The birth of Ethereum has guided crypto towards a different trajectory. Yet, Ethereum is slow and costly to transact with. This has brought about the growth of other L1 projects, such as Algorand.
Indeed, projects that are smart contract-enabled now dominate the space. Many of them claim to be able to solve the blockchain trilemma. Simply put, they claim to be already:
- Scalable.
- Secure.
- Decentralized.
Algorand is one such project. Apart from the above three points, Algorand is also environmentally sustainable. It is also much cheaper to use, with transactions as low as 0.001 $ALGO.
“Wow, that sounds great! But, how do I get started with Algorand?” Now if that’s what you’re wondering, then stay tuned. We’ve got a good answer for you!
Bridging to Algorand
One of the easiest ways to get started with Algorand is to use a bridge. A bridge is a tool which allows you to port assets from one blockchain to another. Hence, the term “bridge.” So, if you already have assets on another blockchain, you’re in luck! This article is just for you. Today, we’re going to look at the top three bridges for Algorand.
Bridge #1 – Messina One
First of the top three bridges for Algorand is Messina One. Its mission is to promote blockchain interoperability. In terms of safety, Messina One has valid audits from Kudelski Security. It also has put in place 24/7 monitoring and counter-measures. These help to sieve out malicious activity on the bridge.
ICYMI: @0xPolygon <—> @Algorand bridge is live from @MessinaOne. 🔥$usdc @circle $matic $algo pic.twitter.com/HnkE4Skh3y
— MichaelJordan.algo (@AlgoFamily) April 11, 2023
As of now, Messina One supports the following chains:
- Algorand
- Ethereum
- Cronos
- The newest addition – Polygon
But, Messina One isn’t stopping just here! The team is also looking to add on many other chains. These include Binance Chain, Avalanche, Arbitrum, Optimism, and so forth.
Now, what we like about the Messina One bridge is its simple user interface (UI). On its webpage, there are two columns – “Source” and “Destination.” Connect your wallets for both these chains. Then, select your assets and the amount to bridge. Check that you’ve got enough gas to pay for bridging. Voila! You’re all set to bridge.
So, what happens if you bridge over a token like $USDC or $USDT to Algorand? You’re pretty much stuck there if you’re new to Algorand. This is because you don’t have any $ALGO for gas to perform any transactions. Fret not! Messina One has this cool feature to “rescue” you. It automatically detects such accounts with low to zero $ALGO balances. Then, it airdrops a small amount of $ALGO to you. It’ll be just enough for you to make a few transactions.
For an in-depth guide on Messina One’s bridge, you can refer to the link here. Next, let’s move on to Bridge #2.
Bridge #2 – Milkomeda
Next of the top 3 bridges for Algorand is Milkomeda. This bridge links the Milkomeda blockchain with Algorand. To elaborate further, Milkomeda is:
- A sidechain of Cardano. Milkomeda C1 sidechain aims to integrate the Ethereum Virtual Machine (EVM) onto Cardano.
- A roll-up chain for Algorand. Similarly, Milkomeda A1 roll-up chain aims to bring EVM capabilities to Algorand.
With its sleek UI, it’s pretty easy to bridge to Algorand. But, you’re only able to do so from the Milkomeda A1 roll-up chain. To use this bridge, follow the steps below:
- Connect to your Milkomeda and Algorand wallets.
- Select “Milkomeda to Algorand” under the “Network Origin” field.
- Next, select the asset to bridge over under the “Token” field.
- Key in the amount of the asset you want to bridge.
Once that’s done, follow the prompts from your wallets. You’ll be on your way to Algorand in no time! Do note that by bridging your $ALGO using Milkomeda, you’re “unwrapping” your $ALGO. You can refer to the link here to learn more on how this process works.
Without further ado, let’s move on to the final bridge for today!
Bridge #3 – Wormhole Bridge
Last, but not least, of the top 3 bridges for Algorand is Wormhole’s Portal bridge. Said bridge helps to move assets across many chains. These include:
- Ethereum
- Avalanche
- Arbitrum
- Binance Chain
- Algorand (of course!) – and 17 other chains.
Algorand is now supported in Wormhole Portal Bridge and pNetwork. Here's what it means for $ALGO and #crypto ecosystem.
— Ulam Labs (@ulamlabs) May 20, 2022
But, how does the Wormhole bridge work so well across so many chains? Let’s discuss this using an example. Assuming you’re looking to send $ETH from Ethereum chain to Algorand. Wormhole bridge will take your original $ETH and lock it into a smart contract. It will then issue wrapped $ETH onto Algorand. The opposite will happen when you decide to bridge from Algorand to Ethereum.
When it comes down to safety, Wormhole bridge ensures its contracts can stand up to scrutiny. That’s because Wormhole suffered a hack back in February 2022. This led to losses amounting over $320 million! But today, Wormhole has risen from the ashes. It has put in place many safety features. These comprise:
- Strict smart contract audits.
- Social media monitoring.
- Using “Guardian” nodes to validate transactions, and so forth.
“Great! Sounds like Wormhole bridge is much safer now. How do I get to using it?” If that’s what’s on your mind now, read on! We’ll have a simple guide to bring you through.
First, refer to the “1. Source” tab. Choose your “Source” and “Target” chains. Then, connect your wallet. Next, choose the asset you want to bridge, and the amount to bridge. Then, click “Next.”
Secondly, refer to the “2. Target” tab. Connect your Algorand wallet here. Ensure that you’ve got $ALGO to pay for gas fees in this wallet. At the moment, you can connect using Ledger, My Algo Wallet, and Pera wallet. Then, click on the “Manual Payment” option, and then the “Next” button.
Moving on, refer to the “3. Send Tokens” tab. Approve the token limits for transfer. Then, approve the transfer of the tokens itself.
Lastly, refer to the “4. Redeem Tokens” tab. Click on the “Redeem” button. Approve the following prompts from you wallet. You should now be able claim your tokens on Algorand!
Conclusion
So far, we’ve run through the top 3 bridges for Algorand. Indeed, your bridging choice should depend much on which source chains your funds reside. But, do keep an eye out for the bridge’s security too. Ask yourself these questions:
- “Does the bridge have audits or safety features in place to prevent hacks?”
- “Is the bridge battle-tested?” In other words, has the bridge processed many transactions without issues?
On top of that, the last criteria would be the bridge’s user interface. Choose a bridge that you feel is most convenient. That’ll make your cross-chain experience a more pleasant one!
Now, let’s not delay any further. Hop onto one of these bridges and head over to Algorand now!
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