You may have discovered about Terra blockchain and the big amount of projects being developed there which will launch after the new blockchain upgrade takes place in two weeks. As I've told you in previous posts, terra offers its holders an easy way to earn some passive income just by staking their Luna (the native terra crypto) assets into one of their validators to get staking rewards plus weekly drops from new projects entering the ecosystem.
One of the easiest ways for someone familiar with Leo Finance Defi products to jump into Terra avoiding CEX exchanges is by moving some CubFinance assets to that blockchain using the Terra bridge.
The first thing you have to do is create a new Terra address using a Terra wallet. We recommend using the "official" Terra Station as it has all the necessary tools you will need.
You will need to download the desktop version, when accessing the webpage from the link go over the new account creation clicking on the connect button and a new window will appear offering you to download the app. After that go through the new account process adding a password copying the mnemonic phrase which will be generated. After that, you will be all set to send your funds.
Now you need to transfer some funds from Binance Smart Chain to Terra, I suggest you swap some of your assets in BSC using PancakeSwap. You can use some Cub, BNB, or any other asset but make sure you swap them to UST, the Terra version of the US stablecoin. You may be tempted to swap your assets to Luna but there is not too much liquidity and you may get a bad exchange rate.
If you need to add UST in pancakeswap, make sure you use the correct contract for that token which is 0x23396cF899Ca06c4472205fC903bDB4de249D6fC
After the transaction is processed you will be able to see your UST in your BSC address and be ready to bridge them to your newly created terra account. Go to Terra bridge, select BSC as your source blockchain and Terra as your destination, connect to your BSC account with metamask, select UST as the currency to be bridged, add the amount of UST you wish to transfer from the total you got previously, and add your newly created terra destination address.
After that, you should see your UST in your Terra Station wallet. Do not panic, it takes a few seconds after the confirmation appears in the Bridge.
Once you see your UST in terra station you will need to swap them to Luna. You may ask yourself how will you do that if you need to pay transaction cost in LUNA and all you have is UST. Here's one of the first cool things of Terra Blockchain, it lets you pay transaction fees in LUNA or any of its stablecoins, so you will be able to use your UST for that. Just select Swap from the left menu of terra station, and at the bottom of the screen swap your UST to LUNA, we recommend leaving at least 1 UST in your wallet for future transaction fees.
You will see a confirmation and your new LUNA will appear in your wallet, ready staking which will be your final step.
Select staking from the left menu and choose a validator. We recommend using one which has the tick signal on it meaning it is a verified one and also checks there is a 0% commission. Some validators offer additional benefits as many correspond to those companies launching new services in Terra. It is up to you but I have chosen Talis as they will be releasing their new NFT market in a few weeks and have promised more tokens to those staking in their node when they do their airdrop. After selecting the validator, add the amount of LUNA you want to stake and send the transaction.
Keep in mind your staked assets take 21 days to unstake.
You will be able to see the amount of LUNA you have staked in a pie chart and on the top/right corner a button showing the number of rewards you have ready to claim. Those rewards are mainly in LUNA but you also get some minor amounts of most of terra stablecoins.
I recommend you to also install Terra Station Chrome version and link you newly created terra wallet there, you will need it to engage with any app in the Terra ecosystem as Terradrops which will tell you the drops you will be able to claim from the different projects. At present time you can see there are three projects dropping their tokens weekly but there are many more to come.
