Are you looking to bridge your Ethereum (ETH) chain stable coins to the Binance Smart Chain (BSC) or vice versa? Then this guide will help you to bridge USDT, USDC and DAI from the Ethereum chain to the Binance Smart Chain and vice versa.
Firstly, let's get into what exactly is bridging. Bridging is process of moving tokens from one blockchain network to another. A bridge uses interoperability to communicate between chains.
Bridging Stable Coins From ETH to BSC and Vice Versa
When you're looking to transfer stablecoins like USDT, DAI, or USDC from Ethereum to Binance Smart Chain, Synapse Protocol is the best solution. It's the most extensive and liquid cross-chain DEX out there, facilitating smooth token exchanges between two networks
The protocol provides a wide array of tokens to bridge such as USDC, USDT, DAI, and more at affordable fees and minimal slippage. To begin, all you need to do is follow these easy steps:
Step2: From there, select Ethereum as your Current Chain, which is where your USDT, USDC or DAI are currently located. Then, choose the BSC as your Destination Chain, where your tokens will be transferred to after the bridge process. You can do vice versa when bridging stable coin from BSC to ETH.
Step3: After that, pick the specific stable coin you want to bridge and indicate the amount you wish to transfer. Here, USDT is selected to bridge.
Step4: Before proceeding, be sure to review all transaction details carefully to ensure accuracy. Finally, click on the Bridge Token button and your tokens will be transferred to the BNB Chain in under 20-30 seconds.
What Are Stablecoins?
Over the past few years, stablecoins have become increasingly popular due to their ability to address the major issue of cryptocurrency - volatility. Unlike Bitcoin and Ethereum, stablecoins are specifically designed to maintain a steady price over time by being tethered to an underlying asset such as the U.S. dollar.
Frequently Asked Questions
1. What happens if there is an issue with the bridge transaction?
In the event of an issue with a bridge transaction, it is important to contact the Synapse community for assistance. You can contact them via Discord, Telegram, or post a question on the Synapse forum. Make sure to read the guide for more familiarity with the Synapse protocol.
2. Are there any fees associated with bridging stablecoins between Ethereum and Binance Smart Chain?
Yes, there are usually fees associated with bridging stablecoins between different blockchain networks. This will cost you 2-3$ on Synapse Bridge.
3. What stablecoins can be bridged between Ethereum and Binance Smart Chain?
On Synapse bridge, some of the most popular stablecoins can be bridged include USDT, USDC and DAI between Ethereum and Binance Smart Chain.