Interoperability is key for blockchains. That’s because the various blockchains need to be able to talk to each other. So, without bridges, chains would have limited options. This includes Fantom.
So let’s have a look at some top bridges that connects the Fantom blockchain.
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— Fantom Foundation (@FantomFDN) January 6, 2022
Multichain is one of the top bridges in the crypto space. They currently support no less than 80+ chains. Furthermore, they integrate well over 3250 projects. They rebranded from Fantom Anyswap to Multichain. So, it’s a home game for this bridge. Multichain has a couple of advantages, for example:
- Non-Custodial: This means that you stay in control of your assets. There are no intermediaries.
- No Slippage: Transfers have 0 slippage, unlike AMMs. They have hidden costs, like slippage. This is the difference between ordering a transaction and the final price once the transaction takes place.
- Multichain Router: This allows you to swap freely between any two chains.
Transfers take between 10 and 30 minutes. Larger amounts can take up to 24 hours. To transfer, for instance from Ethereum or BSC to Fantom, follow these steps:
- On Multichain’s website, go to the app and connect your MetaMask.
- Configure your MetaMask for the correct chain before you bridge.
- Choose the asset you want to send and receive.
- The same for the sending chain and receiving chain.
- Hit the swap button.
The picture below shows the setup for transferring ETH from Ethereum to Fantom.
Source: Multichain bridge
2) Portal Bridge
The Portal Bridge was formerly known as Wormhole Token Bridge. The Wormhole protocol still exists. This marks and highlights the difference between the two. The Wormhole is the underlying protocol. Portal is the bridge they built on top of it. As a result, all ‘Wormhole wrapped tokens’ are now renamed to ‘Portal wrapped tokens’. This started in April 2022.
It originated as a bridge between Ethereum and Solana. However, currently, Portal offers bridging between 21 chains. These include:
According to DeFiLlama, it has a TVL of $290 million. However, before the UST collapse with Terra, TVL was $4.6 billion on 9th May 2022.
When bridging tokens, Portal burns the native token from the sending chain. It mints a native token, equal in value, at the receiving chain. For example, BNB from BSC to Fantom. The bridge burns the BNB and mints wBNB. Although this is 1:1, you receive a little bit less. There are bridging fees, but these are cheap. Gas fees are at $0.50 as per automated transaction. Paying the transaction manually in FTM costs $0.01.
The various chains will have different gas fees. Below is a picture of the BSC chain bridge to Fantom with Portal Bridge.
Source: Portal Bridge
The Celer cBridge currently connects 42 chains and over 150 tokens. It’s built on the Celer State Guardian Network (SGN). It is EVM compatible, so it can bridge Ethereum related tokens, like ERC20 or ERC721. In other words, besides tokens, it can also bridge NFTs.
The bridge is easy to use and has deep liquidity. There are two fees when you use it:
- Base fee: This covers gas for the destination chain.
- Liquidity fee: Paid to cBridge liquidity providers and stakers of Celer network.
An L2 roll-up transfer, like Arbitrum or Optimism, is between 0.1% to 0.5% as liquidity fee. For all other transfers, it’s 0.04%. Bridging is easy and straightforward. Follow these steps:
- Go to the app and connect to one of the five wallets available. We use Metamask.
- Chose a source chain and destination chain.
- Select the token you like to bridge.
- Pick the right slippage. If it’s set too low, the transfer may fail.
- Review the transaction. Check the bridge rates and fees.
- Click transfer.
- Approve the transfer.
- Wait for the transfer to complete.
Below is a picture of an Ethereum to Fantom transfer. There’s an extensive description of how to transfer from Ethereum to Fantom.
Bridges are an important feature in interoperability. We looked at the 3 top bridges on Fantom, Multichain, Portal, and cBridge.
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