Do you want to have BNB coins instead of ETH in your portfolio? then, there are two methods to choose from.
The first method involves swapping your ETH for BNB using decentralized exchanges and bridge. The second method involves spot trading on centralized exchanges like Binance.
Both methods have their advantages and disadvantages, so it's important to choose the one that works best for your needs. Decentralized exchanges and bridges are a good option for those who value anonymity and security, while centralized exchanges like Binance offer more liquidity and are more suitable for those who prefer a more regulated exchange.
Swap Eth to BNB
Decebtralized Way to Swap ETH to BNB
To swap ETH for BNB using decentralized exchanges and bridges, we will use two popular decentralized exchanges: Uniswap and Pancakeswap, along with a blockchain bridge called Synapse Protocol. Uniswap is built on the Ethereum blockchain, while Pancakeswap is built on the Binance Smart Chain.
Step 1:You will need to have your ETH in Metamask or in such wallet that is compatible with the Ethereum blockchain.
Step 2: Swap your ETH for USDC on a decentralized exchange (DEX) like Uniswap (V3).
Step 3: Head over to Synapse Protocol and use it to bridge your USDT from the Ethereum Mainnet to BNB Chain and convert it to BUSD, which is a stablecoin native to Binance.
You will be given a fraction of the native currency in your MetaMask that you are bridging on, as compensation for paying the transaction fee. In this case, you will receive 0.003 BNB.
Step 4: To perform the transaction of swapping your BUSD for BNB, you need to visit the Pancakeswap. Once you are there, you will need to connect your MetaMask wallet. Next, you can select the BUSD token from the From dropdown menu and choose BNB from the To dropdown menu. After this, enter the amount of BUSD you want to swap and click on the Swap button. Confirm the transaction details and the amount of gas fee you are willing to pay. Once the transaction is confirmed, you should receive the corresponding amount of BNB in your MetaMask.
Swap ETH to BNB on Binance
Step1: Create an account on the Binance exchange.
Step2: Send your ETH to your Binance account.
Step3: Navigate to spot trading on Binance and select the ETH/BNB trading pair.
Step4: Place your order to swap ETH for BNB. You can choose between a market order, which will execute immediately at the current market price, or a limit order, which allows you to set a specific price at which to execute the trade.
What is Synapse Protocol?
Synapse is a interoperability protocol that facilitates secure cross-chain communication between different blockchains. By offering an extensible cross-chain messaging protocol, Synapse connects blockchains and enables the transfer of assets, smart contract calls, and other important data between them.
Through Synapse, blockchains can easily and securely communicate with each other, which helps to eliminate the need for intermediaries and enhance the overall efficiency of blockchain ecosystems. This is their official guide to learn more about the Synapse Protocol.
Frequently Asked Questions
1. How long does it take to bridge USDTto BUSD on Synapse Protocol?
It usually takes 20-30 seconds to bridge assets on Synapse Protocol.
2. Is there a fee for swapping ETH to BNB?
When you're using the bridging method to convert ETH to BNB, you should be aware that the fees for this process can add up to $10 for each transaction. However, when you're looking to swap BNB to ETH on Binance, the fees will be significantly cheaper, with a maximum cost of $5 for whole process.