You want to transfer ICP from the Ethereum network to the Dfinity network but don’t know what to do? Let’s immediately refer to the simple steps to transfer coins to Dfinity network here!
How to transfer coins to the Dfinity network
Preparation
First, you need to prepare ICP Tokens. You can buy them on exchanges such as Binance, Gate, Okex, Huobi, CoinEx, KuCoin,…
Currently, ICP ecosystem tokens can be stored in Plug Wallet, Stoic and Earth Wallet. Here I will take the example on Plug Wallet, you can store ICP with the following simple steps:
Step 1: Visit the Plug Wallet website and download the wallet here.
Step 2: Create a wallet & click Deposit to receive ICP.
Step 3: Copy the wallet address or use the QR code address.
To participate in DeFi on ICP, you also need to prepare fees to pay to the network. ICP’s gwei gas level is currently about $0.009 – $1.99/transaction. Therefore, you should prepare about 0.09 ICP ($5) as a fee.
After buying ICP and having a supported wallet, you can participate in events or skin in the game in the ecosystem. With ICP token, there will be only one token standard on the Internet Computer network.
To make it easier for you to visualize, I will specifically guide you through the process for the above two methods as follows:
Transfer coins to the ICP network using Cross-chain Bridge
There are currently 2 cross-chain bridges that support the ICP chain, we can choose from Slash Protocol and Liquid ICP.
Slash Protocol
The Slash Protocol will apply the AMM mechanism and provide LPs and users with liquidity without requiring any fees. You can use Swap, Cross-chain bridge, Yields, lending & borrowing,… on this protocol.
Liquid ICP
Liquid ICP bridges and expands liquidity for Dfinity (ICP) blockchain to EVM. In addition, Liquid ICP also has platform services such as insurance for ICP holders, Lending, Borrowing and receiving 2x rewards from the system.
See more: 03 Tips to use Cross-chain Bridge effectively.
Buy tokens and transfer them to a wallet that supports the ICP blockchain
You will buy ICP on any exchange like Binance, Gate, FTX,… and transfer the tokens to a supported wallet and you will perform the following steps:
Step 1: Use USDT to buy ICP on Binance exchange.
Step 2: Transfer ICP to the ICP network.
Transfer ICP Tokens from the ICP Blockchain from a supported wallet
Since ICP is the native token of the Internet Computer ecosystem, it will be displayed by default on supported wallets. To transfer ICP tokens to another exchange/wallet, you can do a few simple steps as follows:
Step 1: Go to the ICP support wallet.
Step 2: Select Send.
Step 3: Enter the recipient address or ID & click Continue.
Summary
I hope this content will help you more easily access the DeFi market, as well as find the best ways to play to optimize your profits. Wishing you guys much success.
Read more: Instructions for transferring coins to Avalanche network.
