How to Use Binance Bridge to Swap Your ERC20 tokens with BEP20 [Binance Smart Chain] Tokens - Step-By-Step Guide...
Hey All;
In this blog post, I'm going to share how I leveraged Binance Bridge to swap 0.35 ETH that I had on the Ethereum Network to 0.35 ETH that is BEP20 on Binance Smart Chain to buy $CUB.
Step by Step Guide to Exchange ERC20 tokens to BEP20 Tokens
- Step 1:: Vist the Binance Bridge & select the Asset i.e. the token that you want to swap & click connect to wallet. I'm connecting via my MetaMask wallet, you can use any other wallets as appropriate to connect.
In the given example, I'm swapping 0.35 ETH that I had on the Ethereum Network to 0.35 ETH that is BEP20 on Binance Smart Chain to buy $CUB. In the given image above, I've selected an asset as ETH and entered the amount 0.35 ETH that I want to swap. For the destination, field enter your Binance Smart Chain address where you will be receiving the 0.35 ETH that is BEP20 compatible to your BSC address.
- Step 2:: Confirm Transaction
Once appropriate fields are entered in the first step i.e. the amount to swap and the BEP20 destination address. Cross-check the details that pop up on the confirmation transaction screen and if you are thoroughly satisfied with details that you had entered are correct, then only click the Confirm Button
- Step 3:: Submit Transaction Via Wallet [MetaMask]
Since in step 1; I connected via my MetaMask wallet that is the reason in step 3 I got this message to submit transaction via Metamask This is the final step wherein you will be confirming the transaction details and a transaction hash would be created where you can check the progress of your ETH transfer to the Binance Smart Chain Network
Transaction Confirmations before ETH transfer to BSC Address
That's all about it and now you need to wait for the transaction confirmation and it would take a couple of minutes to see the ETH transferred to your BSC address..
From the images above you can clearly see that after 12 block confirmations the 0.35 ETH transfer confirmation from the pending state changed to confirmed with showcasing the Transaction-ID which can be viewed on the BSC network.
Here is the snapshot of my BSC wallet screen that showcases the transfer of the 0.35 ETH to my BEP20 BSC address
BSC Wallet Screen - Before the transfer of ETH
BSC Wallet Screen - After ETH transfer
Buying $CUB with the BEP20 0.35 ETH Received
Finally that I've received the equivalent ETH to my BSC wallet address, I exchanged BEP20 ETH with $CUB
Off lately $CUB has been taken a beating and hence I decided to invest more in $CUB and increase my stake in iT. So far with all the LPs that I've, $CUBs harvested and $CUBs purchased all of them i.e. close to 520+ $CUB; I've parked in the $CUB Den and have been harvesting $CUB daily
Finally; I hope this step-by-step guide should help you to transfer your ERC20 tokens to the BEP20 BSC network. At first, when I was trying it out I had a lot of doubts but when I got one transaction executed successfully, I gained confidence and then worked out my way to exchange a major chunk of ETH that I had to the BSC wallet to trade & stake $CUB & further enhance the percentage of my $CUB harvesting.
Hoping for $CUB to be $10+ SooN...
Best Regards
Have Your Say...
Did you explore the Binance Bridge to swap your ERC20 tokens? And how was your experience?
Best Regards
PS:- None of the above is a FINANCIAL Advice. Please DYOR; Do your own research. I had an interest in the LEO project and it's token & hence bought some LEO/$CUB tokens; that's iT.
PS:: Image Credits:: leofinance, finance, etherscan
Posted Using LeoFinance Beta
This is a long process and a lot of steps involved.
Thanks a lot for compiling the guide. This will definitely help a lot of users here.
Take care
Agreed, very useful.
Posted Using LeoFinance Beta
Very simple & easy to understand tutorial. Thanks a lot @gungunkrishu. It looked complex at first but with all the screenshots it helped me go through the process.
I hope team LeoFinance releases LeoBridge soon and then we can have better, in house bridge to pass.
Posted Using LeoFinance Beta
Hello @gungunkkrishu
Truly that you have shared a very useful guide, the process seems to be very simple, that's a good thing, many people stay away from DeFi because they don't understand it.
They feel it is something very difficult, and I particularly think it really is not. Good input.
Thanks for posting this.
Nice post. I use this bridge for arbitrage and although it works, it is a lot of steps, but I did like the discounted ETH gas fees. I don’t know how long that will last, but I try to take advantage of it as much as the market allows.
Posted Using LeoFinance Beta