Did you buy NEAR on an exchange or do you have NEAR on the BSC network, and want to “skin in the game” in the Near ecosystem, but don’t know how to transfer it to the Near network?
What to prepare to transfer coins to the Near network?
The gas gwei of Near is currently around $0.0007 – $0.0008/transaction. So to trade, you should prepare about 0.9 ($7) for comfortable transaction fees.
Buying NEAR coins on an exchange
Currently, you can buy NEAR on many exchanges such as Binance, Gate.io, Okex, Kucoin, etc. NEAR is a popular coin, so most exchanges support buying/selling this coin. You can choose the exchange you want to trade on
Transferring NEAR coins from another blockchain to the NEAR ecosystem
After purchasing NEAR and setting up a NEAR wallet, you can participate in events or skin-in-the-game activities within the ecosystem. There will be multiple NEAR token standards, such as NEAR (NEAR Protocol), Binance Smart Chain (BEP20), Binance Chain (BEP2), and Ethereum (ERC-20). Depending on your needs, you can convert the token standard to the corresponding chain.
To help you visualize this better, I will provide a detailed guide for the two methods mentioned above as follows:
Transferring coins from another blockchain to NEAR using a Cross-chain Bridge
Currently, there are quite a few cross-chain bridges that support the NEAR network. I will suggest a few notable bridges as follows:
Aurora Bridge
Aurora Cross-chain Bridge on NEAR
Aurora EVM is an application that runs on the NEAR Protocol, providing scaling solutions for dApps on Ethereum to NEAR. The Aurora Bridge is a bridging application built on the Rainbow Bridge, allowing tokens on Ethereum to be transferred to NEAR for creating pools, trading, and utilization.
Rainbow Bridge
The Rainbow Bridge is a gateway connecting the Ethereum and NEAR platforms. The foundation of the Rainbow Bridge is completely decentralized and adaptable to changes in the Protocol. This bridge allows users to easily access the network, with cost and speed depending on the Ethereum chain. Typically, transactions on NEAR are confirmed within 1-2 seconds with fees under $1.
Purchasing tokens on a CEX and transferring them to a wallet that supports the NEAR blockchain
If you don’t know how to buy Stablecoins (USDT, USDC) with Vietnamese Dong (VND), you can refer to the article here. After obtaining USDT, you can buy NEAR on any exchange like Binance, Gate.io, etc., and then transfer the tokens to your . Please follow these steps:
Step 1: Use USDT to buy NEAR on the Binance exchange.
Step 2: Transfer NEAR to the NEAR network or the chain you desire (enter your NEAR wallet address).
Invest and make money with Near system tokens
Staking
Within the NEAR ecosystem, you can consider the Meta Pool project, a solution for staking NEAR to create liquidity for staked tokens. When staking NEAR on Meta Pool, you will receive not only NEAR but also META – the project’s liquidity incentives.
Farming
Investment and earning opportunities on NEAR are also plentiful. You can choose AMM DEXs like Ref Finance to farm the REF-wNEAR pair and receive a high APY. The rewards will vary depending on the time, and you can access the Ref Finance website here.
Beyond the methods I’ve outlined above, you can explore more detailed opportunities for earning on NEAR through the article below.
Reference: Opportunities for earning within the NEAR ecosystem.
Conclusion
I hope this content will help you more easily access the DeFi market on NEAR, as well as find the best strategies to optimize your profits. I wish you much success.
Read more: Guide to transferring coins to the Polkadot network.
