All this while, community has been complaining about the exorbitant costs involved to get started on Picasso Exchange. And we could not agree more. After all, if you try moving your assets from Ethereum to Injective, you would end up spending $80-$150 in gas fee alone. Given that this would be the last time you would hear about this term ‘Gas‘. But it was still a sizeable chunk of your money. So we decided to explore and came up with an extremely efficient way of moving your assets to trade on Picasso Exchange.
But to truly appreciate this find, let us understand the problems faced initially.
A. Binance Bridge:
Binance would just not let you withdraw INJ to Injective. Instead, what it offered was withdrawal to ETH and that costed $$. Binance being the largest CEX out there, it was extremely difficult to convince masses to enter Injective ecosystem.
B. Current Process:
The current process then involved withdrawal of INJ/USDT from Binance to Ethereum Blockchain (expensive), moving from ETH to INJ via bridge (expensive). Post that you ‘set allowance’ on Picasso DEX (expensive) and finally start trading.
Now What?
Well, enter Terra! Yup. Your gateway to enter the Injective Blockchain and start trading on Picasso DEX in under $2. How? Read on.
Step 1:
Purchase some LUNA/UST from Binance. This tutorial assumes that you are already a Binance customer.
Step 2:
Head over to wallet as shown in the screenshot and choose ‘Fiat and Spot‘. When you enter this screen, all your current holdings shall be visible.
Each holding shall be accompanied by four options: ‘Buy’, ‘Sell’, ‘Send’, ‘Receive’.
Step 3:
Against your LUNA/UST purchase, hit the withdraw button. At this point, Binance is going to ask you the address of the wallet you want to send LUNA/UST to.
Enter the address of your Terra Station wallet in this area. If you are unsure of how to get the address of your Terra wallet, refer to the below screenshot.
Btw, did you just pay attention to the sweet $1.3 fees for withdrawing the assets? Pretty neat right?
Step 4:
Head over to https://hub.injective.network/bridge/ and select the chain you want to move assets from. In our case, you want to do it from Terra.
Select the assets and proceed with the transfer.
Step 5:
Well, you just moved your LUNA/UST on your Injective wallet. As a good practice, switch your UST to USDT (market already listed on Picasso Exchange) to access more market pairs.
If you have moved LUNA instead, you can convert it into UST and then USDT.
And that’s how, you started trading on your favorite Picasso DEX in under $2. Talk about the onboarding cost already.
What Else?
You can do a similar trick using $ATOM as the asset and moving it from Cosmos ecosystem. The withdrawal fee from Binance is also to the tune of $1-2. So hit that ‘swap‘ button and take your positions. BTC is firing as we write this one. Are you game?
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