By Michael Chen
Hey Fantomians and Binancians, today we’re finally opening the long awaited bridge that allows movement movement from our ERC20 token to the BEP2 token standard. To celebrate this fantastic event we’ve decided to reward the community members who decide to play around with the bridge in a way that incentivizes people to stress-test the capacities of our infrastructure. What we mean by that is that we’ll be giving anyone who switches their ERC20 holdings from Ethereum to Binance Chain some of our foundation tokens, up to an equivalent of 1% of tokens transferred during the initial testing of our bridge. This event will last until Saturday the 1st of June, 10 AM GMT (+0).
We believe that this will promote community members who are planning to be network participants to explore some of the technology we are playing around with to enable interoperability, and to create healthy token distribution within the network.
To ensure that the entire endeavor starts in a fair and predictable manner, we have decided to enable deposits in the bridge for now, but the actual transfers to Binance Chain will only be transmitted when the initial stress testing even ends at 10 AM GMT (+0) on Saturday to give ample time for all community members to buckle in for the Binance DEX trading experience. After this time has passed, all transactions and swaps submitted thereafter will be processed immediately.
To learn more about the process of using the bridge to swap ERC20 FTM tokens to BEP2 FTM tokens, please see the instructions given below.
Before we start, please ensure that you’ve made a Binance Chain/BEP2 supported wallet at https://www.binance.org/en/create
WARNING: DO NOT SEND ANY TOKENS FROM EXCHANGES TO THE BRIDGE.
Step 1. please visit the official website for the bridge at: https://bnbridge.exchange/FTM
WARNING: PLEASE DOUBLE CHECK THE URL; https://bnbridge.exchange/FTM IS OUR OFFICIAL AND ONLY BRIDGE WEBSITE.
Step 2. Fill in your receiving Binance Chain wallet address in ‘BNB Address’.
Step 3. Once you have submitted a successful token swap request, you will be prompted with instructions on the next steps. You will need to deposit the ERC20 FTM from an Ethereum address of which you control the private key into the account provided by BNBridge.
Step 4. Once your transaction has been successfully processed, a ‘SWAP REQUEST PENDING’ screen will be displayed.
NOTE: THE TRANSFERS TO BEP2 WILL ONLY BE PROCESSED AFTER SATURDAY 1ST OF JUNE 10 AM GMT (+0)
After Saturday 1st of June, a transaction hash will show up. Clicking on the transaction hash will open a new tab with the transaction that deposits your new BEP2 FTM into the account you provided, once that has been processed.