Bridge Luna (ERC-20) from Gemini to Terra? Let's try!

By Kopi | kopiarticles | 18 Nov 2021


This time round, I'm trying to get from Gemini (my fiat ramp AKA where I can send my money in to buy crypto) to Terra. If you're interested, I've another post on Polygon to Terra (comes hyperlinked). The route below goes from Gemini > KuCoin > TerraStation.

Things to note:

  • Minimum withdrawal to Terra is 1 Luna
  • Withdrawal fee is 0.1 Luna (translates to around USD4 at the point of this post) from KuCoin to TerraStation. I got free withdrawal from Gemini (10 free withdrawals on a monthly basis).
  • Time taken? Close to 20 minutes in total, less than 5 minutes from KuCoin to TerraStation

In KuCoin (you can refer to the Polygon to Terra post on how to set up if you're a new user), look for the deposit page and pick Luna. Take note to select "ERC20" because Gemini is on the Ethereum network. Copy the deposit address - to confirm, the address should start with 0x and not Terra.

8d5447c757ea3c3d9d81c7f099e633151560d910cae08138d8300c14428e70b3.png

I'll skip the part on buying Luna on Gemini... Heading over to the withdrawal page, I decided to try with USD20 worth of Luna (that's around 0.5 Luna). Copied over the deposit address and requested for withdrawal.

2ae1262a7d4ba0182f6889181b4c737f2c7de7b0c9a7c5b2e416dc5eb5955df5.png

And it was a success (free 10 withdrawals from Gemini guys!). Now... we wait for it to appear in KuCoin.

a6fb085d078e5fe7fab915baff71991dd8451faf5229429803b6906a521366e1.png

After patiently waiting for 7 minutes, a refresh in KuCoin showed that the deposit was NOT IN yet.

A couple of minutes more... It's in! It took around 11 minutes.

397ed8e3e8eace264ff7e34e1c13d7c74a455ab55d3330a132a85aa91a9045e0.png

Under the Withdraw page, I got stuck. Why? Minimum withdrawal is 1 Luna and I only got 0.5 Luna. 

69ac40e90f64608165fcc8d25aea816c6114cd77ca5db487a899f009b299593b.png

OKAY. Let's do this again - this time round I'll transfer 0.6 Luna to make up a total of 1.1 Luna - 1 Luna for transfer attempt (I do hope I don't lose 40 dollars to the blackhole), and 0.1 Luna for the fee. This is the time to feel grateful for the free withdrawals on Gemini. And so, a couple of minutes later (to be exact, it took 13 minutes this time round), I got my 1.1 Luna in KuCoin, all ready to try again! In the withdrawal page, remember to indicate as Terra network, and proceed with the tamper-proof confirmation and security verification as below to submit. Here, do confirm your withdrawal address starts with terra.

112cf039394bdec51bfa639e63670cf6e2e2873187c5aedf9d51d19a4207724b.png

And, it's in! In less than 5 minutes.

24f23e5eced78fc91bc6d054cb200b5ef4ed799d721343f8350bde62748a0427.png

Somehow, KuCoin will convert the Luna (ERC-20) to a Terra one so that it pops into the TerraStation wallet. Hope the above helps you! Cheers all and have fun exploring the various crypto chains.

 

 

How do you rate this article?

26


Kopi
Kopi

A cup of coffee a day, to pursue more knowledge.


kopiarticles
kopiarticles

Sharing the learnings I come across, and learning together as a community.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.