Wormhole V2 for Terra — The UI Walkthrough
Terra support for Wormhole V2 has been live for several weeks, with the Wormhole Guardian set operating smoothly on the mainnet. Now, the Wormhole V2 user interface (UI) supports Terra — meaning that users can seamlessly port assets between Terra, Solana, Ethereum, and Binance Smart Chain via a single, unified interface!
Previously, we’ve outlined the technical concept of Wormhole and discussed its advantages as a decentralized cross-chain bridge that reconciles state on the connected chains (e.g., Solana, Terra, ETH). Wormhole unleashes Terra assets, particularly UST, into Solana’s burgeoning DeFi ecosystem and presents a trust-minimized conduit for users to send assets between Terra and Ethereum as well.
Operational, trust-minimized cross-chain bridges with significant liquidity pulsing through them seemed like a pipe dream only several years ago, but the vision is finally manifesting. Welcome to the inter-chain world.
Below, we outline the UI for Wormhole using Terra assets, including an easy-to-follow walkthrough guide that includes the migration plans for users on multiple chains that hold wrapped versions of Terra assets from Shuttle to convert them to Wormhole.
Users should make sure that they follow the precise steps attentively, as the Shuttle bridge will eventually be deprecated and replaced by Wormhole. Due to the nature of decentralized blockchains, Shuttle assets and Wormhole assets will co-exist in the short term as we cannot immediately force users to migrate their Shuttle assets or dictate the actions of third-parties launching pools or products on open-source platforms.
The plan is to gradually phase out Shuttle asset liquidity on chains like ETH and BSC, provisioning incentives in Wormhole asset pools to drive liquidity towards a more decentralized bridge. With so many bridge solutions launching in the near future, we expect the short-term co-existence of multiple bridge assets to become normalized as the industry transitions to more robust decentralization technology.
Users that hold Shuttle assets (wrapped versions of Terra assets on ETH and BSC), need to follow the guidelines for migrating those assets via the intuitive interface on Wormhole that automatically scans wallets for wrapped assets on Shuttle and then can begin using Wormhole.
If you have questions, please refer to the relevant and official Terra Discord and Telegram groups to receive assistance.
The guide below also incorporates some complementary source material for users to send Terra assets to leading Solana projects like Mercurial, Saber, and Apricot.
The High-Level Overview
First, it’s important to denote that Wormhole V2 Terra assets are different from the current Shuttle bridge assets circulating on Ethereum, Polygon, and Binance Smart Chain. Wormhole V2 assets are incompatible with Shuttle assets, and so are the exchange wallets and many Shuttle ERC-20 UST and LUNA pools on Ethereum.
As such, we have notified exchanges supporting Shuttle ERC-20 assets and relevant third-party projects about the gradual transition to Wormhole as the preferred cross-chain bridge for Terra, Ethereum, Solana, and BSC moving forward.
Notably, Wormhole V2 has launched with ONLY UST and LUNA support until Mirror and Anchor migrate independently to Wormhole within the next 2 weeks. Separate announcements and details will follow for mAssets, MIR, ANC, and other Terra assets moving forward. More details can be found in the next section regarding Terra Bridge.
Again, please be aware that ONLY the transfer and migration of UST and LUNA is currently advised using the walkthrough guidelines below. On Ethereum, BSC, and Polygon, the existing Shuttle versions of ERC-20 (ETH) and BEP-20 (BSC) have the tickers wUST and wLUNA.
The official tickers for the Wormhole V2 versions of UST + LUNA are:
- USTw
- LUNAw
To help you understand the process for migrating your UST and LUNA Shuttle or V1 Wormhole (Solana-only) tokens to Wormhole V2 tokens, we will divide the walkthrough into 6 major sections relevant to the chain and migration/transfer process for every Shuttle user.
The 6 sections include:
- Terra Bridge + Mirror & Anchor Migrations
- Ethereum
- BSC
- Polygon
- Solana
- Terra
To reduce the chance of user error resulting in lost funds, users can ONLY transfer Shuttle UST and LUNA → Wormhole V2 USTw. The reverse transfer from Wormhole V2 (LUNAw and USTw) → Shuttle is not possible.
Additionally, the Wormhole V2 UI will ONLY enable users to transfer compatible USTw and LUNAw for the time being until more assets are listed following the Mirror and Anchor migrations.
The steps below are long and detailed, so you can skip to your relevant section if you wish as the transfer/migration process is similar for each chain with some slight differences.
Terra Bridge + Mirror & Anchor Migrations
Terra Bridge
Terra Bridge is the unified interface for sending Shuttle tokens between Terra, Ethereum, and Binance Smart chain. Currently, Wormhole support is being hooked into Terra Bridge so that eventually Terra Bridge will ONLY support Wormhole transfers and NOT Shuttle transfers. Terra Bridge will subsequently become the Terra-native UI for Wormhole’s cross-chain transfers.
Once the Terra Bridge UI is ready, Shuttle token holders, meaning users holding ERC-20 or BEP-20 Terra tokens on Ethereum or BSC, respectively, will be able to migrate their Shuttle tokens to Wormhole directly through the Terra Bridge interface. Notably, this will include all Shuttle assets as defined by the list of assets in the link below, rather than just UST or LUNA currently available in the Wormhole UI as of today.
https://github.com/terra-money/shuttle/blob/main/TERRA_ASSET.md#erc20-contracts
Since the Terra Bridge UI will eventually only allow Wormhole transfers, holders of Shuttle assets using the Terra Bridge interface will be prompted to convert their Shuttle assets to Wormhole tokens. In the short-term, Shuttle will continue to exist until sufficient migration of liquidity has occurred, and the plans for deprecating Shuttle are announced publicly.
In the meantime, users can migrate Shuttle assets to Wormhole and transfer them across Terra, Ethereum, Solana, and BSC using the Wormhole UI in the link below iterated step-by-step in the remainder of the article for each chain.
https://wormholebridge.com/#/transfer
Mirror Migration
ETHMirror, the Ethereum-side version of Mirror Protocol, currently uses Shuttle to allow users to interact with Mirror from Ethereum, as Mirror is built natively on Terra.
As part of the Wormhole integration, the ETHMirror contract will present a user interface that allows users to swap between Shuttle and Wormhole tokens. Shuttle tokens will continue to be localized to the ETHMirror contract for the time being. From the user’s perspective, the only difference will be the interface swapping the tokens, but the rest of the interaction with Mirror will be identical.
Once the deprecation of Shuttle is announced and completed, meaning the Shuttle bridge is no longer active, Mirror will continue to support the Shuttle and Wormhole tokenswap — localized specifically to the ETHMirror contract.
Anchor Migration
Anchor currently utilizes Shuttle to port bAssets (i.e., bETH) from Ethereum → Terra and for ETHAnchor to enable deposits of ERC-20 UST and other Ethereum stablecoins (i.e., Orion Money) into Anchor.
Anchor’s planned migration to Wormhole is also underway, particularly for bAssets used as collateral. In the short term, Anchor will continue using Shuttle tokens for ERC-20 aUST, aDAI, aUSDC, aUSDT for EthAnchor Earn.
Once the deprecation of Shuttle is announced and completed, meaning the Shuttle bridge is no longer active, EthAnchor will enable an interface to swap Shuttle aUST → Wormhole aUST and change its contract configurations to use only Wormhole token addresses. bETH on the ETH-side of Anchor’s contracts will only use Wormhole instead of Shuttle, which is currently underway with Lido Finance.
The above is simply to give you an idea of the planned migration of application-specific contracts to Wormhole. For the user, much of the complexity in the background will be abstracted away and the process will be straightforward. We will provide further updates on Terra Bridge, Mirror, and Anchor migrations to Wormhole soon.
Ethereum
If you hold Shuttle ERC-20 UST and/or LUNA on Ethereum, meaning you’ve sent Terra assets to ETH using Terra Bridge, you can migrate your tokens to Wormhole versions (USTw and LUNAw) using the Wormhole UI.
The UI automatically connects to your MetaMask wallet and scans for “migration-eligible” assets, including Shuttle ERC-20 UST and LUNA.
You can then begin transferring USTw and LUNAw across Ethereum, Solana, Terra, and BSC immediately. Importantly, even if you don’t think you hold Shuttle assets, you should follow the steps below to ensure you don’t have any migration-eligible assets, which is easy to follow and handled by the UI. The Wormhole UI won’t allow you to transfer migration-eligible assets across Wormhole without migrating them first anyways.
The ETH-side token addresses for USTw and LUNAw are below:
LUNAw (wormhole v2_ETH) address: 0xbd31EA8212119f94A611FA969881CBa3EA06Fa3d
USTw (wormhole v2_ETH) address: 0xa693B19d2931d498c5B318dF961919BB4aee87a5
The ETH-side migration pools for LUNAw and USTw are below:
Shuttle->Wormhole v2_ETH LUNA pool address:
- 0xe76820F1DB773B1d62a3D22F47259705cC5fA4E6
Shuttle->Wormhole v2_ETH UST pool address:
- 0xF39C29d8f6851d87c40c83b61078EB7384f7Cb51
To transfer/migrate your Shuttle ERC-20 UST and/or LUNA tokens to USTw and LUNAw, please follow the steps below:
1. Access the Wormhole UI Interface at the link below:
https://wormholebridge.com/#/transfer
2. Select Ethereum from the “Source” dropdown menu in Step 1 under the “Tokens” tab and connect your MetaMask wallet:
3. Under the “Source” section still, select either UST or LUNA from the dropdown menu for “Token Account”, which will highlight the border of both UST and LUNA in yellow with a note displaying “This is a legacy asset eligible for migration.” This means that you need to migrate your Shuttle ERC-20 UST and/or LUNA to USTw and LUNAw before actually transferring USTw and LUNAw across Wormhole.
Select UST or LUNA, and proceed to the next step.
4. If you have migration-eligible tokens (Shuttle ERC-20 UST or LUNA), the screenshot below will display the button “Go to Migration Page,” and you should click that button.
5. Next, you will be taken to the Wormhole V2 migration page displayed below, which lists the migration-eligible ERC-20 UST + LUNA assets from your wallet that need to be migrated to USTw and LUNAw before transferring across Wormhole.
6. Enter the amount of Shuttle ERC-20 UST or LUNA that you wish to migrate and click the “Migrate” button. Your MetaMask wallet will pop up, and you will need to pay gas fees on Ethereum to process the migration.
7. Once the transaction is confirmed on the Ethereum blockchain, your Shuttle ERC-20 UST or LUNA will have been converted to Wormhole USTw and LUNAw on Ethereum, viewable in your MetaMask wallet as simply UST or LUNA.
Once you have migrated your eligible Shuttle ERC-20 UST or LUNA to USTw and LUNAw OR you do NOT have any migration eligible assets, you can begin transferring USTw and LUNAw between Ethereum, BSC, Solana, and Terra by following the steps below.
In the example below, we will transfer USTw from Ethereum to Terra.
1. Access the Wormhole UI Interface at the link below:
https://wormholebridge.com/#/transfer
2. Select Ethereum from the “Source” dropdown menu in Step 1 under the “Tokens” tab and connect your MetaMask wallet:
3. Under “Token Account” select the asset you would like to transfer. For this example, we will send USTw from Ethereum to Terra, outlined below. If you have remaining Shuttle UST to be migrated, the UI will direct you to the migration page. NOTE — Select “UST” from the dropdown menu if you’ve already converted your Shuttle ERC-20 UST (the one NOT highlighted in yellow as a migration-eligible asset).
Please make sure that you have enough ETH in your MetaMask wallet to pay for the transaction so that the message highlighted in yellow in the screenshot below does not appear.
4. Click “Next” and select “Terra” as the “Target Chain” from the dropdown menu in part 2 of the interface. Select your Terra Station Chrome wallet and press “Connect.” Enter the amount of UST you wish to transfer from ETH → Terra and click “Next.”
5. Click the “Approve Unlimited Tokens” option in section 3 “Send Tokens” and then click the “Approve Unlimited Tokens” button.
6. Your MetaMask wallet will pop up, requiring you to confirm the transaction and pay the corresponding ETH gas fees. Once your transaction is confirmed on the Ethereum blockchain, click the “Transfer” button. You will be prompted to confirm a second and final transaction on Ethereum.
7. Once the transaction is confirmed on the Ethereum blockchain, your UST will need to be redeemed on the Terra blockchain before being available in your Terra Station wallet. To redeem, click the “Redeem” button under Section 4 “Redeem tokens.”
8. You will be prompted to confirm the transaction on your Terra Station Chrome extension wallet. Once confirmed, you’re now finished and your token transfer has been completed!
In the steps above, you’ve now completed the migration of Shuttle ERC-20 UST and/or LUNA to Wormhole USTw and/or LUNAw, and successfully transferred your UST or LUNA from Ethereum to Terra.
Ethereum Pools & Exchanges
Shuttle ERC-20 UST Curve Pool
Terra and Abracadabra.money (MIM) recently collaborated on a joint Curve pool proposal that’s important to denote the details of here. Initially, The MIM team will be deploying Shuttle ERC-20 UST into a Curve pool with Curve Gauge rewards distributed to LPs. You can find the pool below:
The goal is for the new MIM-UST pool to become a new paradigm in decentralized stablecoin liquidity, provisioning a pool comprising only algorithmic (UST) + CDP (MIM) stablecoins — a truly decentralized stablecoin liquidity pool.
However, since Shuttle will eventually be deprecated, it’s important to note that the initial MIM-UST pool will be ERC-20 Shuttle UST — NOT Wormhole USTw. Please refrain from depositing Wormhole USTw into the pool in the hyperlink above, and only provide ERC-20 Shuttle UST liquidity.
Eventually, the MIM-UST pool will be migrated to a Wormhole UST pool. Please stay tuned for further updates regarding this.
Wormhole USTw Curve Pool
To adequately generate liquidity for Wormhole USTw on Ethereum, a separate Curve 3Pool for USTw has been created, which will accept Wormhole USTw deposits. You can find that pool below:
If you migrate your Shuttle ERC-20 UST to Wormhole using the UI steps above, please only LP or swap USTw on the Factory53 pool in the link two lines above. Over time, rewards from the existing Shuttle UST 3Pool on Curve will be migrated to the USTw pool above, and liquidity should follow suit — progressively depleting Shuttle ERC-20 UST liquidity on Ethereum in favor of Wormhole.
We STRONGLY advise that users pay close attention to disclaimers on centralized and DeFi-exchanges supporting Ethereum versions of Terra tokens as Shuttle UST and LUNA are DIFFERENT assets than Wormhole USTw and LUNAw. Due to the nature of decentralized blockchains, both versions will exist in the short-term until Shuttle liquidity progressively wanes and it’s eventually deprecated.
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To replicate the transfer/migration process for other chains, simply select the different source chains from the drop-down menu, follow the migration process as laid out above, and proceed to transfer USTw and/or LUNAw across Terra, Ethereum, BSC, and Solana!
Below, we also provide a walkthrough for the next chains, Solana and BSC, in case you need further clarification.
Binance Smart Chain
If you hold Shuttle BEP-20 UST and/or LUNA on BSC, you can migrate your tokens to Wormhole versions (USTw and LUNAw) using the Wormhole UI. The UI automatically connects to your MetaMask or Binance Wallet and scans for “migration-eligible” assets, including Shuttle BEP-20 UST and LUNA.
You can then begin transferring USTw and LUNAw across Ethereum, Solana, Terra, and BSC immediately. Importantly, even if you don’t think you hold Shuttle assets, you should follow the steps below to ensure you don’t have any migration-eligible assets, which is easy to follow and handled by the UI.
The BSC-side token addresses for USTw and LUNAw are below:
LUNAw(wormhole v2_BSC) address: 0x156ab3346823B651294766e23e6Cf87254d68962
USTw(wormhole v2_BSC) address: 0x3d4350cD54aeF9f9b2C29435e0fa809957B3F30a
The BSC-side migration pools for LUNAw and USTw are below:
Shuttle->Wormhole v2_BSC LUNA pool address:
- 0x355A116ef1Cf566B12Ef3a8e409A64e303c53740
Shuttle->Wormhole v2_BSC UST pool address:
- 0x0F98AB919D04a291838B3b075c57181057D4CF75
To transfer/migrate your Shuttle BEP-20 UST and/or LUNA tokens to USTw and LUNAw, please follow the steps below:
1. Access the Wormhole UI Interface at the link below:
https://wormholebridge.com/#/transfer
NOTE — If you would like to use MetaMask for BSC, you need to follow the guidelines in the link below for adding BSC to your MetaMask wallet, otherwise you will see a red “Chain ID 56” error under the “Next Button” of Section 1 “Source” tab:
Follow the instructions here to connect your MetaMask wallet to BSC and avoid the above error:
https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
2. Once you’ve connected BSC to your MetaMask wallet, select Binance Smart Chain (BSC) from the “Source” dropdown menu in Step 1 under the “Tokens” tab and connect your MetaMask or Binance Wallet:
3. Under the “Source” section still, select either UST or LUNA from the dropdown menu for “Token Account”, which will highlight the border of both UST and LUNA in yellow with a note displaying “This is a legacy asset eligible for migration.” This means that you need to migrate your Shuttle BEP-20 UST and/or LUNA to USTw and LUNAw before actually transferring USTw and LUNAw across Wormhole.
In this example, we will migrate Shuttle BEP-20 UST on BSC to Wormhole USTw, and transfer the USTw from BSC → Terra.
4. Select UST as the “Legacy asset eligible for migration” and click the “Go to Migration Page” button, which will take you to the page below.
5. Enter the amount of BEP-20 UST you wish to migrate to Wormhole USTw, and click the “Migrate” button at the bottom. Confirm the transaction on your MetaMask wallet, and once the confirmations are available, navigate back to the Wormhole UI “Transfer Token” page and select “UST” — the option not highlighted in yellow as a migration-eligible token.
6. Enter the amount you would like to transfer (remember, we’re going from BSC → Terra in this example), and click “Next.”
7. In Section 2 “Target,” select Terra as the target chain, connect to your Terra Station Chrome extension wallet, and click “Next.”
8. Click the “Approve Tokens” at the bottom of Section 3 “Send Tokens,” and confirm the MetaMask pop-up transaction.
9. Once the transaction is confirmed on the BSC blockchain, click the “Transfer” button and “Confirm” on the UI pop-up window.
10. You will need to confirm one final transaction for BSC on the MetaMask pop-up. Wait for the full 15 confirmations, then proceed to Section 4 “Redeem Tokens,” where you will redeem your transferred tokens on the Terra chain.
11. Click the “Redeem” button and confirm on your Terra Station Chrome extension. Once confirmed, you’re now finished and your token transfer has been completed!
In the steps above, you’ve now completed the migration of Shuttle BEP-20 UST and/or LUNA to Wormhole USTw and/or LUNAw, and successfully transferred your UST or LUNA from BSC to Terra.
Again, we STRONGLY advise that users pay close attention to disclaimers on centralized and DeFi-exchanges supporting BSC and ETH versions of Terra tokens as Shuttle UST and LUNA are DIFFERENT assets than Wormhole USTw and LUNAw.
Due to the nature of decentralized blockchains, both versions will exist in the short-term until Shuttle liquidity progressively wanes and it’s eventually deprecated.
Polygon
If you hold ERC-20 UST or LUNA, please refer to the migration and transfer steps in the Wormhole UI specific to Ethereum in the first section above.
You can find the Wormhole contract addresses for UST and LUNA on Polygon below:
UST — 0xe6469ba6d2fd6130788e0ea9c0a0515900563b59
LUNA — 0x9cd6746665d9557e1b9a775819625711d0693439
Update — Avalanche
Following Wormhole’s support for Avalanche Network, you can now make cross-chain transfers via Wormhole between Terra and Avalanche. The contract address for UST Wormhole on Avalanche is below:
https://snowtrace.io/token/0xb599c3590f42f8f995ecfa0f85d2980b76862fc1
Solana
The Solana transfer and migration process is slightly different than Ethereum and BSC since Shuttle assets are not circulating on Solana. However, V1 Wormhole UST (wUSTv1) and LUNA (wLUNAv1) are currently circulating on Solana and should be migrated to the V2 versions, USTw and LUNAw before being transferred across Wormhole.
If you hold wUSTv1 or wLUNAv1 on Solana, you can migrate your tokens to Wormhole V2 versions (USTw and LUNAw) using the Wormhole UI. The UI automatically connects to your Solana wallet (i.e., Phantom) and scans for “migration-eligible” assets, including wUSTv1 and wLUNAv1.
Once migrated, you can then begin transferring USTw and LUNAw across Ethereum, Solana, Terra, and BSC immediately.
The SOL-side token addresses for USTw and LUNAw are below:
LUNAw(Wormhole v2_SOL) — F6v4wfAdJB8D8p77bMXZgYt8TDKsYxLYxH5AFhUkYx9W
USTw(Wormhole v2_SOL) — 9vMJfxuKxXBoEa7rM12mYLMwTacLMLDJqHozw96WQL8i
The SOL-side migration pools for LUNAw and USTw are below:
v1 LUNA (wLUNAva) → v2 LUNAw migration pool for Solana:
- Pool Address: 8EvZnQZaay6jqRXKA4YzRQKtiun1oxEcVZbCtaiUckGE
v1 UST (wUSTv1) → v2 USTw migration pool for Solana:
- Pool Address: CMyuD9hckoWNQ71P9ZCjPgcoHPazqizdQGZo7EtmQ8Mu
To transfer/migrate your Wormhole V1 UST and/or LUNA tokens to V2 USTw and LUNAw, please follow the steps below:
1. Access the Wormhole UI Interface at the link below:
https://wormholebridge.com/#/transfer
2. Select Solana from the “Source” dropdown menu in Step 1 under the “Tokens” tab and connect your Solana wallet (i.e., Phantom). Select your Wormhole V1 UST (highlighted in yellow) from the dropdown window, which says “This is a legacy asset eligible for migration.”
3. Click the “Go to Migration Page” button. You will be directed to the Migration page below indicating the amount of v1 UST or LUNA to migrate to USTw and LUNAw, respectively.
4. On the migration page, select the number of tokens to migrate and click the “Migrate Tokens” button. You will be prompted to approve the transaction on your connected Solana wallet, and the Migration page will indicate the text at the bottom of the screenshot below once successfully migrated to USTw or LUNAw.
5. Once you migrate your V1 UST or LUNA to USTw or LUNAw, you can transfer them across Terra, Ethereum, or BSC from Solana by navigating back to the “Transfer Tokens” page below and selecting Solana as the “Source” chain.
6. Select “UST” from the dropdown menu (the one NOT highlighted in yellow) as the asset to transfer as this is the migrated V2 USTw. Enter the amount to transfer and click “Next.” In this example, we will transfer USTw from Solana → Terra.
7. Under the “Target” chain in section 2 (screenshot above), select Terra from the dropdown menu and connect your Station Chrome wallet. Then enter the amount and click “Next,” which will show the image below. Click “Transfer.”
8. Subsequently, you will be prompted to approve the transaction from your Solana wallet and wait for the requisite number of confirmations. Click the “Redeem” tokens button once the tokens have entered the bridge in Section 3 to redeem your UST on the Terra chain.
9. You will be prompted to redeem your tokens on the Terra chain using your Terra Station Chrome wallet. Once complete, you have successfully transferred your UST and/or LUNA from Solana → Terra.
You’ve now successfully migrated Wormhole V1 UST and/or LUNA to Wormhole V2 UST and/or LUNA and have successfully transferred UST/LUNA from Solana → Terra.
Mapping Out Solana Uses for Terra Assets
Wormhole officially opens the floodgates of porting Terra assets to Solana in a single step, unlocking numerous opportunities for interacting with DeFi apps in the Solana ecosystem. Below, we cover 3 major opportunities for Terra users to get started on Solana:
- Saber
- Mercurial
- Apricot
Saber
Saber is the leading DeFi protocol on Solana by TVL, accumulating more than $1.8 billion in TVL in a rapid fashion. Saber is an AMM that enables users to trade between stable pairs of assets and LP pools to earn yields. Previously, Terra executed a joint liquidity incentive program with Saber using 24K in wLUNAv1 as incentives for the wUSTv1/USDC pool on Saber, which has aggregated more than $123 million since.
Now the Wormhole V2 and UI support for Terra → Solana is live, Saber is going to launch a Wormhole V2 USTw/USDC pool that will be incentivized with LUNAw pending an incentive plan for deploying LUNAw for liquidity mining.
LUNAtics can easily send USTw to Saber via the Wormhole UI using Terra as the “Source” chain and Solana as the “Target” chain as outlined above on the “Transfer” tab of the Wormhole UI.
Lunatics can deposit USTw on Saber’s ‘Pools’ page to provide liquidity for swaps on Saber and earn trading fees. Due to the stable nature of Saber’s pairs, there is an option to deposit and withdraw single-sided liquidity for the USTw / USDC pool using just USTw.
On top of LUNAw rewards and trading fees, liquidity providers can earn SBR governance token rewards from the Saber farms program and a variety of yield aggregators. Additionally, Saber LP tokens have utility on a growing number of Solana protocols including Parrot.fi.
Saber’s ‘Swap’ page also provides the options for USTw holders to swap USTw for other Solana stablecoins and vice versa. Saber users can swap any stablecoin for USTw, made possible by Saber’s router program.
Mercurial
Mercurial is a Curve-like stablecoin AMM pool on Solana that has roughly $189 million in TVL. Terra also recently collaborated with Mercurial on a join liquidity incentive program for the wUSTv1 Wormhole V1 wUSTv1/USDT/USDC 3Pool on Mercurial, allocating 24K in wLUNAv1 incentives to help bootstrap liquidity, which currently holds over $67 million.
Mercurial will be launching a new 3Pool containing USTw (as opposed to the original wUSTv1 3Pool) that will be incentivized with LUNAw pending an incentive plan deploying LUNAw for liquidity mining.
With Terra → Solana Wormhole V2 support now live, #LUNAtics can easily port USTw to Mercurial’s new 3Pool using the Wormhole UI as outlined in the steps above. Simply use Terra as the “Source” chain and Solana as the “Target” chain as outlined above on the “Transfer” tab of the Wormhole UI.
Specific to Mercurial, you can follow the official instructions from the Mercurial team for transferring UST → Mercurial’s 3Pool containing USTw below:
Apricot
Apricot is an upcoming next-gen lending protocol on Solana that allows users to maximize yield and minimize risk. The platform includes features such as “Apricot Lend” for collateralized lending/borrowing; “X-Farm”, a cross-margin leveraged yield farming product; and “Apricot Assist,” an auto-deleveraging feature to help reduce liquidation risk.
Apricot’s mainnet launch is currently scheduled for today, Tuesday, 10/19/21 and will include USTw support for the following pools shortly after any AMMs like Saber accumulates enough USTw liquidity:
Lending Side — supporting USTw and USTw LP tokens as collateral.
Farming Side — supporting the USTw-USDC pools from Saber first and later Mercurial etc.
The pools will enable users to deposit/borrow USTw, borrow against USTw, and farm the USTw-USDC pools with Apricot’s token incentives and LP fees, respectively. LUNAw incentives for Apricot’s USTw pool are also pending an incentive plan for deploying LUNAw for liquidity mining.
For more information regarding transferring Terra assets (i.e., UST) to Apricot once the mainnet is live, please refer to the details on the subject guiding users on how to deposit USTw into Apricot provided by a joint release coming soon from Terra and Apricot.
Terra
The above sections summarize the steps necessary for the migration of Shuttle or Wormhole V1 assets, including UST and LUNA to Wormhole V2. Additionally, it provides an overview of transferring UST or LUNA from Ethereum, Solana, or BSC to Terra.
For Terra, if you hold Terra-native UST or LUNA in your Station wallet, there is NO NEED to migrate tokens using Wormhole. You can simply begin transferring UST or LUNA across Ethereum, BSC, or Solana immediately.
To export UST or LUNA to Solana, Ethereum, or BSC, simply change Terra to the “Source” chain in Section 1 of the Transfer Page and the destination chain as the “Target” chain and follow the prompts in the Wormhole UI.
Remember to “Redeem” your tokens on the target chain, as prompted in the Wormhole UI.
For more information and reference material on Wormhole V2, please refer to the official Wormhole documentation in the link below:
https://docs.wormholenetwork.com/wormhole/
If you encounter issues during the migration process or transfer tokens step, please refer to the official Wormhole Discord in the link below:
https://discord.com/invite/TsjcDtTPVp
Entering the Wormhole
Wormhole is a profound technology at the forefront of cross-chain interoperability. For Terra, it opens another avenue for exporting UST across chains and for various use cases, accruing seigniorage to LUNA holders contingent on increasing demand for UST. With Columbus-5 now live, all LUNA seigniorage generated by the expansion of the UST supply will be burned.
As cross-chain uptake of UST in 3Pools, base pools on AMMs, and leveraged yield farming on Solana continues to accelerate, so will the value capture of LUNA as LUNA demand is a function of UST demand. We’re thrilled about what the future of Wormhole holds.
A cross-chain demand apparatus for UST supplemented by the closed-loop cycle of stablecoin demand native to apps on Terra has been years in the making. It’s finally beginning to manifest as a reality for the Terra economy.
Welcome to Wormhole, the newest cross-chain portal from Terra to Solana, Ethereum, and Binance Smart Chain.
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If you’re interested in building something on Terra, Wormhole-related, or are ideating something interesting that has mutual synergies between Terra, Solana, BSC, and Ethereum, please let us know by filling out the Airtable application form below!
