How to receive bATOM & Use them on Anchor Platform¶
stkATOM Platform allows users to earn bATOM by staking stkATOM on stkATOM Platform, users can then convert their rewards to receive stable collateral in form of UST on Anchor Platform.
Staking bATOM and using it on Anchor WebApp for borrow and lend functionalities is going to involve three major steps.
- Converting stkAtom to receive webAtom(Terra) on stkATOM Finance
- Redeem webAtom on Terra Chain using Wormhole
- Convert webAtomto bATOM on Anchor Protocol
bATOM Conversion on stkATOM Platform¶
Starting from stkATOM Finance connect your Metamask Wallet. You should be able to see a balance of stkAtom on your wallet.
Navigate to Anchor Integration and enter the amount of stkAtom you want to convert and enter your terra wallet address in the appropriate fields. This wallet address is where the converted bATOMs will be transacted to.
NOTE: You will be eligible for Gasless transactions only if more than 5 stkATOM tokens are converted, in this case, only a signature would be required for transaction.
- For the first time transfer you will have to approve the bATOM conversion by clicking on the Approve button.
After Approveing Click on Convert and wait the popup for signing on your metamask wallet, once confirmed the conversion will take 2-3 min. In case you are converting less than 5 stkATOM, you will be required to pay the fee for the transaction from your metamask wallet.
When signed you will see the following popup.
This pop-up will contain three crucial steps that will be performed.
- The token will be sent to wormhole for transfer to the Terra Chain.
- This transaction will be confirmed on Ethereum Chain
- Finally, the transaction will be confirmed on the Terra chain by a set of Guardians (this is the longest step and may take about 2 - 3 minuits). You can see the transaction hash corresponding to your Eth address on Etherscan to check the status of the conversion.
Open the Portal Bridge Redeem Link and proceed with the next section of the process.
In case the pop up doesn't show up or accidentally closed, copy the transaction hash from the copy button and go to the Portal Bridge Redeem page from the previous section. All the latest transactions including the bATOM conversion, will be available to access in the Transaction Section
Token Transfer on Wormhole Portal Bridge¶
The Portal Bridge will direct you to Redeeem Section. Here you will enter the source chain as Ethereum. You would need to connect your active Metamask wallet using the Connect button. Once the wallet is connected, you should be able to see the Recover button. Click on it and wait for the process to complete.
You should be directed to the new screen, where you will be required to connect to your Terra wallet. Connect your Terra Wallet, this is where you will be recieving the webAtom(Wormhole) token. Once connected, choose the fee denom and click on Redeem button.
After approving the transaction in the terra wallet pop-up, you should be able to see the webAtom(Wormhole) token in your Terra wallet. Now continue with the next section of the process to use your webAtom on Anchor Protocol.
NOTE: If you are not able to see webBatom(wormhole) on your terra wallet, please add the token to your wallet by clicking on the Add Token button in your terra wallet and searching for webAtom.
Anchor Transfer on Anchor Platform¶
The final platform used in this process is Anchor Platform. After this, the webAtom(Wormhole) token will be destroyed and converted to bATOM(ANC) token and you will be able to use it as collateral on Anchor Platform.
Head over to Anchor bAsset, you will be able to see your bATOM(Wormhole) token.
Click on the bATOM token and you will be redirected to conversion page, where you will be able to convert webAtom(Wormhole), to bATOM token.
You should, finally, be able to see the bATOM token in your Terra wallet (if not, then add the bATOM token form Add Token button in your wallet).
Now you can use it as collateral on Anchor Platform by heading over to Anchor Borrow and selecting bATOM to provide as collateral and earn UST on it. Please check out Anchor Protocol for information related to getting started on Anchor.