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.
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.
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.
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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.
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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.
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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.
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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.