How to Transfer Funds from Terra Network to Polygon — Part 2/2: Via Binance Smart Chain
We have recently launched the Terra farms on the Dfyn Exchange, where users can stake their LUNA and UST tokens to earn $DFYN tokens as rewards. In the first part of this two-part guide, we listed the steps involved in transferring funds from Terra Network to Polygon (Matic) via Ethereum. As promised, here we are with the second part of the guide to show you how to transfer funds from Terra to Polygon (Matic) via Binance Smart Chain (BSC).
Transferring assets from Terra Network to Polygon (Matic) via BSC
If you already have your LUNA/UST tokens on BSC, you can skip the steps delineated in Phase 1 and go directly to the steps listed in Phase 2. If you hold USDT/DAI/USDC on BSC, you can skip Phase 1 and Phase 2 and go directly to the steps listed in Phase 3.
Phase 1: Transferring tokens from Terra Network to BSC
Step 1) Go to https://bridge.terra.money/.
Step 2) By default, Ethereum would be selected as the destination chain. Click the dropdown box and select BSC as the destination chain.
Step 3) If your wallet is not already connected to the platform, click on Connect Wallet.
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) Click on the dropdown and select UST.
Step 6) Open your BSC 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 7) 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. 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 BSC 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 UST token on BSC: 0x23396cf899ca06c4472205fc903bdb4de249d6fc.
Once you enter the address, the other fields should auto populate. Click on Next to proceed.
Step 11) You should now be shown your token balance corresponding to wrapped UST. Click on Add Tokens to add the balance to your wallet.
Your wallet should now successfully show your UST token balance.
Congratulations! You have successfully added UST tokens to your BSC wallet.
Phase 2: Swapping UST for USDT on 1inch
Since there is no cross-chain bridge between BSC and Polygon that facilitates the direct transfer of UST or LUNA tokens, we first have to convert the wrapped UST to USDT. Here, we are using 1inch since it aggregates liquidity across multiple DEXes on a blockchain (in this case, BSC).
Step 1) Go to https://app.1inch.io/#/56/swap/BNB/1INCH.
Step 2) Make sure that you are connected to the BSC mainnet and that you have some amount of BNB to pay the gas fee.
Step 3) Under the “You Pay” heading, search for and select UST.
Note: 1inch allows users to set both market and limit orders. If you are not satisfied with the market price during an asset swap, you may also set a limit order.
Step 4) Under the “You Receive” heading, select USDT and then give permission to 1inch to interact with your UST tokens.
A small fee will be associated with this transaction. Review the fee and click on Confirm.
Step 5) Review the transaction details and click on Swap token.
Step 6) Next, you will be prompted to confirm the transaction. Make sure that all the details are fine and click on Confirm Swap.
Step 7) Once your transaction is successfully confirmed, open your wallet and check for the USDT tokens. If you don’t see any USDT balance in your wallet, click on Add Custom Token and add token address: 0x55d398326f99059ff775485246999027b3197955.
This will add BUSD-T (Binance pegged version of USDT) to your wallet and you will be able to see your USDT token balance.
Phase 3: Transferring USDT from BSC to Polygon
In this phase, we will be learning how to use xPollinate to transfer funds from BSC to Polygon.
Note: xPollinate is currently in a beta phase and you should use it at your own risk.
Step 1) Go to https://www.xpollinate.io/.
Step 2) Make sure that you are connected to Binance Smart Chain and that you have some amount of BNB tokens to pay as gas and transaction fee.
Step 3) Check out the exit liquidity of USDT tokens on Matic side of the bridge. If the liquidity is not sufficient, you won’t be able to transfer your funds using xPollinate.
If sufficient exit liquidity is not present on the Matic side of xPollinate or if you have certain inhibitions in regards to using a bridge that is in its beta phase, there is an alternative way to transfer funds from BSC to Polygon. You can deposit your USDT funds into Binance exchange and then follow the video guide given here to transfer funds from BSC to Polygon.
Step 4) If sufficient liquidity is present on Matic side of the bridge, select BSC as the source chain and Matic as the de
Step 5) Select USDT as the token to transfer.
Step 6) Ensure that the receiver address is correct and click on Swap.
Note: By default, the receiver address will be the same as sender address.
Step 7) You will be prompted to sign the transaction allowing xPollinate to interact with your funds. Click on Sign.
Step 8) In the screen that follows, enter the amount you wish to transfer, review the transaction and click on Swap.
Step 9) Review the gas fees associated with the transaction and click on Confirm.
This will initiate the transferring process, which might take some time. After a while, your transaction will be successfully completed and you will be able to see your USDT tokens on the your Matic wallet.
Phase 4: Converting USDT from USDT to UST on Dfyn
To get UST tokens on the Polygon mainnet, you can use the Dfyn exchange to convert USDT tokens back to wrapped UST tokens.
Step 1) Go to https://exchange.dfyn.network/#/swap.
Step 2) Under the “From” heading, search for and select USDT.
Step 3) Under the “To” heading, search for and select UST.
Step 4) Enter the amount of USDT you want to convert to UST and click on Swap.
Step 5) Review the transaction details and click on Confirm.
Once the transaction is completed successfully, the UST tokens should reflect in your Matic wallet.
Now that you have UST tokens in your wallet, you can pool them with your USDT tokens on Dfyn and receive LP tokens which can be staked here. At the end of the staking period, we will be reviewing and adjusting the rewards based on the total value locked (TVL) in the protocol. Rollover contracts will enable stakers to unstake and then re-stake the same LP tokens.
Stay tuned for more updates and announcements regarding more farms on the Dfyn Exchange.
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