enabled by Router Protocol.
Telegram Announcement: https://t.me/dfynofficial