Do you have BNB in the ERC-20 standard but don’t know how to transfer it to the BSC network? This article is for you, check it out right here!
Have you bought BNB on an exchange or do you have BNB on another network like Ethereum and want to “skin in the game” in the BSC ecosystem, but don’t know how to transfer it to the BSC network? Then this article is for you. In this article, Coin98 will provide detailed instructions on how to:
- Buy and store BNB.
- Transfer BNB tokens from a centralized exchange (CEX) or use a cross-chain bridge to transfer funds to the BSC network.
- Find opportunities to “skin in the game” in the BSC ecosystem.
Let’s follow along with the article below.
About the BSC Blockchain
Binance Smart Chain is a blockchain built by Binance based on Ethereum’s EVM mechanism. Binance Smart Chain (BEP20) and Binance Chain (BEP2) are two blockchains that operate in parallel and independently of each other. Thanks to its compatibility with EVM, projects built on the Ethereum platform can easily transition to Binance Smart Chain.
To participate in DeFi on Binance Smart Chain, similar to other chains, you also need the native token of the corresponding chain for fees, also known as gas fees (fees that you need to pay to the network). The current gas gwei of BSC is about $0.001 – $0.003/transaction. Therefore, to transact, you should prepare about 0.05 BNB ($21) for comfortable transaction fees.
Step 1: Buy BNB coins on an exchange
Currently, you can buy BNB on many exchanges such as Binance, Gate.io, Okex, Kucoin, etc. BNB is a popular coin, so most exchanges support buying/selling this coin. You can choose the exchange you want to trade on.
Exchanges that list BNB
Step 2: Store BNB coins on a BSC blockchain-supported wallet
After buying tokens on a centralized exchange (CEX), you need a non-custodial wallet to store tokens and interact with the DeFi space. Currently, BSC ecosystem tokens can be stored in various wallets. You can store BNB with the following simple steps:
- Step 1: Click on the BNB wallet.
- Step 2: Select Receive.
- Step 3: Copy the BEP20 wallet address and send your BSC network tokens to the wallet.
Step 3: Transfer BNB coins from another blockchain to the BSC network
After buying BNB and having a BSC (BEP20) wallet, you can participate in events or “skin in the game” within the ecosystem, such as participating in new project launchpads on Binance Exchange. There will be various BNB token standards such as BSC (BEP20), Binance Chain (BC), Heco Chain (HRC-20), and Avalanche C-Chain (ARC-20). Depending on your needs, you can convert token standards according to the corresponding chain.
For example, if you have BNB (HRC-20) tokens and need to convert them to BNB (BEP20) tokens, there are usually two ways:
- Method 1: Convert the tokens from the Heco Chain blockchain to the BSC blockchain using a Cross-chain Bridge.
- Method 2: Buy coins from a CEX and transfer them to a wallet that supports the BSC blockchain.
To help you visualize, I will specifically guide you through the process for the two methods above as follows:
Transferring coins to the BSC network using a cross-chain bridge
For the BSC chain, there are currently many cross-chain bridges that support this network. We can choose from options like the cross-chain bridge on Binance Bridge, Coin98 Wallet, SafePal, Multichain.xyz, AnySwap, pNetwork, etc.
- Binance Bridge
Binance Bridge is a bridge that supports transferring assets from various blockchains (TRX Network, Solana, Ethereum, Binance Chain Network) to BSC Network, Binance Chain, and vice versa. To date, Binance Bridge supports nearly 90 popular tokens.
Buying tokens on a CEX and transferring them to a BSC 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 BNB 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 BNB on Binance.
- Step 2: Send BNB to your BSC wallet by entering the BEP20 wallet address
Step 4 : Invest and earn money with BSC ecosystem tokens
Lending
Lending is a way for you to lend your assets to earn interest. Currently, you can participate in lending on platforms like Cream, Spartan Protocol, etc.
Cream Finance is a decentralized lending protocol that currently supports the Ethereum, Binance Smart Chain, and Fantom networks. Cream Finance supports a large number of different assets. Its products include Money Markets, Iron Bank, Cream Staking, and ETH2 Staking. With Money Markets, you can easily supply (deposit to earn interest) or borrow (borrow assets from the protocol).
Yield Farming
Farming is a way to provide liquidity to AMMs in exchange for rewards. Farming offers much higher returns than lending and staking, but you will face the risk of impermanent loss.
There are many yield farming platforms that support the BSC blockchain network, such as Alpha, Beefy Finance, Orion, and JustLiquidity.
Launchpad
A launchpad is a platform for launching new projects. Currently, there are several projects built, developed, and supported on the BSC blockchain, such as PancakeSwap, Hot Cross, and Poolz.
Not to mention Binance Exchange, the world’s leading exchange, which also has integrated Binance Launchpad – Binance’s exclusive token launchpad. Most of the projects “named” on this platform have a very smooth start with some impressive gains for users and a bright spot for new projects.
To participate in buying projects on Launchpad, you need to hold an amount of BNB (any amount). This is also the amount used to commit to buying later. I will outline a few steps as follows:
- Step 1: Hold BNB in your Binance wallets (Spot, Margin, Futures, Flexible Savings, etc.)
- Step 2: Determine the specific holding amount and hold it for the specified period (the system will automatically take snapshots of your BNB balance to calculate the average total)
- Step 3: When the time comes, commit and lock BNB to exchange it for the token being purchased. Depending on the number of tokens being sold and the total number of participants, the system will calculate a reasonable allocation. Then, the tokens will be exchanged for BNB = Tokens sold (at the purchase exchange rate). The remaining BNB (if any) will be transferred directly to your Spot wallet.
Participating in Binance Launchpad can help you quickly multiply your account, but investing always comes with (potential) risks, so we should carefully research the project before participating.
Conclusion
To learn more about the BSC ecosystem and discover DeFi platforms within the ecosystem…
I hope this information will help you easily access the DeFi market, as well as find the best ways to optimize your profits. I wish you much success.
Read more: Guide to Transferring Coins to the Cardano Network to Skin in the Game
