As you may have seen over the last few days, the stablecoin UST has depegged multiple times, meaning that the asset has fluctuated from its ‘stable’ value of $1 down to lows of $0.22.
Never before have we seen a $60bn ecosystem collapse so quickly. The de-peg will likely have far-reaching consequences even when, or if, UST returns to $1. Everyone across the crypto ecosystem will have been touched by this.
What this means for your investment
If the price of UST does not return to $1, then the value of your initial aUST purchase will have fallen and may continue to decline.
If the price of UST returns to $1, then the value of your aUST will be restored. However UST is not guaranteed to recover, and it could take days, weeks or longer for it to do so.
What can you do to unstake or withdraw?
In the best interest of all users on the platform, the DeversiFi market was initially paused due to bad on-chain pricing caused by the depletion of the Curve Pool.
We have reopened the market today so that current users can exit their aUST positions directly on DeversiFi. You can find it here.
Please note we will not be accepting deposits for aUST.
If users have aUST regular withdrawals pending that haven’t been processed by the Layer 2 batch, they can cancel these and the funds will be in their DeversiFi accounts instantly.
Or if users would like to exit on-chain, here are the instructions to do so:
- Initiate a regular withdrawal for your aUST. Wait up to 24 hours and finalise the withdrawal (regular withdrawals are a two-step process).
- Create an address with the Terra Station wallet.
- Fund a Terra address with a small amount of LUNA for gas.
- Go to Terra Bridge and deposit the aUST to Terra from Ethereum.
- Wait 5-10 mins for the bridging.
- Go to Terra Station, connect your Terra Station wallet and click ‘Earn’.
- Unstake the aUST into UST.
You now have several options to turn your UST into USDT. A few of these routes are mentioned below:
- Go back to Terra Bridge, withdraw the UST to Ethereum (Shuttle Bridge not Wormhole Bridge) and trade for USDT using an on-chain aggregator or a centralised exchange. Be careful of slippage.
- Deposit UST to Binance from Terra directly (if deposits are open from Binance).
- Trade your UST on Terra for another coin.