Lido Anchor guide
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.
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This guide is built using Devnet but the steps are equally applicable to Mainnet!
Step-by-step Guide#
Step 1: Acquiring bSOL#
To get 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.
note
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 bSOL#
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 bSOL tokens
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 Connect!
You will be displayed a list of Solana wallets. Select your wallet and approve the connection
warning
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 SOL and UST or 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 Next
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 wbSOL to bSOL#
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 wbSOL to 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
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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 wbSOL/bSOL card
You will be taken to the convert page where you can enter the amount you want to convert and receive bSOL
Once your transaction is approved bSOL will start reflecting in your account.
Step 5: Borrow UST against bSOL#
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.
Click on 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!
Click on 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!