One of the easiest ways to earn interest on your crypto is by depositing it into an interest earning account. Some of the more widely used platforms in Singapore include Celsius, Nexo, BlockFi, and Hodlnaut. Another popular method is to stake UST on Anchor Protocol, which offers a staggering 19.5% interest yield for stablecoin deposits.
This lesson will guide you through how to stake UST on Anchor.
Staking on Anchor Protocol
The Anchor WebApp is the official web frontend for interacting with Anchor Protocol on the Terra network. You will need to download Terra Station Extension, which is only available for Google Chrome web browser at the moment.
Once you have installed Terra Station Extension, you will need to connect your Terra Station wallet.
Step 1: Open Station Extension from the Google Chrome extensions tray.
Step 2: Click on Add a wallet, followed by Import wallet.
Step 3: Enter your seed phrase (Key) and password and click Submit.
Step 4: On Anchor WebApp, click Connect Wallet and select Terra Station Wallet from the drop down bar that appears.
Step 5: Under the Earn tab, click on Deposit.
Step 6: Enter the amount that you wish to deposit and click Proceed.
Step 7: Station Extension will prompt you confirm the details of your transaction and enter your password to sign.
Step 8: A confirmation of your transaction will appear.
And you’re done!
If you prefer a more comprehensive walkthrough you can watch this step by step video guide on how to stake on Anchor Protocol.