Confusion about how memos work and what they do. Coin Bureau said need memo to send UST from anchor protocol back to an exchange I think or something, how does this work? Do I need to make a copy of the memo text message at some point?
1 thought on “Confusion about how memos work and what they do. Coin Bureau said need memo to send UST from anchor protocol back to an exchange I think or something, how does this work? Do I need to make a copy of the memo text message at some point?”
After you withdraw your UST back into your Terra Station wallet, if you need to send the UST (or LUNA) back to an exchange, that is when you need to use the Memo field.
The exchange needs the Memo to match the funds to your account. In his example, it looks like the KuCoin exchange. When you go to the Deposit section for UST, not only will KuCoin (the exchange) list the address, but also a Memo field. It is this Memo that you need to use when sending from Terra Station back to the Exchange.
After you withdraw your UST back into your Terra Station wallet, if you need to send the UST (or LUNA) back to an exchange, that is when you need to use the Memo field.
The exchange needs the Memo to match the funds to your account. In his example, it looks like the KuCoin exchange. When you go to the Deposit section for UST, not only will KuCoin (the exchange) list the address, but also a Memo field. It is this Memo that you need to use when sending from Terra Station back to the Exchange.