Minting and redeeming bETH is a cross-chain operation, requiring interactions from both the Ethereum and Terra blockchain. The below web interfaces are used to achieve certain types of actions on corresponding blockchains.
Due to Wormhole's inability of generating custom CW20 tokens (required for bETH's reward-accruing features), there exists 2 bETH tokens on Terra:
- Wormhole wrapped bETH (webETH) - wrapped tokens transferred from Ethereum -> Terra.
- Not usable as Anchor collateral
- Redeemable to stETH once transferred back to Ethereum
- Minted by Wormhole
- Bonded ETH (bETH) - reward-accruing bETH tokens
- Usable as Anchor collateral
- Not redeemable to stETH once transferred back to Ethereum
- Minted by converting webETH tokens to bETH
bETH can be minted with ETH. This process requires the steps of:
As for redeeming bETH tokens back to ETH, the following process can be taken:
1. Navigate to Lido's stETH or bETH WebApp and click [Connect wallet].
2. Select the Ethereum wallet of choice that contains a balance of stETH / bETH and ETH.
3. Wallet connection complete.
bETH tokens can be minted by submitting ETH to Ethereum-side bETH smart contracts. The process is achievable via Lido's bETH WebApp.
1. Navigate to the To bETH page of Lido's web interface.
2. Click on the dropdown and select Ethereum / Lido.
3. Enter the amount of ETH / stETH to use in minting bETH and the Terra address to receive the resulting bETH tokens. Click [Convert] to proceed.
The Wormhole transaction ID link is extremely important to redeeming your tokens on the Terra side. Copy and paste it and don't close the page.
4. Metamask should prompt you to sign a transaction that contains the mint operation. Confirm the details presented and click [Confirm] to sign.
Unlike the previous Shuttle token bridge, the Wormhole bridge requires an extra step of redemption. TOKENS WILL NOT SHOW UP ON YOUR WALLET UNTIL THEY HAVE BEEN REDEEMED.
Once complete, the specified Terra address will now hold an increased balance of webETH tokens.
1. Navigate to the bETH/webETH page in the bASSET page.
2. Navigate to the to bETH tab.
3. Enter the amount of webETH to be converted or the amount of bETH to convert and click the [Convert] button to confirm.
4. Station Extension should prompt you to sign a transaction that contains the mint operation. Confirm the details presented and enter your password to sign.
5. Conversion complete. Converted bETH tokens can now be used as collateral in Anchor.