# bASSET \[bETH]

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.

* [Lido's stETH WebApp](https://stake.lido.fi/) - for minting stETH using ETH
* [Lido's bETH WebApp](https://anchor.lido.fi/) - for minting and redeeming bETH using stETH
* [Wormhole Bridge WebApp's Redeem Page](https://wormholebridge.com/#/redeem) - for redeeming tokens transferred over via Wormhole
* [Anchor WebApp's BOND page](https://app.anchorprotocol.com/bond/claim) - for claiming bETH rewards
* [Wormhole Bridge WebApp](https://wormholebridge.com/) - for transferring bETH to/from Ethereum from/to Terra
* [Curve's WebApp](https://curve.fi/) - for swapping stETH for ETH

{% hint style="info" %}
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
  * Non-reward-accruing
* **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
  * Reward-accruing
    {% endhint %}

bETH can be minted with ETH. This process requires the steps of:  

1. [Minting bETH from ETH](#1.-minting-beth-from-eth-steth) on [Lido's bETH WebApp](https://anchor.lido.fi/)
2. [Redeeming webETH](#2.-redeeming-wormhole-wrapped-beth-tokens-transferred-to-terra) on [Wormhole bridge WebApp's Redeem page](https://wormholebridge.com/#/redeem)
3. [Converting webETH to bETH](#3.-converting-webeth-wormhole-wrapped-token-to-beth-anchor-collateral) on [Anchor WebApp's Convert page](https://app.anchorprotocol.com/basset/wh/beth/to-basset)

As for redeeming bETH tokens back to ETH, the following process can be taken: 

1. [Converting bETH to webETH](#1.-converting-beth-anchor-collateral-to-webeth-wormhole-wrapped-token) on [Anchor WebApp's Convert page](https://app.anchorprotocol.com/basset/wh/beth/to-wbasset)
2. [Transferring bETH from Terra to Ethereum](#1-transferring-beth-from-terra-to-ethereum) via [Wormhole Bridge](https://wormholebridge.com/#/transfer)
3. [Converting bETH to stETH](#2-converting-beth-to-steth) on [Lido's bETH WebApp](https://anchor.lido.fi/)
4. [Swapping stETH for ETH](#swapping-steth-for-eth) on [Curve](https://curve.fi/)

bETH tokens on Terra accrue rewards in TerraUSD, funded by staking rewards of Ethereum 2.0. [Accrued rewards can be claimed](#claiming-accrued-beth-rewards) with the use of the [BOND page of Anchor's WebApp](https://app.anchorprotocol.com/bond/claim/).

## Connecting with Lido's web interfaces

1\. Navigate to Lido's stETH or bETH WebApp and click **\[Connect wallet]**.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-MgzffLDPZLOSrD8-AH4%2FConnecting%20with%20interface.png?alt=media\&token=c78bbb78-c4f6-4700-9766-c77d730050a2)

2\. Select the Ethereum wallet of choice that contains a balance of stETH / bETH and ETH.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-MgzfhmoiJVcT2LjpgcZ%2FConnecting%20with%20interface%20-%202.png?alt=media\&token=c0fd608f-ffbc-4d64-86bc-5341a1b39b7e)

3\. Wallet connection complete.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-Mgzfk-S3qyFi0ySXa_Y%2FConnecting%20with%20interface%20-%203.png?alt=media\&token=a4176c7e-8ac9-49ef-8d43-fc7d932866bb)

## Minting bETH from ETH

### 1. Minting bETH from ETH / stETH

bETH tokens can be minted by submitting ETH to Ethereum-side bETH smart contracts. The process is achievable via Lido's bETH WebApp.

{% hint style="info" %}
Unlike bLUNA, bETH tokens are minted / redeemed through [Lido's web interface for bETH](https://anchor.lido.fi/).
{% endhint %}

1\. Navigate to the **To bETH** page of Lido's web interface.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-Mgzg18vuoBTtu4ppzJf%2FMinting%20bETH%20with%20ETH%20-%201.png?alt=media\&token=9e63100f-1796-4be2-a3ed-b1427bfc1688)

2\. Click on the dropdown and select Ethereum / Lido.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-Mgzg6fX7wudUXkNoft7%2FMinting%20bETH%20with%20ETH%20-%202.png?alt=media\&token=1cb30407-8224-4165-a4d3-85448d2c5e5c)

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.

{% hint style="danger" %}
**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.**

Redemptions can still be made if lost although with extra steps. The method of finding your transaction ID can be found [here](https://help.lido.fi/en/articles/5918594-how-to-find-the-link-to-claim-beth-on-terra).
{% endhint %}

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-Mgzg8Nd8e4sfm_2Mleh%2FMinting%20bETH%20with%20ETH%20-%203.png?alt=media\&token=78fc449e-0ed7-4374-b2d2-c5cff1cebfdf)

4\. Metamask should prompt you to sign a transaction that contains the mint operation. Confirm the details presented and click **\[Confirm]** to sign.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-MgzgADF2m8-p8aSRhfB%2FMinting%20bETH%20with%20ETH%20-%204.png?alt=media\&token=fe27b55f-82bb-4936-a062-48848f8ac070)

### 2. Redeeming Wormhole wrapped bETH tokens transferred to Terra

{% hint style="warning" %}
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**.
{% endhint %}

{% hint style="info" %}
Tutorials on redeeming tokens can be found [here (Wormhole's guide)](https://docs.wormholenetwork.com/wormhole/video-tutorial-how-to-use-wormhole) and [here (Lido's guide)](https://help.lido.fi/en/articles/5918594-how-to-find-the-link-to-claim-beth-on-terra).
{% endhint %}

Once complete, the specified Terra address will now hold an increased balance of webETH tokens.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-MgzgEAR7xpBt8-F6nq7%2FMinting%20bETH%20with%20ETH%20-%205.png?alt=media\&token=3dc2bc13-e806-4787-b048-1c48a1bee620)

### 3. Converting webETH (Wormhole wrapped token) to bETH (Anchor collateral)

1\. Navigate to the **bETH/webETH** page in the **bASSET** page.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2FwLK4xlL4M0G1JwKMpgp4%2FbETH%20-%20Convert%20-%201.png?alt=media\&token=12db7392-0c75-480a-b7ae-afb3b3b52aba)

2\. Navigate to the **to bETH** tab.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2FpZKHEbduUpCOKP0A3j3u%2FbETH%20-%20Convert%20-%202.png?alt=media\&token=df25940a-2b6c-49c6-b8f4-81d3a212b40b)

3\. Enter the amount of webETH to be converted or the amount of bETH to convert and click the **\[Convert]** button to confirm.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2FFtAOqflqdetYoOkPva9l%2FbETH%20-%20Convert%20-%203.png?alt=media\&token=a14c9feb-01e6-4948-8372-f85dbc8184f2)

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.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2FbmDTGk3ObX6yXjLy3gMf%2FbETH%20-%20Convert%20-%204.png?alt=media\&token=88f445be-2f9e-4e90-847c-0bc2b5624b6a)

5\. Conversion complete. Converted bETH tokens can now be used as collateral in Anchor.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2F8uQZFb0tA7iPSOaXS9sm%2FbETH%20-%20Convert%20-5.png?alt=media\&token=546e42ff-ef74-40fd-a66d-aa3d5d8b61c5)

## Redeeming bETH to stETH

bETH tokens that reside on the Terra blockchain should be first transferred to Ethereum before they can be redeemed for stETH.

Redemption is a two-step process, first requiring a cross-chain transfer, which is the followed by a redemption to stETH.

### 1. Converting bETH (Anchor collateral) to webETH (Wormhole wrapped token)

1\. Navigate to the **bETH/webETH** page in the **bASSET** page.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2F1gQKXu8KKaTRm3Szr9JN%2FbETH%20-%20Convert%20-%201%20copy.png?alt=media\&token=a712758b-f525-4a87-ac9d-caba09d70fee)

2\. Navigate to the **to webETH** tab. 

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2FHURjKA738GBIVXsZnbpH%2FbETH%20-%20Convert2%20-%202.png?alt=media\&token=63ac7eda-fc57-4fbc-90c7-98dbc1d6fc7c)

3\. Enter the amount of bETH to convert or the amount of webETH to be converted to and click the **\[Convert]** button to confirm.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2FtRr8opP8AMBDUnQuDjEs%2FbETH%20-%20Convert2%20-%203.png?alt=media\&token=c1cd4d73-6c77-4ccf-8683-4c3e74fd9108)

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.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2F5wIiEU1fVA9MNuEPXlqh%2FbETH%20-%20Convert2%20-%204.png?alt=media\&token=7ecd96e2-b7d2-485c-9fb1-c2789ce634eb)

5\. Mint complete.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2FZafgeXTBYKVuZsItWitw%2FbETH%20-%20Convert2%20-%205.png?alt=media\&token=53338e82-eeaf-46da-b47f-03515bf28e2e)

### 2. Transferring webETH from Terra to Ethereum

{% hint style="info" %}
Cross-chain transfers between Ethereum / Terra can be achieved through the [Wormhole bridge](https://wormholebridge.com/). Tutorials on using the Wormhole bridge WebApp can be found [here](https://docs.wormholenetwork.com/wormhole/video-tutorial-how-to-use-wormhole).
{% endhint %}

{% hint style="danger" %}
Transferred tokens need to be redeemed before they can be visible on your wallet.
{% endhint %}

### 3. Converting bETH to stETH

3-a. Navigate to the **To stETH** tab in the **Convert** page.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-MgzhktphLgfJAug0htW%2FRedeeming%20bETH%20-%202.png?alt=media\&token=2a57f29b-450f-4a24-9f71-2a305ee1e979)

3-b. Enter the amount of bETH to convert to stETH and click the **\[Transfer]** button to proceed.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-MgzhmZk3HitvZt95pre%2FRedeeming%20bETH%20-%203.png?alt=media\&token=677fd800-be67-4cc5-90dd-231debfab99d)

3-c. Metamask should prompt you to sign a transaction that contains the conversion operation. Confirm the details presented and click **\[Confirm]** to sign.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-MgzhoSR3kTTGiIFYzcd%2FRedeeming%20bETH%20-%204.png?alt=media\&token=fdb47ffe-54fd-4f8b-93cd-d10cdf41960a)

3-d. Conversion complete.

## Swapping stETH for ETH

1\. Navigate to Curve Finance's web interface, [curve.fi](https://curve.fi/).

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-MgzhrPfXGAkzlnSdJEt%2FRedeeming%20stETH%20-%201.png?alt=media\&token=4db7c625-eea8-4f90-9635-a83dc184e34e)

2\. Select STETH and ETH. Enter the amount of stETH to swap for ETH and click **\[Sell]** to proceed.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-MgzhtD1ZTqGGdG7KoWG%2FRedeeming%20stETH%20-%202.png?alt=media\&token=9b9befba-c6f7-4ea3-9219-f115c542e1fd)

3\. Metamask should prompt you to sign a first transaction that contains an authorization for Curve's web interface to interact with your stETH tokens. Confirm the details presented and click **\[Confirm]** to sign.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-Mgzhv1k2qMKmGCqzhPo%2FRedeeming%20stETH%20-%203.png?alt=media\&token=fe77a566-d351-48be-b5ae-94673feb8444)

4\. Metamask should then prompt you to sign a second transaction that contains the swap operation. Confirm the details presented and click **\[Confirm]** to sign.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MT-6Wb5pEQsulIrcwGJ%2F-Mgza7rL3WTZhCDEoOLi%2F-MgzhwXVPnLkpzS5ZVhv%2FRedeeming%20stETH%20-%204.png?alt=media\&token=2a728073-dddb-479f-a91b-81b33dd8dc60)

5\. Swap complete.

## Claiming accrued bETH rewards

{% hint style="info" %}
bETH rewards only accrue only if the user is currently holding bETH tokens. Users do not accrue rewards from bETH tokens deposited to Anchor.
{% endhint %}

1\. Click the **Claim Rewards** button in the **CLAIMABLE REWARDS** section.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2FSn5L2qB7cq19YLL0x0D9%2FbAsset%20-%20bLuna%20-%20Claim%20-%201.png?alt=media\&token=1492ed6f-7b36-4076-990f-d8caab07252a)

2\. Click **\[Claim]**.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2FO4DKIkQTXEn5efxXP6Ne%2FbAsset%20-%20bLuna%20-%20Claim%20-%202.png?alt=media\&token=b21badcf-0524-4497-b498-d6df02bfc8c3)

3\. Station Extension should prompt you to sign a transaction that contains the reward claim operation. Confirm the details presented and enter your password to sign.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2F1htaY4cJ2iL84oyBVfuw%2FbAsset%20-%20bLuna%20-%20Claim%20-%203.png?alt=media\&token=b2a9dd48-fdf5-4688-b440-49a2986b0c7d)

4\. Reward claim complete.

![](https://3491084666-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MT-6Wb5pEQsulIrcwGJ%2Fuploads%2F7WWVddQ9gESkSNtEuOi9%2FbAsset%20-%20bLuna%20-%20Claim%20-%204.png?alt=media\&token=174cf7a2-b3a9-4d84-bcfe-d9441f1d6956)