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How to bridge tokens from ETH/BSC/Polygon onto Fantom Network
There was a time when Bitcoin was the only one around and cryptocurrencies were largely unknown. Today, however, cryptocurrencies are growing in popularity at an unprecedented rate and as people realized more can be done than what Bitcoin offers, a number of different blockchains also started popping up having a variety of different functions.
Different blockchains have their set of advantages and shortcomings, however, these blockchains are largely isolated from each other. This limits decentralization and hinders advancements, as applications designed for one network can’t work with other networks thus limiting their potential for broader adoption.
This is where bridges come in. Bridges establish secure communication between different blockchains and allow the transfer of tokens or data from one blockchain to another. You can get the perks of different blockchains without leaving the host chain.
Most bridges work on a mint-and-burn protocol. When a token is bridged from one chain to another, the token is locked in the first chain and a fresh one is minted on the other chain.
When the holder of the minted token wants the original token, the minted token in the other chain is burned and the original locked token is released. This allows the amount and cost of the tokens sent between two chains to remain the same.
Best Fantom bridges
Fantom is another one of those Ethereum-killers that aims to solve the problems Ethereum is stuck on — congested network and high fees. Fantom provides each application with its blockchain and allows parallel processing of transactions.
Bridging tokens from other chains to Fantom and from Fantom to other chains require using bridges that support both chains. Here are some of the best bridges for bringing tokens onto the Fantom network:
Multichain relies on AnySwap cross-chain bridge and lets you exchange assets directly between different DeFi ecosystems.
Anyswap is a fully decentralized cross-chain swap protocol, based on Fusion DCRM technology, with automated pricing and liquidity system. Using AnySwap, you can deposit coins into the protocol and mint-wrapped tokens in a decentralized way.
AnySwap also has a cross-chain DEX that allows the exchange of tokens or coins between any blockchains supporting the ECDSA or EdDSA cryptographic algorithm. This includes more than 95% of all chains, including ETH, BTC, XRP, XMR, XLM, LTC, TRX, XTZ, BCH, BSV, EOS, ADA etc.
SpookySwap is an automated market-making (AMM) decentralized exchange (DEX) for the Fantom Opera network that also has a bridge. That bridge is powered by AnySwap and supports moving a number of different tokens from Ethereum, BSC, Arbitrum, Avalanche, and Polygon to Fantom and vice versa. There is no fee for bridging anything, except for FTM, into Fantom.
xPollinate.io is a bridge made possible by Connext, Li.Finance and 1Hive. It allows moving USDT, USDC and DAI stablecoins between multiple EVM based chains like Polygon, BSC, xDAI, Fantom, Arbitrum and Avalanche.
Bridging from Ethereum or Binance Smart Chain using Multichain.xyz – step by step
Follow to steps to learn how to bridge tokens from Ethereum or Binance Smart Chain to Fantom network and vice versa:
- Go to multichain.xyz
- Connect your Metamask wallet and make sure you are on the network you have your tokens on.
- Make sure you have enough tokens for the gas fees.
- Select the token you want to move from the source, making sure to pay attention to the network of the source and the destination.
- Enter the amount you want to move.
- Click transfer and wait, this may take a while.
Once the transfer is successful, your balance on the source chain will decrease and you should have your token on the Fantom network.
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Below are answers to some of the frequently asked questions: