Interoperability has emerged as one of the major functionality that any blockchain project should support. This feature helps the platform to broaden its wings to allow tokens/coins from other networks.
There are many projects that were earlier confined to their network that are now planning to support cross-chain compatibility, making the Binance bridge an important tool to achieve this. The benefits are that users can enjoy the products and services offered by projects from other networks, and projects enjoy an increase in their user base.
So, if you are a user who has used only the Ethereum network and holds only ERC-20 tokens, then there is good news for you. Certain ERC-20 tokens holders can now use the Binance smart chain or Binance Chain products using the Binance Bridge.
What Is Binance Bridge?
It is a cross-chain bridging service designed to increase the interoperability between different blockchains like Ethereum, Binance Smart Chain, etc. Currently, it supports ERC-20 and TRC-20(Tron) cross-chain transfers. The bridge does not charge any conversion fee. However, the user will have to pay the network transaction fees of the blockchains from where the source token belongs. Moreover, you do not need to have a Binance account to use the Binance Bridge solution. The Bridge interface is open to non Binance account holders also.
In addition, users can use the bridge to convert the supported tokens into pegged or wrapped tokens. The Binance Chain and Binance Smart Chain support this service where the wrapped tokens are backed by real coins and tokens.
Currently, it supports many tokens like BTC, ETH, USDT, LTC, XRP, LINK, ATOM, DOT, DAI, ADA, EOS, XRP, BAT XTZ, ONT, etc.
Above all, this guide will explain how you can use the Binance Bridge to convert your ERC-20 tokens into Binance pegged tokens.
Use the binance bridge and connect your wallet. The bridge currently allows you to connect using two wallets: Metamask and Binance Chain wallet.
Firstly, connect the bridge using your desired wallet.
Secondly, now you are required to fill in the details related to your conversion:
- Token/Coin for conversion
- Source and the Destination network
- Conversion Amount
Source: Binance Bridge
Moreover, note that each token must satisfy the minimum amount criteria to be eligible for conversion. For example, in the case of ETH, users can convert a minimum amount of 0.052 ETH to a maximum value of 13.1 ETH.
The destination address will be filled in by the application. It is the address where you will receive your wrapped or pegged tokens after conversion.
Also, users are also required to set up a destination network in their wallets. For example, here in this case, since we are converting tokens from the Ethereum network to the Binance smart chain network via our Metamask wallet, we must set up the Binance smart chain network in our Metamask wallet before submitting the request.
Further, once you have fixed all the above details, click on the Next button.
It will show your final conversion details. Confirm the process. This will trigger a Metamask transaction that you need to confirm.
If you are performing this activity for the first time, you will not see the resultant token in your wallet. You have to manually add the token contract address to your Metamask wallet to see your tokens. In this case, we can copy the Binance pegged Ethereum token from BSC explorer.
Binance pegged Ethereum Contract Address: 0x2170ed0880ac9a755fd29b2688956bd959f933f8
Therefore, to add the token contract address, click on Add Token, and enter the address into the Token Address field.
Finally, you can follow similar steps to convert any supported tokens to the different supporting networks.
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