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.

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

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

  1. Minting bETH from ETH on Lido's bETH WebApp

  2. Redeeming webETH on Wormhole bridge WebApp's Redeem page

  3. Converting webETH to bETH on Anchor WebApp's Convert page

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

  1. Converting bETH to webETH on Anchor WebApp's Convert page

  2. Transferring bETH from Terra to Ethereum via Wormhole Bridge

  3. Converting bETH to stETH on Lido's bETH WebApp

  4. Swapping stETH for ETH on Curve

bETH tokens on Terra accrue rewards in TerraUSD, funded by staking rewards of Ethereum 2.0. Accrued rewards can be claimed with the use of the BOND page of Anchor's WebApp.

Connecting with Lido's web interfaces

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.

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.

Unlike bLUNA, bETH tokens are minted / redeemed through Lido's web interface for bETH.

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.

Redemptions can still be made if lost although with extra steps. The method of finding your transaction ID can be found here.

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

2. Redeeming Wormhole wrapped bETH tokens transferred to Terra

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.

Tutorials on redeeming tokens can be found here (Wormhole's guide) and here (Lido's guide).

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

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

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.

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.

2. Navigate to the to webETH tab.

3. Enter the amount of bETH to convert or the amount of webETH to be converted to 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. Mint complete.

2. Transferring webETH from Terra to Ethereum

Cross-chain transfers between Ethereum / Terra can be achieved through the Wormhole bridge. Tutorials on using the Wormhole bridge WebApp can be found here.

Transferred tokens need to be redeemed before they can be visible on your wallet.

3. Converting bETH to stETH

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

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

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

3-d. Conversion complete.

Swapping stETH for ETH

1. Navigate to Curve Finance's web interface, curve.fi.

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

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.

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.

5. Swap complete.

Claiming accrued bETH rewards

bETH rewards only accrue only if the user is currently holding bETH tokens. Users do not accrue rewards from bETH tokens deposited to Anchor.

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

2. Click [Claim].

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.

4. Reward claim complete.

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