How to Transfer Tokens to Binance Smart Chain?
At the end of June, there were more than 700 projects built on Binance Smart Chain, a great milestone!
According to BscScan, the transactions on BSC blocks have exceeded 714M. BNB market cap on BSC hits $6B.
Top BSC dapps are competing with Ethereum DeFi to lead the market, providing deep liquidity, user-friendly service and high APR:
Do you want to use your ETH, USDT, TRX or other assets in Binance Smart Chain dapps? Do you want to harvest the latest yield farming opportunity on BSC? Today, we are introducing how to transfer tokens to Binance Smart Chain so that you won’t miss the chances!
First of all, you’ll need to connect to Binance Smart Chain. We have detailed guidance on this using Metamask wallet:
Once a wallet has been set up, you can use the Binance Bridge to bring your assets to BSC. It’s a cross-chain bridging service that aims to increase interoperability between different blockchains. It essentially lets anyone convert selected coins into wrapped tokens. It’s different from transferring Ethereum assets to Polygon Network, because Polygon is a layer 2 solution of Ethereum, yet Binance Smart Chain is a completely different chain. This brings digital assets such as ERC20, TRC20 standard tokens and more to the Binance Chain ecosystem as BEP20 tokens. The bridge works in both directions.
How to use Binance Bridge?
Step 1
Go over to Binance Bridge and connect your MetaMask by clicking the “Change Wallet” button on the top right corner.
Step 2
Pick the token you want to convert to your BSC. Here we use ETH as an example.
Step 3
Enter the amount you wish to send in the blank and click “Next”. Remember to double-check the destination address. Remember that every transaction in BSC needs BNB as a gas fee. If you do not have sufficient BNB in your wallet, you can click the “I want to swap some BNB gas in this order” to make sure your transaction can go through.
Step 4
Select on the new pop-up “I will send tokens from my own wallet”. So the bridge will use the tokens in your own wallet.
Step 5
On the new pop-up with the transaction summary and confirmation, click “Confirm”. Then just wait as the transaction is pending.
Step 6
Next, there will be a popup asking you to send the selected token and amount to an address.
Step 7
Go back to your MetaMask, switch back to your Ethereum network, and send the funds from your Ethereum wallet to the address mentioned above. Switch the network back to BSC and after a few confirmations, you should see your funds arrive in your MetaMask BSC wallet.
Now you can participate in the yield farming/liquidity mining in Binance Smart Chain DeFi or Dex with your assets!
You can monitor the on-chain reserve that ensures that the wrapped tokens on BSC are sufficiently collateralized by the native tokens in the BSC Proof of Assets.
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Originally published at https://www.dapp.com.
