1. From TERRA to SOLANA
In order to bridge UST from TERRA to SOLANA, you need to have two compatibles wallet extensions connected to the wormhole bridge. In my case, I use TERRA STATION for TERRA, which is the only possibility, and Phantom for Solana.
The whole process take less than a minute and only costs a regular transaction in LUNA on TERRA, and a couple of regular transactions in SOL on SOLANA. As you can see above, I had no issues doing the 4 mandatory steps. Now that I have 10 wUST, I can head to SABER in order to try out the liquidity.
As you can see, no issues here, if I was to swap for USDT, I will even win a small benefice. A previous version of wrapped UST was already avaible before on SOLANA, and most of the liquidity has been moved to wUST, which explain how smooth is the whole process.
2. From TERRA to the BSC
Once the tokens are bridged, you have to add the address of wUST to metamask, which is as follows : 0x3d4350cd54aef9f9b2c29435e0fa809957b3f30a
In order to try out the wUST liquidity, I now head to Pancakeswap and add a custom token address for UST swap, a.k.a the address I just provided above.
As you can see, the 1:1 peg of wUST:UST does not hold... yet! Indeed, if I was to swap my 10 wUST, I would roughly lose 2.2$ in the process. But, we have to keep in mind that the wormhole is quite new, and the liquidity should increase in the coming days/weeks. In the meantime, if someone need to send UST from TERRA to the BSC, I advise using the good old shuttle bridge.
3 . From TERRA to Polygon
Once again the process is the same, and for Polygon I use also Metamask.
And again, you have to add the custom address for wUST, which is as follows:
0xe6469ba6d2fd6130788e0ea9c0a0515900563b59.
Let's now head to Quickswap and try the liquidity.
This time, it's a total failure. There is not enough liquidity to swap wUST to the regular pegged UST on Polygon. Even if we have to keep in mind that the Polygon bridge went live only 24h ago, the only solution here is the bridge the wUST back to TERRA.
Conclusion
Trying out wUST liquidity was quite interesting, and shows that wUST is already operational on SOLANA. I guess it's just a matter of time for wUST to possess enough liquidity on both BSC and Polygon.
As said by the TERRA team here: 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.
EDIT: After doing all of that, I found this page listing the different operational markets, and indeed, at the time of writing, there is not market for wrapped wormhole token on BsC and Polygon.
Thank you for reading me. I hope this little guide helps. Don't hesitate to ask questions and follow me, I regularly post about DeFi. My last post are about starting with the COSMOS-SDK ecosystem of blockchains, participating in the polkadot auctions and sending UST from terra to the COSMOS-SDK ecosystem of blockchains.