Hi everyone,
I have not been able to find a good tutorial showing how to redeem bATOM purchased in auctions on Kujira into UST or another one of the main stablecoin. Please share any tutorial you know or comment on the steps I have gathered below. Please do not hesitate to make corrections or share most effective / cheaper methods that you are aware of.
Step 1: bATOM received in liquidation is sitting in your terra wallet. Convert the bATOM(terra) into webATOM via the bAsset tab of Anchor protocol. Estimated fees TBD (probably a few cents).
Step 2: webATOM(terra) to be converted into bATOM(ERC-20) via the wormhole bridge at Portal Token Bridge
a) for the source select from Terra to Ethereum, connect terra wallet, select webATOM as the token, adjust the quantity
b) select the target ethereum wallet address (please confirm or give more detail as I have no ATOM to test this)
c) send tokens
d) redeem tokens (not sure what this does)
estimated fees: TBD
Step 3: Go to the pSTAKE app (https://app.pstake.finance/) to convert the bATOM(ERC-20) into stkATOM(ERC-20) using the anchor protocol section in the left menu. Make sure to click on “To stkATOM” and click convert.
estimated fees: TBD
At this stage it looks like you can finally swap the stkATOM(ERC-20) into UST (ERC-20 I guess) or into USDC, USDT, DAI, wETH, wBTC using sushiswap (sushi.com).
fees: 0.6% + slippage depending on your quantity to swap.
But it seems like you can also choose to unstake to receive pATOM after 21-24 days (using pstake.finance) and then withdraw the pATOM to native ATOM on the Cosmos network (still via pstake.finance). Fees: TBD