Are you interested in using tokens from other chains but don’t know how to transfer them to Ethereum? Check out this article!!!
If you’re interested in and using tokens from the Ethereum chain but don’t know how to transfer them to other networks, then this article is for you. In the following article, will provide detailed instructions on how to:
- Buy and store ETH.
- Transfer ETH tokens from a centralized exchange (CEX) or use a cross-chain bridge to transfer funds to the Ethereum network.
- Use platforms for investing & earning within the Ethereum ecosystem.
Let’s follow along with the article below.
About the Ethereum Blockchain
Ethereum is an open-source, decentralized computing platform based on blockchain technology with the ability to execute smart contracts – that is, the terms written in the contract will be executed automatically when the pre-conditions are met, without any intervention.
At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAOs). 1 Currently, the gas fee for ETH is around $10-$13/transaction. With such fees, you need to prepare about 0.006 ETH ($22) for transaction fees to be able to use it comfortably.
Step 1: Buy ETH on an exchange
Currently, ETH is supported on almost all CEXs, so you can freely choose from several prominent exchanges like Binance, Huobi, Gate.io, Okex, etc.
In the section below, I will provide more detailed guidance on which exchange you should buy ETH from.
Step 2: Store ETH on a supported Ethereum blockchain 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, ETH ecosystem tokens can be stored in various wallets, including . You can store ETH or ERC-20 standard tokens with the following simple steps:
- Step 1: Click on the ETH wallet.
- Step 2: Select Receive.
- Step 3: Copy the wallet address or use the QR code.
Reference: Guide to creating and using an ERC-20 (ETH) wallet on
Step 3: Transferring coins from another blockchain to the Ethereum network
After buying ETH and having an ETH (ERC-20) wallet, you can participate in events or “skin in the game” within the ecosystem. ETH on the Ethereum chain can be conveniently transferred to other chains, but please note that the fees can be quite high at times, even reaching tens or hundreds of dollars for a single swap. To optimize costs, wait for gas prices (gwei) to decrease before making transactions.
Typically, you have two ways to transfer tokens to the ETH blockchain:
- Method 1: Convert tokens from another blockchain to the Ethereum network using a cross-chain bridge.
- Method 2: Buy coins on a CEX and transfer the tokens to a wallet that supports the Ethereum blockchain.
In the last section, I will guide you on how to add tokens to your wallet if the wallet doesn’t automatically display them.
Transferring coins from another blockchain to Ethereum using a cross-chain bridge
Currently, there are two bridges in the market that support transferring assets to the ETH ecosystem:
Connext
Connext
Connext is a bridge that supports transferring assets from various chains to Ethereum and vice versa. Connext is known as a project that provides Layer-2 solutions on the Ethereum network, helping to solve network congestion issues, connecting L2 solutions together, and also helping users take full advantage of the power of Layer-2 solutions without having to perform too many tasks.
Allbridge
Allbridge is known as a bridge between blockchains in DeFi and is built on the Solana ecosystem. With the orientation of developing into a multichain hub following the DAO model, it establishes bridges between EVM networks and other networks. Currently, Allbridge supports various blockchains, including Ethereum. If you are using Ethereum and need to transfer assets to other chains, Allbridge is considered a very useful tool.
Buy tokens on a CEX and transfer them to an ETH-compatible wallet
If you don’t know how to buy stablecoins (USDT, USDC) with Vietnamese Dong (VND), you can check out this article.
After you have USDT, you can buy ETH on any exchange like Binance, Kucoin, Gate, etc., and transfer the tokens to your Coin98 Wallet by following these steps:
Step 1: Buy ETH with USDT on Binance.
Step 2: Transfer ETH to your Ethereum wallet by entering your ERC-20 wallet address.
Step 4: Investing and Earning in the Ethereum Ecosystem
Lending
Lending is a way for you to lend your assets to earn interest. Currently, the largest lending platform in the Ethereum ecosystem is Cream v2 – a project focused on lending and borrowing.
CREAM was launched with the initial intention of supplying and lending DeFi assets and creating markets for more efficient token trading, as well as addressing unmet market needs.
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.
For farming, you have a lot of options to choose from across many supported platforms, such as Badger, Celer, PieDAO, dYdX, etc.
You can “skin in the game” on dYdX, a platform with many features including lending, borrowing, and margin trading. Participating and using the exchange also increases your chances of receiving rewards. I have shared a tutorial previously; you are welcome to refer to it for more information.
Reference: Detailed guide to using the dYdX exchange
Conclusion
Skin in the game” is a great way to earn in DeFi, but it also comes with some risks. Don’t miss the article “How to Farm and Play DeFi Safely, Avoid Getting Your Wallet Hacked
Hopefully, after reading this article, you can easily access the DeFi market, as well as find the best ways to optimize your profits.
Read more: A DETAILED Guide to Transferring Coins to the Osmosis Network
