bATOM is the wrapped version of pSTAKE’s ERC-20 stkATOM, the underlying liquid staked asset of the native ATOM token.
Due to recent events and news surrounding the Terra ecosystem and Anchor Protocol, users holding and/or utilizing bATOM tokens could be highly exposed to potential security risks that may result in a loss of funds.
Given the current climate and situation, our team has put together a user guide for those who wish to convert their bATOM tokens back to stkATOM on pSTAKE. This will allow users to bridge their assets back to the Ethereum network.
Converting bATOM to stkATOM
Users can follow the below steps in order to successfully convert their bATOM tokens into stkATOM, which will then be redeemable (1:1) for ATOM on pSTAKE.
Before initiating any transactions, make sure that you have enough $LUNA and $ETH within your Terra and Ethereum web wallets (respectively) to pay for any associated transaction fees.
Step 1: Navigate to the Anchor Protocol App.
Go to https://app.anchorprotocol.com/, where you will see the Anchor Protocol app homepage.
Step 2: Connect your Terra Wallet.
Navigate to the top right of the page and click Connect Wallet. You’ll be prompted to connect any of the available Terra Wallets.
Step 3: Select the bATOM/webATOM Token Pair.
Once you’ve connected your wallet, select the bASSET tab and select the bATOM/webATOM pair option on the screen.
Step 4: Convert bATOM to webATOM.
Enter the number of bATOM you wish to convert – the corresponding amount of webATOM will be displayed. Click Convert and post the transaction within your Terra Wallet to continue.
Step 5: Set Networks on the Wormhole Token Bridge.
Next, navigate to the Wormhole Token Bridge at https://www.portalbridge.com/#/transfer. Set Terra as the source network and Ethereum as the target network, then connect your Terra Wallet (if needed) to proceed.
Step 6: Bridge webATOM.
Click Select a Token and paste the following address into the search bar to add webATOM to the list: terra128pe5jpempxu0nws5lw28se9zknhsr78626cpn
Return to the main screen and enter the amount of webATOM you want to bridge, then click Next and accept.
Follow the remaining 3 steps (Target, Send Tokens, and Redeem Tokens) to complete the process. After your webATOM is redeemed, users receive an identical amount of ERC-20 bATOM tokens.
Step 7: Go to the Anchor Protocol interface on pSTAKE App.
Navigate to the pSTAKE app at https://app.pstake.finance/. Then go to the Anchor Protocol tab on the left-hand menu.
Step 8: Convert your bATOM to stkATOM.
Select the To stkATOM tab, enter the number of bATOM tokens you want to convert, and click Convert to initiate the transaction.
At this stage, you will need to use your MetaMask wallet to continue with the transaction.
Once complete, you’re ready to go – your corresponding stkATOM tokens will now be available in your MetaMask wallet.
We developed this guide to help users reduce the risk of holding bATOM on Anchor Protocol. Once converted into stkATOM, investors can benefit from pursuing other DeFi opportunities through integrations on pSTAKE.
For any queries or concerns, please visit our Telegram community group. Our team will be happy to assist you with any further matters.
pSTAKE is a liquid staking protocol that unlocks liquidity for your staked assets. With pSTAKE, you can securely stake your Proof-of-Stake (PoS) assets, participate in protocol improvements and security to earn staking rewards, and receive staked underlying representative tokens (stkASSETs) which can be used to explore additional yield opportunities across DeFi.
At present, pSTAKE supports Binance Chain (BNB), Cosmos (ATOM), Persistence (XPRT), and Ethereum (ETH) networks’ native tokens, with a view to support more chains and assets in the future (SOL, and AVAX).
Developed by Persistence
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets. Persistence facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.