Walkthrough for using BSC to buy LUNA on Cub Finance.
We’ve previously walked through how to buy UST on BSC using Cub Finance, but what about buying LUNA itself?
Well, unfortunately you can’t actually buy a BSC version of wrapped LUNA like you can buy UST.
But don’t worry, there is a method that allows you to effortlessly move assets off BSC and onto Terra.
What you are able to do is buy UST on Cub Finance and bridge that to Terra.
Then swap UST on the Terra Blockchain using Terra Station, for LUNA.
This section of our Terra (LUNA) guide will walk you through the steps to follow for this easy workaround.
1. Use Cub Finance to buy UST
The first step to this workaround is buying UST on BSC using Cub Finance.
Go to the Cub Finance exchange.
Then swap Cub Finance (CUB) or any other BSC assets that you have available for UST
The correct UST contract on BSC is: 0x23396cF899Ca06c4472205fC903bDB4de249D6fC
NOTE: Even though the swap page front-end now looks like PancakeSwap, nothing on the back-end has changed.
Even when it was skinned as Cub Finance, it still used PancakeSwap on the back-end.
So even though it looks different now, it's not and you don't need to worry about this.
2. Bridge your BSC based UST to Terra
The next step is to open the Terra Bridge in a new tab.
Now use this bridge to transfer your BSC based UST that you just bought on Cub Finance, into your Terra wallet.
As you can see, you now have the UST that you bought on BSC on the Terra blockchain.
3. Buy LUNA with UST on Terra
Finally, open the swap section of Terra Station in another new tab.
Follow the prompts to swap your UST into LUNA.
Check your wallet on Terra Station and you will now own native LUNA with which you can do as you please on Terra.
Now that you have LUNA tokens on Terra, not only can you stake UST on Anchor, but also create bLUNA to allocate the asset’s staking rewards to Anchor.
This lets you put that bLUNA to work, allowing it to serve as collateral for a loan or simply to be used in any of the Terra based LPs.
Why moving assets from BSC to Terra (LUNA) is key
While there is a HUGE earnings potential available on BSC, centralisation risk remains the elephant in the room.
As long as Binance Inc controls the network, dApps running on Binance Smart Chain aren’t DeFi.
Whether you like it or not, your funds are at the mercy of a centralised entity.
At the moment the risk seems relatively low, but diversification into more decentralised blockchain alternatives such as Terra (LUNA) is the smart play.
Take advantage of the simplicity and insanely cheap earnings potential on BSC while its on offer.
But just don’t get left holding the bag when the lights inevitably switch off.
Best of probabilities to you.
Direct from the desk of Dane Williams.
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