How I change and transfer my fiat (SGD) to UST via the various exchanges to earn 19% interest on Anchor Earn

I am sure if you are in the cryptocurrency space, you would have heard of Anchor Protocol which is a decentralized savings protocol offering low-volatile yields on Terra stablecoin (UST) deposits. There are many articles on what Anchor Protocol is and how they provide the 19% interest payout. It is still a relatively new protocol and there are risks to putting your money in, do read up before getting into it. I will share more on how I move my funds and if you do have any better methods, you can let me know!

Read more: Chain Debrief: Anchor Protocol’s Yield Is Rapidly Depleting: The Solutions, And Will Anchor V2 Save It?

Read more: An in-depth overview of the Terra ecosystem

Why I am putting some money into Anchor Protocol

In my end of year review in 2021, I mentioned about also increasing my cash flow. With the many stablecoins methods of generating high interest, I found Anchor protocol to be the most suitable for me. It is also in an ecosystem which I am familiar with namely, Terra. It is also pretty high being 19% and it is not in a LP (Liquidity pool), I have had a few experiences with using LP and have not very good experiences. So now I would prefer single stake or an interest account like Anchor that pays out UST which is the same thing that you deposited. The LPs I got into had the tokens drop freefall and I lost quite abit as the tokens were dropping much more than the interest was generating.

Getting my SGD into an exchange

I use FTX as my main exchange and I use DBS remit to bring my fiat onto FTX. The time for your funds to reach the exchange depends when you initiate the transfer as the bank handling FTX deposits work in the US time. Just remember to check the bank account details and put your reference number when you transfer out from DBS.

Once the funds are in FTX, which will be USD, I will convert it to USDT because the trading pair in Kucoin is USDT/UST. So once I have the USDT in FTX, I will transfer it to Kucoin (trading account), it is all right if you transfer it to the main account just that you will need to do a transfer later on. I use TRON20 network because it is free and both FTX and Kucoin accepts it.

Once the USDT is in Kucoin, I will use the trading pair USDT/UST to get UST. If you want to get UST straight, you can set market price but this means you will be getting UST at the current market price but it will be filled immediately. If not, you can set a limit price and once the price hits, your order will be filled.

Moving UST to Terrastation/Terra wallet

After you have your UST in Kucoin, to transfer it out, you will need it in your main account so you can just transfer it from your trading to main account (no fees). Then from there, you will use the terra network, copy and paste your Terra wallet address, select Terra (Luna) network, choose your amount and no remarks is needed since you are transferring to your terra wallet. A memo is usually require if you transfer out of your terra wallet to the exchange. There will be a fee where it is usually 2 UST (used to be 4 UST).

Depositing into Anchor Earn

Once your UST is in your Terra wallet/station, your terra wallet should be connected to Anchor and clicking the Earn tab, you will be able to deposit your UST in. Do remember to leave some UST as you will need UST to pay transaction fees to withdraw and deposit. Once you deposit in your UST, you will start earning interest accordingly and you can see the estimated amount you will earn per day, week, month and year. Hope this helps you and if you have other ways to Anchor, do let me know!

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