STEP BY STEP : Sending UST from TERRA to the COSMOS ecosystem of blockchains (OSMOSIS)
A couple of days ago, I posted about how to easily start with the COSMOS ecosystem of blockchains using the KEPLR wallet. This post also explained in details local and inter chain transactions for this ecosystem, and ended with the coming possibility to connect other blockchains such as TERRA, BSC and SOLANA to it. What I failed to notice when I posted this guide was that the connection to the TERRA blockchain was already live since a few days. If you are not familiar with COSMOS ecosystem of blockchains, then have a look HERE and come back to this post. This post also explain how to set up the KEPLR wallet.
Today, I am going to show you step by step how to send 1 UST from TERRA STATION to the OSMOSIS blockchain on the KEPLR wallet and then swap this UST for any token on the OSMOSIS DEX.
1. Connect TERRA to the KEPLR wallet
For now, the TERRA bridge is live on the OSMOSIS blockchain only, and works with the OSMOSIS dapp. In order to automatically connect TERRA to the KEPLR wallet, head to osmosis and click on the following banner.
As displayed below, you will now have access to TERRA directly from the KEPLR wallet.
If you haven't use TERRA before, then this can become your MAIN TERRA address. In order to interact with the TERRA native dapps, such as MIRROR and ANCHOR, you can now install TERRA STATION and use the same seedphrase than the KEPLR Wallet gave you. Conversely, if you used the TERRA blockchain before installing the KEPLR wallet, you can use your TERRA seedphrase directly into the KEPLR wallet instead of creating a new wallet.
Previous posts: STEP by STEP: how to start with MIRROR STEP by STEP: how to start with ANCHOR
2. Send a bit of LUNA and 1 UST from TERRA STATION to the KEPLR wallet
Since I already used the TERRA blockchain and the COSMOS ecosystem of blockchains before the bridge went live, I ended up with two different wallets. That's not an issue for now, I will merge these two wallets at some point. But for now, if some of you are in the same situation, the first thing you have to do is send a bit of LUNA (to pay for gas fee) and 1 UST from TERRA STATION to your new TERRA address provided by the KEPLR wallet. As you can see below, I now have 0.06 LUNA and 1 UST in the KEPLR wallet connected to TERRA.
3. Send your UST to the OSMOSIS blockchain
Your 1 UST is not yet on the COSMOS ecosystem of blockchains, for now it is just located in a TERRA address supported by the KEPLR wallet. In order the bridge your TERRA to the COSMOS ecosystem of blockchains, you need to go into the assets section of the OSMOSIS dapp and find the UST in the list.
As you can see, your 1 UST is not detected, because it is not yet on the OSMOSIS blockchain.
If you click on deposit, you will find your 1 UST here, detected on the TERRA address, and ready to be bridged to the OSMOSIS blockchain. In the same way, if you have UST on OSMOSIS, and you want to send that UST back to TERRA, you have to click on withdraw.
Using the bridge will cost you a bit of LUNA (0.38$ here), that's why you need a bit of LUNA within your TERRA address to start.
Here it is, now my UST has arrived into the OSMOSIS blockchain and is detected by the osmosis dapp.
4. Swap your UST for something else
You can now go to the trade section of the OSMOSIS dapp and swap your UST for anything you want.
Once the swap is done, remember that if you want to send the native token of the OSMOSIS blockchain to another blockchain within the COSMOS ecosystem of blockchains, you have to use the IBC transfer. If you want to send peg-tokens such as COSMOS from OSMOSIS to the COSMOS Hub, you have to use the integrated solutions provided the different DEX of the COSMOS ecosystem of blockchains. I explained everything in details HERE.
Thank you for reading me. Don't hesitate to ask questions and follow me, I regularly post about DeFi. My last post is about how to easily participate into the Polkadot parachain auctions.
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