I will show you how to get in on Solana Yield Farming with Soluna with SolUST on Soluna Money Earn 28% APY on Stablecoin and also Bridge UST from Terra into solUST on Solana without paying any bridging fees.
What is Soluna?
Soluna, the gateway to Anchor interest-bearing assets on Solana.
solUST earns interest from the Anchor Protocol on Terra. Rewards earned are distributed back to solUST holders on Solana. Soluna uses the Crate Protocol to distribute rewards. Over time, your balance of staked solUST will increase to reflect rewards earned. Current APY on stablecoin solUST is 28% APY. 6% SLNA APY and 22% solUST APY.
Earn $SLNA tokens as a depositor of solUST. SLNA is Soluna Governance Token. Trade SLNA on Raydium or Serum Dexs. Serum DEX can be think of as Spookyswap of Solana. In Soluna, you can farm solUST on Quarry Finance. I have another video dedicated to Quarry Finance on Solana.
How to Get solUST from Saber Finance on Solana
First, I will show you how to get solUST from Saber Finance on Solana blockchain. I have few USDC that was sitting on my Solana's Phantom Web Wallet. I went to Saber Finance. Click on swap tab. Select from as USDC. Select to as solUST. Saber Finance has a large solUST-UST Pool that pays 19% APY. It uses this pool to make the Swap from USDC into solUST via UST. Select the max amount of USDC or other coins you want to swap out to solUST. Pay gas with Phantom wallet and automatically solUST will show up on your Phantom wallet. I had my 1.2 solUST automatically after Solana blockchain confirmation, showed up on my wallet.
Deposit solUST on Solana into Soluna.Money for Staking at 28% APY
Secondly, I can show you can deposit solUST on Solana Chain into Soluna.Money for Staking at 28% APY. After you can solUST tokens on Phantom wallet on Solana, head to your Soluna.money Stake page. Scroll down to stake. Click Max to deposit all your solUST. Pay gas fee with your Phantom wallet. I have 1.2 solUST on my wallet I wanted to deposit for Staking. For 1.2 solUST, I can earn 0.04 SLNA / day. Anytime I can unstake my solUST and convert to USDC on Solana.
Bridge UST from Terra into solUST on Solana without Paying Bridge Fees
Thirdly, I will show you how to Deposit UST from Terra chain directly and MINT solUST on Solana without paying any bridging fees. It is great that I do not have to do any kind of bridging to take UST from Terra network into Solana and stake solUST in Solana network. Go to the MINT tab. solUST is a composable stablecoin designed to bridge Anchor Protocol's high-yield savings to Solana. Every solUST is backed 1:1 by UST on Terra. All UST deposited into Soluna is staked into Anchor Protocol to generate revenue for the DAO. To create solUST, you must have both a Solana and Terra wallet. After depositing UST to Soluna on Terra, you'll receive solUST in your Solana Wallet. I deposited 6.6 UST from Terra Station wallet on Terra chain into Soluna MINT. After confirming with multiple Terra Station gas transactions and then multiple Phantom Wallet transactions on Solana Chain, I received equal amount of 6.6 solUST on Phantom wallet. This is a great way to send UST from Terra chain into Solana chain as solUST without paying bridge fees ranging from 0.3% of total assest you want to bridge. I noticed 1 solUST = 0.999517 UST. So there is 0.039% hit there. Solana gas fees are very little in 1/1000 of cent and Terra gas fees are few cents.
Risk and Rewards
I like the fact Terra gas fees are pennies and Solana gas fees are very little in 1/1000 of cent. I also like the fact I can earn 27% APY on solUST deposits. Soluna Protocol is a new Yield DEX and there is always risk of Smart contract exploits where all funds or partial of funds can be lost due to an exploits. There is no entry for Soluna Protocol on defisafety.com. I also wanted to get in on Soluna Protocol's possible future airdrop if any. Last airdrop eligibility is only a snapshot taken on March 8th, 23:00 UTC. Each Solana address that contains over 10 solUST, 10 staked solUST, 20 UST (Wormhole), 0.2 LUNA (Wormhole), or 1000 SBR were eligible.
If you enjoy this Soluna Protocol on Solana and Terra Blockchains video, please subscribe and hit the like button show some love. Happy crypto!
https://invite.strike.me/R2IGWH Buy BTC No fees & No Withdrawal Fee
https://join.robinhood.com/chandrg151 Buy BTC, ETH, BCH, LTC, DOGE No fee & No Withdrawal Fee
https://www.coinex.com/register?refer_code=bagrf Very little fee to Buy BTC many others & withdraw