100% Defi Living For Multichain Apes Bridge Bridging ETH with Terra Money (LUNA)

Twitter Handle Tai Panich provides more clarity on the usefulness of the bridge. In her own words:

Don’t think people have talked enough about how convenient & useful Terra Bridge is–making it seamless to move from Ethereum/ERC20 Ecosystem to Terra Ecosystem; all on 100% DeFi, w/o the need for inconvenient stops on CeFi.

Before, I had to go to Kucoin (CeFi) to convert from USDT to UST and send to Terra station (DeFi world), to deposit UST into anchor protocol to earn the sweet 20% APY (that is STABLE APY! No fluctuations).

Now I can conveniently do it 100% DeFi way, from the comfort of Metamask – using Curve or Uniswap to convert from USDT to UST.

I ended up using Uniswap V2 to convert from USDT to UST (Uniswap V3 doesn’t have good liquidity yet, so rates are worse than V2 for now). The curve has a better conversion rate but a higher gas fee. So, Uniswap V2 won overall.

Then using Terra Bridge, I can send UST from Metamask (Ethereum) to Terra station (Terra) conveniently, cheaply, and superfast. Great for my monthly deposits into Anchor to earn 20% fixed APY.

She concluded stated, it is 100% DeFi Living.

Someone on a lighter tone stated:  “Not just ERC20/Terra either. BSC/Terra too. Move away multiplanetary being. We are now all multichain apes.”

An excited user stated:  Zero fees (besides gas) to go from ETH or BSC to Terra. AVAX charges over $100 in fees for this same process. Terra team always making the best tools in crypto.

For clarity, Tai Panich is the CIO & Chief VC of @SCB10X Official, EE & Computer Science MIT, blockchain + crypto + fintech + deeptech enthusiast.

To those DeFi feels like Greek, Latin, or an alien language, it is the process of lending your value for return on investment through decentralized exchanges. Investors lend their value through smart contracts.

For borrowers, it provides equitable access to financial services. The good thing about DeFi is that Yield Farming makes it possible for investors to borrow and lend their cryptocurrencies and make improved ROI on their investment.

For those who are new to Terra, it is powered by Luna. It is an Algorithmic Stablecoin with anchor protocol for savings, mirror protocol for investments, and Chai + import for payments. It has $2 billion + in market cap. The new target price on $LUNA token is at $170. The community is bullish about the token.