DeFi, though still pretty much nascent, has completely revolutionized the blockchain space. However, this sector can also be intimidating and difficult to navigate for users.
Therefore, nowadays, moving tokens across blockchains is a major feature of the crypto space. The process of moving tokens across blockchain is known as Bridging. Bridging in the DeFi space can be intimidating, expensive, and difficult to navigate for users. In this article, you will learn about five (5) important ways how users can easily bridge tokens across different blockchains.
To move tokens across blockchains, users need to have a functioning wallet like Brave, Metamask, etc. Metamask is one of the top wallet browsers used in the decentralized finance (DeFi) ecosystem. Interestingly, most EVM-compatible blockchains like Ethereum, Avalanche, Polygon, Binance Smart Chain, etc are usually compatible with Metamask. Other blockchains (Non-EVM compatible) include; Terra, Solana, Polkadot, etc. It is also important to note that all non-EVM compatible blockchains cannot be used with Metamask.
Getting to other chains early is key to success in #DeFi. The best yields are not on the biggest chains.
Bridging $ can be intimidating, confusing and expensive.
— shivsak (@shivsakhuja) January 13, 2022
Easy Ways to Bridge Tokens
1. Bridging From Centralized Exchanges (CEXs)
One of the easiest ways to bridge tokens is directly from centralized exchanges. Some of the most popular centralized exchanges available today include Binance, KuCoin, Gate.io, etc. These exchanges allow for the seamless withdrawal of tokens. Users can also swap tokens within the exchanges without having to pay gas fees.
2. Bridging Tokens Between EVM-compatible Chains
As previously indicated, EVM chains are usually compatible with the Metamask wallet. Another way to bridge tokens is between EVM-compatible chains. For example, Synapse Protocol is a great tool to transfer tokens across such chains. Also, some of the most popular EVM-compatible blockchains include Ethereum (ETH), Avalanche (AVAX), Harmony (ONE), Polygon (MATIC), etc.
1/ We are excited to share that we’ve launched support for @DefiKingdoms Heroes on Synapse, our first cross-chain NFT integration!
DFK Heroes can now be bridged between Serendale, the Harmony realm, and Crystalvale, the realm on DFK chain.https://t.co/WpDd7sWIIt
— Synapse Protocol (@SynapseProtocol) May 5, 2022
Synapse Protocol also provides users with a top-notch user experience (UX) at a relatively low cost. This is how to use Synapse Protocol:
- Visit the Synapse website.
- Connect your Metamask wallet
- Choose the desired asset, its source blockchain, and destination blockchain
- Lastly, is to confirm the transaction.
Note: The funds will usually be bridged and available in the destination chain in just a few minutes.
3. Bridging Using Allbridge
Allbridge makes it possible to bridge from Bitcoin, Solana, other EVM chains, and vice versa. Also, fees on Allbridge are slightly higher than those on Synapse protocol. They are, however, still very much affordable. You can also reduce fees by holding on to Allbridge native tokens $ABR.
— Allbridge (@Allbridge_io) May 16, 2022
4. Bridging To & From Terra ($LUNA)
Another exciting way to bridge tokens in the DeFi space is by Terra Money bridge. The bridge is efficient and also allows the seamless bridging of ETH, BSC, or ONE. It is also a great way to bypass having to pay ridiculously high gas fees.
5. Bridging To & From $NEAR Tokens
DeFi users can also bridge tokens using the Rainbow Bridge. This bridge facilitates bridging $ETH, $AURORA, and $NEAR tokens.
For example, if you want to bridge $NEAR tokens, it requires only two important steps namely:
- Users have to first bridge token from its source blockchain to Aurora using either Allbridge or Synapse protocol
- Next, is to bridge the token from Aurora to NEAR.
In conclusion, other important ways to bridge tokens include Bridging to Cosmos and Bridging using another multichain bridge-like Evolution BSC.
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