The digital asset industry is one of the most rapidly progressing in the tech space. For those who are new, there are a few things that are crucial to know amid a rather daunting learning curve. Within this guide, we are going to discuss how you would bridge assets to Fantom.
Although the task would seem rather large at first, the process is doable and somewhat simple when you become more accustomed to digital asset facets. Subsequently, knowing the different networks, which ones you’d prefer, and how to utilize them is perhaps part of your digital asset journey.
So, let’s delve into how to move assets onto the Fantom network and how to do so in a rather smooth and seamless process.
Is it Possible to Bridge to Fantom?
Now, before we delve into the logistics, let’s first answer the question of whether it is possible. For those who are unaware, Fantom is a decentralized and permissionless smart contract platform. Moreover, its blockchain network provides a viable alternative to networks like Ethereum, which are more well-known because of their name value.
So, is it possible to bridge to Fantom? The answer is a resounding yes. There are a host of cross-chain bridges that will be able to get the job done. Indeed, the process can seem seamless no matter what later 1 or layer 2 networks you are seeking to transfer assets from.
Many of these bridges will easily connect to many of the popular crypto wallet platforms. Subsequently, you can use something like MetaMask and connect to the bridge using to transfer assets, like USDT, USDC, or other stablecoins. Finally, Fantom’s compatibility with the Ethereum Virtual Machine (EVM) gives you even more options for bridges.
So, now that we know that it’s possible, let’s continue by exploring a little bit of the process.
How to Do It?
Before you start the process of bridging assets, it is important to find a secure bridge to use. The bridge selection process is crucial as you begin to transfer assets, as these are the funds you are entrusting with the technology. One option for bridging to Fantom is something like Stargate Finance. This bridge is reliable and offers fair economic value when bringing different tokens to Fantom.
Finally, the process can occur in four rather simple steps. First, you are going to want to navigate to Stargate Finance and link your digital wallet. This means that you are going to have to navigate to your own MetaMask wallet or other provider and follow instructions to link the two.
Secondly, you will want to choose whatever the starting chain will be. This could be anything from Ethereum or the BNB chain. Subsequently, you will want to ensure that you have identified Fantom as the target chain.
Then, you will need to select the token amount that you would like to bridge. This is also crucially important, as you have to ensure that you have double-checked that the correct information is input. Moreover, ensure you check the transaction details to verify the correct information is included.
Finally, you will need to confirm the transaction when its finalization details are displayed. Indeed, you will need to follow any instructions from your wallet to confirm that the process has taken place and is occurring unadhered.
Things To Remember
The process to bridge tokens to Fantom can certainly be a rather simple one, but there are a few things that are important to remember. Mostly, these have to do with the fees that will be incurred from such a development. Indeed, overlooking the fees that will be placed on you is something that happens often, and it is important to be aware of them before you begin the process
For Fantom, the fees that you will face vary depending on the chain through which the asset originated. Specifically, if you are bridging assets from Ethereum’s mainnet, you could face rather high gas fees. These could be around $20 and fluctuate based on the market at any given time. Alternatively, layer 2 chains to Fantom will have rather low fees. These can likely be anywhere from $5 to $10.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this post/article includes personal opinions. Readers are encouraged to do thorough research before making any investment decisions. Decrypted Labs is not responsible for any financial losses.
