Getting to other chains early is key to success in #DeFi. The best yields are not on the biggest chains. Bridging $ can be intimidating, confusing, and expensive. Here are the best methods I've found to bridge assets from or to any chain.
Bridging using a centralized exchange
See my previous post about this:
Bridging between EVM chains
@SynapseProtocol is a great bridge for transferring to and from:
- + more
The user experience is great and the funds bridge pretty quickly. Fees are ~0.1%.
Steps for using @SynapseProtocol.
1. Go to Synapse Protocol
- Connect your MetaMask wallet
- Select an asset, source chain and destination chain
- Approve and Bridge
Funds will be bridged in a few minutes.
Bridging to / from Terra LUNA
You can bridge from ETH, BSC or ONE. I avoid ETH gas fees like the plague for most transactions.
Terra bridge charges 0.1% or $1 - whichever is greater. That’s quite cheap for a bridge.
Now, say you want to bridge $1000 from MATIC to LUNA, you could do the following:
1. Use @SynapseProtocol to bridge from MATIC to BSC (~$3 fee)
2. Then use http://bridge.terra.money to bridge from BSC to Terra LUNA (~$1 fee)
Alternatively, you could just use a CEX as described in part 1.
Bridging to / from BTC, Solana, Terra and EVM chains :
@Allbridge_io allows you to bridge to and from:
• EVM Chains
Fees are ~0.5% - higher than @SynapseProtocol, but you can reduce it by holding their
Bridging to / from NEAR
You can use Rainbow Bridge to bridge between ETH, BSC, NEAR and AURORA.
To bridge to NEAR, you could:
2. Then bridge from Aurora to NEAR. Must avoid ETH gas fees
Bridging to Cosmos
To do this, you'll need funds in BSC or LUNA:
1. Use the above methods to get your $ to Terra.
2. Then use http://bridge.terra.money to bridge UST from Terra to Osmosis.
3. Swap UST for ATOM
4. Withdraw ATOM from @osmosiszone
Another multichain bridge.
You can also use @evolution_bsc to bridge between EVM chains, SOL and BTC.
They even send you a small number of tokens to help with the gas costs.
It's also very user-friendly, allows you to send USDC or USDT.
Note that EvoDefi allows you to bridge TO BTC and SOL, but not FROM BTC and SOL.
Fees are 0.5% + ~$1
These are the best methods I've found for bridging assets to and from various chains.
Sometimes you might need to mix and match. Bridging is a really tedious process currently IMO, and a big hurdle for new users.
If you find this overwhelming, remember that the yields in DeFi are high only because it's too complicated for most people. Push yourself to learn about #DeFiand to experiment with it, so can capitalize on these yield opportunities while they last.#WAGMI
Let me know if you know of easier / cheaper / faster ways to bridge.
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