Crystal Clear Educational Series 4: Bridging from BSC to Polygon 💎🌉
The best way to move your funds from Binance Smart Chain to Polygon/Matic Network
Successful DeFi users are always on the lookout for the hottest 🔥 ways to earn across various blockchain networks. So — how is it that they manage to transfer their funds from one blockchain to the next? They use a Bridge service! Go ahead and read this article which is a part of the PolyCrystal.Finance Educational Series to discover how you can easily move some funds from BSC to Polygon!
⚠️Disclaimer: None of the information on this article should be interpreted as financial advice.⚠️
What is a Bridge?
To put it simply, a Bridge is a service provided by a middleman entity that is willing to take your cryptocurrencies on one network such as BSC and “transfer” them to another network such as Polygon. At least… That’s how it seems to work at a glance 👀!
In reality, when a user utilizes a Bridge service their original tokens don’t actually leave the network! What really happens behind the scenes is that the middleman accepts a deposit on the original Network A and keeps it. Next, since they have an agreement with you to Bridge your funds, they actually use their own funds on Network B to send an equivalent deposit of tokens to the destination address you specified for that network! Minus the service fees 😉.
Why are Bridge services required?
You might be thinking, “I don’t need a Bridge, I’ll just send my BNB from my BSC wallet address to my Polygon wallet address”. Stop 🛑! If you try to do this, there is a big chance that your funds will be lost and you will never get them back 😱!
Cryptocurrencies cannot transmit across different networks. Each token follows its own standard (called a token protocol), which can only be interpreted by its native blockchain. For example, in the case of BSC the token protocol is BEP20, in the case of Ethereum it is ERC20, and in the case of Polygon it is ST-20. To put it simply, if you try to send a BEP20 token to a ERC20 address it is akin to depositing money from a game of Monopoly into a real bank’s ATM machine. Not only will the machine reject your deposit, but it will probably get stuck and you’ll be left missing a bill next time you sit down to play the board game with your friends 😥!
⚠️Warning: Do not attempt to send tokens from an address on one network to an address on another network without a Bridge service!⚠️
Which Bridge should I use?
Nowadays there are many Bridge services capable of assisting you with moving your balance across different networks. Consider the following points when choosing a Bridge service:
- Does the Bridge support the token you want to transfer 🤔?
- Does it operate quickly? No one likes waiting 😤!
- Is the Bridge used by other people? It’s a lot more comfortable knowing you are not the only one using a service 😌!
- Are there any fees or commissions? It’s always nice to save some funds 💰…
- If you do not receive your transfer, is there a way to contact the service operators to help you recover your funds?
- Is the Bridge trustworthy overall? 🤝
⚠️Disclaimer: Please exercise caution when choosing to use a Bridge service, only use a service that you personally trust! The service provider and yourself are the only ones that can be held responsible for your funds.⚠️
How to Bridge from BSC to Polygon?
Hopefully you’ve read all the important information above and consider yourself ready to use a Bridge. In this example, we will use a Bridge to send some $BANANA 🍌 from BSC to Polygon using Multichain.xyz which is provided by ApeSwap as a convenience on their site. Note that we are not soliciting the use of any Bridge over another. The information that follows is only provided for educational purposes and it is not financial advice!
If we hover the information icon (i) we can see some useful information, such as the minimum and maximum amounts that can be sent, as well as the fees. Looks like a good deal!
Okay, we’ll go ahead and get some $BANANA 🍌 on the ApeSwap exchange.
🧐Note: MetaMask is a great wallet because you can use the same wallet address on both BSC and Polygon networks!🧐
Standard stuff, press “Connect to a wallet” to connect your wallet to the ApeSwap dApp. In our case, we have some USDT in our MetaMask wallet connected to the Binance Smart Chain. In your case, swap whatever token you are willing to part with in order to Bridge funds to Polygon.
Always consider the information provided by the exchange to ensure you are getting a good deal — especially if you are going to Bridge a lot of $BANANA 🍌! Go ahead and Approve whatever token you are swapping for $BANANA 🍌.
Before you proceed, do consider that this token is a volatile asset — it is not a stablecoin! Since you are deciding to buy and Bridge these tokens, do understand that their value may fluctuate. That being said — $BANANA 🍌 has been relatively stable this July 2021 (see chart on Coingecko). If you were planning to sell them immediately after they are Bridged to Polygon — you would likely get away with a minimal difference. Having understood this, hit the “Swap” button and confirm the transaction.
Alright, now we have some $BANANA 🍌. Let’s go back to Multichain.xyz.
“Connect Wallet” like a pro, again. Then we input how many $BANANA we want to Bridge from BSC to Polygon.
But wait a minute, where in the world are these funds going to be sent? In this case, the Multichain.xyz service simply transfers them to the same address on the Polygon network as the one you are currently using to interact with the site on BSC.
The $MATIC Faucet
Stop 🛑! Don’t hit that “Transfer” button yet! You probably don’t have any $MATIC in your Polygon wallet! On the Polygon network, $MATIC is used to pay for transactions — similarly to how on BSC you use BNB, or on Ethereum you use ETH. If you Bridge your $BANANA to that Polygon wallet you wouldn’t be able to do anything with it unless you have some $MATIC 😨!
Luckily, transactions on the Polygon network are so cheap that there exists a special type of service that is capable of giving you a tiny amount of $MATIC completely for free 🤩! This kind of service is called a Faucet! We actually have a Faucet service right here on PolyCrystal, because we believe in making DeFi accessible to everyone 😉. If you’d like to read about our faucet launch check out the article on Medium. Otherwise, go ahead and navigate to our faucet.
To claim some free $MATIC for your Polygon wallet, make sure to switch to the Matic Mainnet in your MetaMask.
Now you’ll have to Connect your wallet to the site. Simply hit that “Unlock Wallet” button! Once you’ve done that, the button will change and you’ll be able to press “Use our MATIC Faucet”. Go ahead and get yourself some free $MATIC 🤑.
In less than a minute, you should receive some $MATIC in your MetaMask address. Isn’t that awesome? In our case, it looks like we got 0.0005 $MATIC. Neat! This should be more than enough to sell or move our $BANANA 🍌 to another address later if we wanted to.
Alright, let’s get back on track to what we were going on about earlier… What was that? Ah, yes — Bridging!
How to Bridge from BSC to Polygon? (Continued)
In the above picture you may find the display where your wallet address is available in MetaMask. If you’ve followed our previous article on setting up a MetaMask wallet for the Polygon network you should already be familiar with this interface. When we Bridge our $BANANA 🍌 they will go to the same address on the Polygon network as the address for our BSC wallet that currently holds our $BANANA 🍌.
Go ahead and hit that “Transfer” button (if you understood the above). Then approve the transaction and simply await the delivery of your funds!
The site notifies us of the ongoing Bridge process. Very assuring!
Done! Wow, that only took a minute! Lets click the “Transfer transaction successful” text so that we can confirm the delivery of our $BANANA 🍌.
Everything looks right, it’s a transaction delivering $BANANA 🍌 to the same address as in our MetaMask. Lets go ahead and click on the link for the $BANANA 🍌 token (indicated by the green arrow in the above image).
Now copy the $BANANA 🍌 token address so that we can add it to our wallet later, its 0x5d47baba0d66083c52009271faf3f50dcc01023c. Finally, let’s switch to the Matic Mainnet and Add the $BANANA 🍌 token address so that we can see it in our wallet and rest at ease!
The dropdown in the above image is where you can switch networks. Again, if you’ve read that article from before you’ll already know this 😉.
Hit the “Add Token” button and then paste the $BANANA 🍌 token contract address that we copied earlier!
What a relief, our $BANANA 🍌 is right there where it belongs, in our wallet!
We did it! Our $BANANA 🍌 from BSC is now truly in our address on the Polygon network. If we want, we can now exchange it for an asset such as a stablecoin i.e. USDC right here on ApeSwap! Make sure to switch to the Polygon network to do this, since your tokens are now on the Polygon network and not on BSC. Of course, you could also grab some $CRYSTL 💎. The choice is yours, and the possibilities are endless 😁!
Here is the link to swap $BANANA to $CRYSTL for your convenience. Don’t forget to also use some of those funds to get yourself some more $MATIC — you wouldn’t want to run out of funds to pay for transactions 😁 and rely on faucets forever.
If you’ve been following these articles, recognize that you’ve come a long way! You are capable of Bridging from BSC to Polygon, and maybe you’ve even got some $BANANA 🍌 or $CRYSTL 💎 in that Polygon wallet right now! You even know how to save yourself from a nightmare and get some free $MATIC. Give yourself a thumbs up 👍!
Follow our next article(s) released biweekly as part of the PolyCrystal.Finance Educational Series — in which we will go over topics such as:
- Overview & Understanding of PolyCrystal.Finance
- Essential Tools for DeFi Users
- DeFi Security
- Risk Appetite & Risk Management
This article was written by Light. Feel free to reach out to him if you’ve got a question or even if you just want to chat!