Do you have AVAX on the Ethereum network but don’t know how to transfer it to the Avalanche network? This article is for you!!!
Transferring coins to the Avalanche network
The current gas gwei of AVAX is about $0.0005 – $0.03/transaction. Therefore, to transact, you should prepare about 0.2 AVAX ($13) for transaction fees.
Buying AVAX coins on an exchange
Currently, you can buy AVAX on many exchanges such as Binance, Gate.io, Okex, etc. AVAX is a popular coin, so most exchanges support buying/selling this coin. You can choose the exchange you want to trade on.
Storing AVAX coins on a supported Avalanche blockchain wallet
Currently, AVAX ecosystem tokens can be stored in various wallets. You can store AVAX with simple steps as shown in the image below.
Note: When you send AVAX coins from a CEX exchange (e.g., Binance), you need to clearly distinguish between chains. AVAX will belong to the C-Chain if sent from a CEX. Therefore, you should choose the receiving and sending addresses that are compatible to avoid incorrect chains, wrong addresses, and unfortunate loss of coins.
Reference: Guide to creating and using an Avalanche wallet
Transferring coins/tokens from another blockchain to the Avalanche network
After buying AVAX and having an Avalanche wallet, you can participate in events or “skin in the game” within the ecosystem. There will be various AVAX token standards such as BSC (BEP20), Avalanche C-Chain (ARC-20), and Avalanche X-Chain. Depending on your needs, you can convert token standards according to the corresponding chain.
To help you visualize, I will specifically guide you through the process for the two methods above as follows:
Transferring coins from another blockchain to Avalanche using a cross-chain bridge
For the Avalanche chain, there are currently many cross-chain bridges that support this network. We can choose from options like the cross-chain bridges on AnySwap, Multichain.xyz, Celer Bridge, Allbridge, etc.
AnySwap
The AnySwap DEX allows users to trade on different chains, leverage liquidity, and use AnySwap as a bridge between chains including Ethereum, Binance Smart Chain, Avalanche, Huobi ECO Chain, Fantom, Polygon, Fusion, etc.
Allbridge
Allbridge, with the orientation of developing into a multi-chain hub following the DAO model, establishes bridges between EVM networks and other networks. If you are using it and need to transfer from this network to other chains, Allbridge is considered a very useful tool
Buying tokens on a CEX and transferring them to an Avalanche blockchain-supported wallet
If you don’t know how to buy Stablecoins (USDT, USDC) with Vietnamese Dong (VND), you can read the article here.
After you have USDT, you will buy AVAX on any exchange like Binance, Gate.io, FTX, etc., and transfer the tokens to your Coin98 Wallet. Please follow these steps:
- Step 1: Use USDT to buy AVAX on Binance.
- Step 2: Transfer AVAX to the Avalanche network (enter your Avalanche wallet address).
Investing and earning with Avalanche ecosystem tokens
Lending
BenQi is a Decentralized Non-custodial Liquidity Market (aka Lending & Borrowing) platform on Avalanche. You can use this dApp as Lenders to earn interest from creating liquidity or Borrowers by mortgaging your assets.
IDO Platforms
IDO platforms are one of the decisive factors in attracting capital flow within the Avalanche ecosystem. Avalaunch, with a concept similar to launchpads like Poolz, DAO Maker, and DuckStarter, offers solutions that ensure security, price stability, profit predictability, investor information, and access to future token sales, auctions, and whitelist sales.
Conclusion
I hope this information will help you more easily approach the DeFi market and find the best strategies to optimize your profits. I wish you much success.
Read more: Guide to transferring coins to the Terra network.
