Sunday 13 March 2022

How to withdraw your UST from Anchor & how do I usually off-ramp crypto to fiat?

I previously did a video on how you can change your fiat to UST and put it into Anchor Protocol to earn a high interest. I will be following up from that video and explain how you can withdraw your UST there and depending on your purpose, you can directly buy other crypto with it or if you need to off-ramp it into fiat, I will show you how I do it. There are various methods to off-ramp and I wouldn’t say that mine is the best method as it does incur fees in the process. Before I get started, just want to say that everything that I say is not financial advice and you have to be sure of your risk profile and allocation before getting into any protocol or investments. So let’s get straight into it.

Why would you want to withdraw your UST?

The relatively high interest that Anchor Earn is providing has been attracting huge funds in as you can see from the total deposits which is shown on the dashboard page. With the yield reserve being topped up and an announcement by the Luna Foundation Guard (LFG) that they have raised $1 billion and will be used for a "UST Forex Reserve denominated in Bitcoin.”, a lot of interest have gathered around the Terra (LUNA) Ecosystem so with your deposited UST, you will earn an interest of about 19%. With the UST earned, you might want to buy more LUNA or if not buy other available cryptocurrencies otherwise, leaving it in Anchor to compound is also a good option. Of course, there might be situations when you will want to withdraw and off-ramp a certain amount depending on your needs.

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

Steps to withdrawing UST from Anchor Earn

You can do so by going to Anchor Earn, click on withdraw and decide the amount that you wish to withdraw. From there it will go to your Terra Wallet. To send it to an exchange, do take note of the address and memo which you will need to fill in accordingly. I transfer my UST to Kucoin where I will change it to USDT and then send it to FTX using TRON network and then change my USDT to USDC and use the BSC network to send it to, seems rather tedious to be honest to cash out to fiat but if I need to then that was how I do it.

I have also checked FTX and saw that they are now also accepting UST via the Terra network previously, they only accepted via ERC-20. So that’s great because you can omit Kucoin from this whole process. So you can just withdraw from your Terra wallet straight to FTX similarly for on-ramp, you can send your UST straight from FTX once the bank deposit is in and you can convert it to UST.

Hope this simple tutorial helps! I am planning to keep the posting momentum if possible and if work doesn’t take up too much of my time. Take care as we pray for the world and particularly those who are suffering right now.

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