Luna is one of the emerging coins in the crypto space. Despite this dropdown in the market LUNA is the only coin which was in the green candle or less hit coin. The main reason is the stable coin over Terra network called TerraUSD and a super attractive ~20% APY. So in this article, we will see a step-by-step guide to stake your UST on Anchor Protocol. So let's get started!
Step 1
The first step is to accumulate some USTs. You can buy UST on Binance, Kucoin, OKex, or on Bitfinex whatever suits you, or even buy from fiat using Kado Ramp or Transak.
Step 2
Now it's time to make an account on Terra Station, a native wallet for the Terra network. Make sure you note down your password as well as seed phrases in a secure place. You can find the official website of Terra Station below (it is better to download a chrome extension)
Link: https://station.terra.money/
Step 3
As of now, you are ready with your Terra Station wallet, you can transfer your UST from exchange to the Terra Station wallet. While transferring remember to choose the Terra Network, do not send via the ERC-20 network.
Step 4
It's time to head to the web application of Anchor Protocol. Connect your Terra Station wallet by clicking on the 'Connect' button. After connecting click on the 'Deposit' button and select the amount you want to stake and remember to leave some UST for the transaction fees purpose, ~$1 will be enough for four to five transactions.
Anchor Protocol: https://app.anchorprotocol.com/earn
Step 5
Once you deposited successfully you are all set to earn interest over your deposited amount. See how easy DeFi is!
Conclusion
The main purpose of this article is to show people that the DeFi is not a hard thing to adopt, the idea of this article came into my mind while I was introducing DeFi or Anchor Protocol to one of my parents' friends (educated) and she seems it's little hard. So I had to take a zoom meet in order to clear her doubts and then she get to know how easy it is. I can't arrange zoom meetings for everyone and many people don't have guides to show them live so I thought it would be a good topic to write about.
Hope you find this information helpful, do share with your community memebers looking to stake UST or if possible show them by yourself. Together we can go bankless and acheive decentralizeion to certain exten. Thanks for your time and appreciation!!
