In the previous section Coin68 went through how to use wallets to trade on DEXs and dApps. Continuing this series, we will guide you how to bridge directly through MetaMask and other cross-chain bridge options to optimize costs and limit price slippage when trading.
MetaMask 101: How to use wallets to transact with cross-chain bridges
1. What is a cross-chain bridge?
Cross-chain bridge is a type of decentralized application that allows transferring a Token from one chain to another. The biggest advantage of using cross-chain bridges can be said to be low cost and time saving.
For example, if you want to transfer the ETH in MetaMask wallet from Ethereum to Arbitrum, we will usually transfer back to CEX exchanges and then transfer ETH to Arbitrum, this takes many steps and your time. Cross-chain bridges are the solution to that problem.
In the sections below, Coin68 will help you experience different cross-chain bridge products so you have more options when trading.
2. How to use cross-chain bridges
2.1. Bridge directly with Metamask
To bridge your assets:
- Select the bridge icon on the Metamask wallet, you will now be redirected to MetaMask's bridge.
Select the Bridge icon
- First you need to connect the wallet and follow the steps to grant permission to link the account.
Connect the wallet to the Bridge
- Select From this network : the chain you want to transfer Token to (e.g. Ethereum) and To this network : the chain you want to receive Token (e.g. Optimism).
- Select the Token and enter the amount you want to send. Usually the amount you receive will be lower, this amount does not include transaction fees.
Select the transfer chain and receive Token, the number of Token you want to transfer
- You can XEM the selected route that MetaMask uses to transfer Token and choose another route by clicking “ Choose a different quote ".
XEM the MetaMask path selected
- In this list, MetaMask will suggest you many bridge service providers with Gas Price and estimated time to receive assets in other networks.
List of other service providers
- Below the Bridge option you will receive information about the total amount needed to make the transaction. So you need to prepare about 17 USD to be able to bridge 14 USD ETH to Optimism. Click " Confirm " to confirm the transaction.
Confirm transaction
In addition to bridging directly through the bridge on MetaMask, if you want to have many other options to optimize costs, in section 2.2 below I will send you some popular cross-chain bridges.
2.2. Other popular cross-chain bridges
2.2.1. Stargate Finance
Stargate Finance is a cross-chain solution built on the LayerZero platform, to help users trade Token across many different chains easily.
Stargate Finance is compatible with many blockchain platforms such as Ethereum, Optimism, Polygon, Arbitrum, Fantom, BNB Chain, Avalanche,... In addition to providing Token transfer bridges to many different chains, Stargate Finance also has many other products such as Swap, add liquidation pool, farming and Stake STG.
In this article we will only focus on how to move assets across different chains. To use the transfer feature, users follow these steps:
- Visit stargate.finance.
- Connect your wallet to Stargate.
- Select transfer in the navigation bar.
- Select Token, origin network, destination network and quantity. As below, I want to transfer 150 USDT from Arbitrum to BNB. I can choose the Max amount of USDT because the Gas Price is calculated in ETH and my wallet has enough of this fee so there will be no problem of lacking money to pay for gas. On the contrary, if the Token you transfer is a Token used to pay Gas Price , the amount should be adjusted here.
Enter transaction information
- You then need to expand to XEM details about the amount you will receive at the destination network, the inflation rate, and the fees you need to pay.
XEM Gas Price and price escalation
- Click agree and perform the confirmation steps on MetaMask as instructed in previous articles.
Depending on the network, the time it takes to receive assets varies. For example, if you bridge from Polygon to BNB , it takes more than 20 minutes. In other cases, it only takes less than 1 minute. Stargate Finance will let you know the time it takes to receive the asset at the destination network.
2.2.2. Orbiter Finance
Orbiter Finance is a decentralized bridge, specializing in supporting asset transfers between Layer 2. Orbiter supports transactions between Ethereum, StarkNet, zkSync, Loopring, Arbitrum, Arbitrum Nova, Optimism, Polygon, BNB Chain, ZKSpace, Immutable X, DYDX, METIS and Boba.
When using Orbiter you will see the terms Sender and Maker . The actual sender is the user who wants to send Token from the Source network (origin network). Token will be transferred to Maker (intermediary). Upon receiving the sent Token , the Maker will send the Token to the Sender on the Destination network (destination network).
Unlike Metamask, you usually enter an amount you want to bridge first, then MetaMask will provide information about Gas Price and the total amount needed for the transaction. Thus, you must manually adjust the amount you want to transfer in case the cost is not enough.
When using Orbiter to bridge, if you choose the maximum number of Token you want to transfer, the bridge will reserve first and give out the appropriate amount of Token .
For example : I have 0.009934 ETH and want to transfer this amount to Arbitrum. After the steps of connecting the wallet and entering the information to trade, when I choose Max Token, Orbiter automatically calculates and gives 0.00762 ETH. This is the amount of Token I will receive from Arbitrum.
Enter the chain you want to transfer and the number of Token
After pressing Send, you will XEM information about the total amount needed for the transaction and the amount of ETH you will receive from Arbitrum. Then you choose Confirm and Send . The remaining steps are to confirm on MetaMask and wait for the transaction to complete.
Gas Price information and amount received
2.2.3. Across Protocol
Across Protocol is a cross-chain bridge that allows users to Token Migration between Layer 2 blockchains and Ethereum efficiently. Currently, Across Protocol is supporting bridge Token users at the following Layer 2 : Arbitrum, Optimism, Base, Polygon and zkSync.
The steps include:
- Connect the dApp to your MetaMask account.
- Select Bridge on the navigation bar.
- Select Token, origin network, destination network and quantity.
- Click Confirm and wait for the pop-up from MetaMask. When using Across, you should not select Max number of Token you want to transfer, because there will not be enough Gas Price as warned below. In case the cost is enough, you continue to select Confirm for the transaction to be performed.
2.2.3. Bungee Exchange
Bungee Exchange is a comprehensive bridge that allows users to find the best path to transfer Token ,...), helping users find the best route with low fees and little price inflation.
The steps to perform a bridge on Bungee are similar to the above sections. The difference is that with Bungee, you have more transaction options such as:
- Bridge the same Token between 2 different chains. This method is similar to what I instructed in previous dApps. You can also choose different routes depending on your needs.
Enter transaction information
- Bridge 2 different types of Token between many different chains and Bungee Exchange will offer routes from many bridges with different swap fees and price slippage for users to choose from. As below, I can bridge ETH from Ethereum to USDC at Arbitrum. The above dApps will not support this solution.
Bridge transaction of 2 Token between 2 different chains
- In addition, if the destination chain does not have transaction fees, you can open the Refuel feature, allowing users to convert native Token on the source chain into native Token on the destination chain.
- Enter the Token receiving address at Recipient Address only if you want to receive Token in another wallet.
Enter the receiving address
- Make a bridge and confirm the transaction according to information from MetaMask.
summary
Above are the steps to help you trade on the cross-chain bridge that Coin68 wants to introduce to everyone. After each transaction, you should disconnect the wallet from the dApps as well as revoke Token that have been granted transaction authority to limit the risk of being hacked.
Cameron
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