This is a step-by-step guide on how to get
bSOL by exchanging your
stSOL, bridging over your
bSOL to Terra blockchain and finally borrowing UST by putting up
bSOL as a collateral.
This guide is built using Devnet but the steps are equally applicable to Mainnet!
Step 1: Acquiring
bSOL you need
stSOL. You get
stSOL by staking SOL. Begin by going to the Lido for Solana interface and connecting your wallet.
Enter the amount of SOL you want to stake and hit the
Stake button. Approve the transaction in your wallet and you will see stSOL getting credited to your account.
You can view detailed staking guides under the same section as the Lido-Anchor guide. e.g. The guide to stake SOL using Solflare can be found here
Step 2: Converting
stSOL to get
stSOL can be converted to
bSOL by clicking on the Anchor icon at the top or by visiting https://solana.lido.fi/anchor. Once on this link connect your wallet if it is not already connected.
Enter the amount of
stSOL tokens you want to convert.
Upon clicking you will first have to approve the transaction in your wallet. You will see a popup that tells your how much
bSOL you will receive upon confirmation
Once the transaction is successful approved and processed, your wallet balance will start reflecting
Step 3: Bridge
bSOL over to Terra blockchain#
Now that you have
bSOL on the Solana blockchain, it is time to bridge them over to the Terra ecosystem. The first step in that direction is to visit the Wormhole Portal Bridge. Under
Source select Solana as the chain and under
Target select Terra. Click on
You will be displayed a list of Solana wallets. Select your wallet and approve the connection
This process of bridging your
bSOL from Solana to Terra, requires various transactions to be approved in your respective wallets. Make sure you have enough
LUNA to pay for the gas fee.
Once you connect the Solana wallet, select
bSOL as the token from
Select a token dropdown.
Enter the amount of
bSOL you want to send to Terra and hit
Now connect your Terra wallet with wormhole portal by selecting your preferred wallet.
Review the info in the next step and click on
Next. The actual transfer starts when you hit the
Transfer button in the next step. Note that you will need to approve the transaction in the Solana wallet first.
Once the transfer transaction is successful on the Solana blockchain, headover to the final step where you redeem the transferred tokens on Terra blockchain.
After approving the transaction in your wallet you will start seeing the newly transferred
bSOL on the Anchor Protocol page under bAssets tab.
Step 4: Converting
When you take a look at your Terra wallet you will see that your wallet has received
wbSOL instead of
bSOL. This is completely alright as
wbSOL is the wormhole wrapped asset that gets bridged over to Terra. It is very easy to convert
bSOL on the Anchor Platform.
Head over to the bASSET tab under anchor protocol page (https://app.anchorprotocol.com/basset). You will see an info from the Anchor protocol team
bAssets that have been transferred to Terra through Wormhole (webETH) must go through the convert operation to be used as collateral on Anchor.
This applies to
wbSOL as well. In order to convert click on the
You will be taken to the convert page where you can enter the amount you want to convert and receive
Once your transaction is approved
bSOL will start reflecting in your account.
Step 5: Borrow
Now you finally have
bSOL on the Terra blockchain and you can start borrowing UST against a collateral of
bSOL. Head over to the borrow tab (https://app.anchorprotocol.com/borrow) in anchor protocol page and locate your token in the collateral list.
Provide collateral and enter the amount of
bSOL you want to deposit. On the same popup screen you will also see the amount of UST that can be borrowed with this much collateral.
At the top of the page under the
Position Management section you will see the
Borrow button light up!
Borrow and enter the amount of
UST you want to borrow out of the total
UST available for borrowing to you!
Once you approve the transaction your
Position Management section will get updated with the borrowed value and now you are a proud owner of borrowed UST!
You have now succesfully acquired bSOL, bridged it over to Terra and used it to borrow UST!