ElkFinance 🦌 An Easy Polygon 💱 Avalanche Bridge
The Avalanche blockchain has no AVAX faucet like other blockchains, so your first transaction can be troublesome because AVAX is also difficult to bridge between chains.
Step 1 🙅♂️ Don't Buy AVAX If You Want AVAX
First thing to know is that jumping into Avalanche doesn't work exactly like BSC, Polygon, Fantom, or other well-known smart chains. You can easily buy AVAX (the native token required for gas fees on the Avalanche chain) on QuickSwap and other exchanges, but when you attempt to bridge your AVAX to Avalanche you will run into trouble.
Ultimately you'll find bridging AVAX is nothing short of impossible, and the sites that do offer AVAX bridging only support the transfer of stablecoins like USDT, USDC, etc. This leaves you with the ability to send funds over, but then be unable to interact with them in any way, and this is how I eventually arrived at ElkFinance, a convenient solution to this problem.
No AVAX For Gas Fees ⛽ No Problem
The Avalanche blockchain is very promising, and I've found it to be fast, reasonably cheap, and it also hosts a lot of dApps and DeFi projects I want to dip my crypto feet into. Since we're all in the cryptosphere , I assume most of you are somewhat acquainted with this chain, so I won't go into great detail about why Avalanche is so awesome.
One deterrent to many people exploring Avalanche is the fact there is no AVAX faucet, and even worse, seemingly no way to bridge AVAX tokens from BSC or Poylgon, even though they can be purchased quite easily. Several folks on the Avalanche Discord mentioned various swap sites to bridge the AVAX I was holding, such as AnySwap, Synapse, AllBridge and a few others, but none of them worked for one reason or another.
🦌 ElkFinance Saves The Day
If you've used QuickSwap, JetSwap, or pretty much any of the swap/bridge sites, you will notice that ElkFinance's interface feels very similar, and that's cause it is. The one big difference that helps us in this case is that ElkFinance gives you the ability to convert a $1.00 for gas when bridging. This feature gives you enough AVAX to sell your ELK (easily purchased on QuickSwap or ElkFinance) once it arrives on the Avalanche chain.
Once you've sold enough ELK to give you a base of AVAX for future gas fees, you can then sell your ELK for whatever tokens you're wanting to purchase, and then things begin to feel similar to BSC and Polygon again. I converted my ELK to TIME for staking on WonderLand, but that project deserves a post of its own. I hope this post helps any of you interested in investing in the Avalanche blockchain via Polygon or BSC, feel free to ask any questions in the comments.
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Posted Using LeoFinance Beta
great to see that is thier poly and ftm bridge?
For that, nothing is faster and cheaper than XPollinate in my opinion.
OK THANKS FOR THIS INFO
Interesting read, although I have to admit that I'm starting to get a little hesitant to get into new DeFi projects ( let alone on different chains ), as I haven't had much luck so far with my previous investments ( Dinoswap, Pastaswap, Caramelfinance and even CUB, to name a few )
I will put this on my 'watch'list though.
Cheers!
I had a bad run with CUB and DINO too, plus I sold my BOO when it was $2.50, a few days before it began it's climb to $20+. Lately I've been focused on building a DeFi basecamp, going less risky. CAKE is one of the few tokens that seem to be undervalued, so I've been trying to hit 200 CAKE staked on CubFinance, and otherwise just staking TIME on Wonderland.
Thanks for the insight, buddy.
I have so many similar stories by now, after 4.5 year into crypto, that I could make a whole list and am already erasing some from memory.
It's all lessons though, valuable in its own way :<)
Wonderland sounds wonderful but that ( Cheshire ) cat looks somewhat scary!
All in all though, I would say I've had more good luck than bad luck with the DeFi world. It's amazing the amount of movies, music and other pop culture stuff these DeFi sites take influence from. I've even seen a Pink Floyd-themed site.
I wouldn't mind to see a Police Academy DeFi site, not that I would invest, I'd just like to see it.
Posted Using LeoFinance Beta
Police Academy Coin sounds legendary indeed, haha!
It's a shame though that PAC coin already exists and it doesn't even stand for PACMAN coin ;<)
Wow this is the first time I am reading a well detailed information about the AVAX @justinparke
I am still learning about the Avalanche chain, and I really like the foundation it's built on, plus it's cheap and super fast. Thanks for stopping by, glad this post was of use to you.
You are welcome...I.am glad I stopped by