How to buy LUNA on BSC using Cub Finance - Easy workaround
Walkthrough for using BSC to buy LUNA on Cub Finance.
We’ve previously walked through how to buy UST on BSC using Cub Finance, but what about buying LUNA itself?
Well, unfortunately you can’t actually buy a BSC version of wrapped LUNA like you can buy UST.
But don’t worry, there is a method that allows you to effortlessly move assets off BSC and onto Terra.
What you are able to do is buy UST on Cub Finance and bridge that to Terra.
Then swap UST on the Terra Blockchain using Terra Station, for LUNA.
This section of our Terra (LUNA) guide will walk you through the steps to follow for this easy workaround.
1. Use Cub Finance to buy UST
The first step to this workaround is buying UST on BSC using Cub Finance.
Go to the Cub Finance exchange.
Then swap Cub Finance (CUB) or any other BSC assets that you have available for UST
The correct UST contract on BSC is: 0x23396cF899Ca06c4472205fC903bDB4de249D6fC
NOTE: Even though the swap page front-end now looks like PancakeSwap, nothing on the back-end has changed.
Even when it was skinned as Cub Finance, it still used PancakeSwap on the back-end.
So even though it looks different now, it's not and you don't need to worry about this.
2. Bridge your BSC based UST to Terra
The next step is to open the Terra Bridge in a new tab.
Now use this bridge to transfer your BSC based UST that you just bought on Cub Finance, into your Terra wallet.
As you can see, you now have the UST that you bought on BSC on the Terra blockchain.
3. Buy LUNA with UST on Terra
Finally, open the swap section of Terra Station in another new tab.
Follow the prompts to swap your UST into LUNA.
Check your wallet on Terra Station and you will now own native LUNA with which you can do as you please on Terra.
Now that you have LUNA tokens on Terra, not only can you stake UST on Anchor, but also create bLUNA to allocate the asset’s staking rewards to Anchor.
This lets you put that bLUNA to work, allowing it to serve as collateral for a loan or simply to be used in any of the Terra based LPs.
Why moving assets from BSC to Terra (LUNA) is key
While there is a HUGE earnings potential available on BSC, centralisation risk remains the elephant in the room.
As long as Binance Inc controls the network, dApps running on Binance Smart Chain aren’t DeFi.
Whether you like it or not, your funds are at the mercy of a centralised entity.
At the moment the risk seems relatively low, but diversification into more decentralised blockchain alternatives such as Terra (LUNA) is the smart play.
Take advantage of the simplicity and insanely cheap earnings potential on BSC while its on offer.
But just don’t get left holding the bag when the lights inevitably switch off.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on how to buy LUNA on BSC using Cub Finance within the comments section below? All comments that add something to the discussion will be upvoted.
This Terra (LUNA) blog is exclusive to leofinance.io.
Posted Using LeoFinance Beta
I think the exchange page now points towards Pancake. Is there still an internal exchange page on Cub Finance?
Posted Using LeoFinance Beta
Sorry, I'm going to update the screenshots to show Pancake, they were just old ones I had already taken from another walkthrough.
Just to be clear, when it comes to the Cub Finance swap page, nothing on the back-end has changed.
It always used PancakeSwap on the back-end so even though it looks different, it's not.
I do wish the team would redo a Cub Finance skin to remove this confusion, but their priorities right now are elsewhere.
Posted Using LeoFinance Beta
I have not swap before the first awap I swapped with pankerswap. I didn't see my coin again but I will follow your instructions to try it
Posted Using LeoFinance Beta
There really shouldn't be a reason that you 'lost' your coins.
Maybe you just haven't got the correct contract showing in your MetaMask.
Do some more research on how to properly import tokens to display in MetaMask and you will likely find that your coins are all still there.
Posted Using LeoFinance Beta
Thank you
Posted Using LeoFinance Beta
This integration will bring more publicity to Leofinance and cub defi.
Posted Using LeoFinance Beta
Yep, hopefully :)
While the process for PancakeSwap is exactly the same, using Cub Finance does make it super easy for those of us already using the platform to diversify into other chains.
For me, I don't want to be too focused on BSC and the Terra blockchain is a good diversification avenue.
Posted Using LeoFinance Beta