Is it true the website abracadabra.money isn’t letting you deposit aUST to borrow $mim right now? that right? …
and if I understand how it works, you have to have the terra luna $UST as an ethereum ERC20 coin right?
and then after depositing you borrow $MIM as an ERC20.
then you can do a ethereum swap $mim to $ust. That right?
then how do you bridge the erc20 UST to anchor platform?
i hope this is an appropriate place to put this.
have you found a solutioin?
Hi there yes, what you do is have $UST as an ERC20 (like in metamask). if you have native $UST you can bridge it to ethereum via terra bridge… https://bridge.terra.money/…
then you can deposit your erc20 $UST directly into degenbox which is on abracacabra. here’s my notes I took on it, maybe this will help…
abracadabra.money has a protocol called deganbox (borrow tab then go down to UST pool), that takes UST as a erc20 token (need to bridge native ust to erc20 UST on https://bridge.terra.money/), and deposit in abracadabra borrow tab, and it automatically stakes for the 20% on anchorprotocol and lets you borrower $mim against it, swap it for $ust again and restake it for you (one loop), and will do the multiple looping all with one click. pretty cool. only thing is there is only so many $mim’s in the protocol so you need to wait for someone to repay their loan before more $mim is available to borrow. I looked and there were 2MM available, then they went down to 2000 right away (since $time liquidations there has been lots of $mim available)… . you choose how many “loops” you want by choosing a % for the liquidation price, choose 50% and UST would have to go to 55c for you to get liquidated, pretty safe. 70% and ust would have to go to 77c, they let you go up to 90%, which means UST would just have to go off peg down to 90c to get liquidated (that’s the 160% apy), and very risky of course.