I have tried several methods of converting Hive into UST so I can invest in the Terra blockchain. This post is to encompass what I think is the best method to convert Hive into UST and be invested in the Terra Blockchain. I will provide a brief tutorial for the method I use.
First off I am assuming you already have a Metamask wallet and Terra Station wallet setup. If not you will need those wallets in order to process with this tutorial.
A brief look at the methods I have used to convert Hive to UST and which one I think is the easiest and most cost effective. Not in any particular order of importance.
I will be going through the tutorial using method number 3. Note method 1 I have to use Cub Finance and Pancake Swap and method 2 I am using Kucoin and Sushi Swap. In all three methods TerraBridge is necessary to move UST from either Binance Smart Chain or Harmony to Terra.
I will assuming readers know how to move Hive into swap.hive through Hive-Engine or Tribaldex. From there use Beeswap to swap swap.hive to swap.BNB.
There is a swap fee of 0.25% in order to do a swap and slippage in price can go as high as 0.52% depending on how much Hive to BNB swap. The swap is pretty instant, as the tokens are already in pools.
In this step I will be using Hive-Engine to withdraw the swap.BNB but one can also use Tribaldex. I like to add Tribaldex is able to allow users to withdraw a lot of different coins/tokens than Hive-Engine.
The swap.BNB to BNB will require a 0.75% withdraw fee. Take note this has been reduced from 1% for many years but Beeswap having the additional 0.25% fee in swap makes it still a total of 1% in fees to get the token out of Hive.
Reminder when doing a withdrawl out of Hive-Engine remember in the memo text block to include your MetaMask wallet BSC address. Without this your assets will never reach your wallet.
This step can take a while to complete. This is because it depends on how quickly Hive-Engine will be able to transfer assets into your Metamask wallet. In will depend on the type of token withdraw and from my experience withdrawing BNB only took a couple of minutes to see the funds in my Metamask wallet.
https://pancakeswap.finance/swap
In Pancake Swap users can swap BNB to UST with a slippage as low as 0.03% and fees combined! This is a very liquid pool.
Over $17 million in the pool so definitely plenty to swap in and out of UST.
The swap took only seconds to execute was set. Similar to Beeswap any swap takes only seconds to execute.
Important to note you have to be in Google Chrome browser in order to perform the bridge through Metamask. The fees to transfer is the lowest in all steps of this process but it may take the longest dependent on the blockchains current activities. Low traffic in the blockchains I have seen it bridge pretty quickly just like in swaps. Higher traffic it will likely take more time.
Once the UST is swapped from BSC to Terra you will have it in your Terra Station for use.
The method we went though is mostly four steps using four different platforms to move Hive into UST. The steps are simple and easy to use with the whole process likely to take less than an hour. However the fees accumulated will be close to 3% - 5% depending on slippage and blockchain gas fees. Not ideal and not simple as in other tokens can be swapped.
I personally still think this method is simple to perform and I will continue using this method until I find a lower cost and easier method. As with anything cryptocurrency all this can change quickly and there can be better and more cost effective methods to make the same transfer. Who knows what will come out next.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
LeoFinance = Financial Blog
LeoDex = Hive trading exchange for Secondary Tokens, Low 0.25% fees for deposits and withdraws.
HiveStats = Hive stats per user
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CubDefi = LEO Finance's Defi with CUB Token
