bETH is an Etherum-native deriavtive token of stETH, Lido Staked Ether 2.0. Currently, its integration into Anchor Protocol uses the Shuttle bridge for transferring bETH between Ethereum and Terra. In order to increase resilience of the protocol & integration, the migration to the Wormhole bridge is planned.
As a part of the migration, a converter contract would be deployed allowing one-to-one conversion between Wormhole-bridged bETH (webETH) and Anchor bETH tokens. The contract would be assigned as a minter of the Anchor bETH token. bETH liquidity currently residing on the Ethereum-side Shuttle bridge vault would be unlocked and bridged through Wormhole to the converter contract address. Anchor protocol would provide the UI for converting between bETH and webETH (Wormhole-bridged bETH) tokens.
The migration plan is:
- Disable Lido bETH UI & Shuttle bETH bridging UI.
- Disable Ethereum-side AnchorVault smart contract, preventing users from minting and bridging bETH while the migration is in progress.
- Discontinue bETH support on Shuttle.
- Migrate the Ethereum bETH liquidity from the Shuttle bridge vault through the Wormhole to bETH-webETH converter contract on Terra.
- Enable AnchorVault smart contract setting bridge connector delegate to BridgeConnectorWormhole.
- Enable the updated Lido bETH UI & Update Anchor UI for converting tokens.
The migration is scheduled on Wed, Jan 26th, 4-10 AM UTC with joint Lido, Anchor & Shuttle teams.