In this post, I will share with you how to move your digital assets from other chains to Avalanche blockchain.
Avalanche published AB bridge end of July and thanks for a faster and cheaper bridge over $1 billion moved from Ethereum to Avalanche. No question that https://bridge.avax.network/login is #1 place to move ERC20 coins from Ethereum to Avalanche. In fact you move over $75 worth of assets, you will be rewarded with AVAX in Avalanche to cover your gas for first transactions.
In this article, I want to share with you how we can move our assets from Polygon and Binance Smart Chain to Avalanche blokchain. There are many bridge technologies out there. Some examples are anyswap, relay chain, and synapse protocol.
I am recommending using Synapse bridge to move from Polygon to Avalanche, or BSC to Avalanche. Reason: it is incredibly fast, and it costs only $1 to move assets.
And it is easy. Go to Synapse protocol website
Connect to your wallet.
Choose moving to Avalanche
Select your choice of stablecoin at your current chain.
Select your choice of stablecoin at destination (Avalanche)
Choose amount and submit the transaction. (You might need to approve stablecoin on synapse protocol before submitting the final transaction. This happens only the first time, giving permission Synapse to use your stablecoin)
That is it. Wait for some seconds, and your stablecoins will appear in Avalanche chain.
Cashing out from Avalanche DeFi
You made nice gains and you want to take some profits to home. It is easy and fast with Synapse protocol as well. What you need to process the withdrawal faster is this:
Binance account - If you dont have a binance account, register here.
BSC wallet with some BNB to cover transaction costs. - If you dont have a BSC set up on metamask, go to https://chainlist.org/ connect your wallet and add BSC to your metamask. You will need some BNB to cover your costs, you can send BNB from your Binance account to BSC wallet.
Time to cash out profits from Avalanche. Go to synapse protocol. Connect your wallet to Avalanche chain. choose your stablecoin on Avalanche and set the amount and choose to receive BUSD on Binance Smart Chain. Approve the transaction and wait for 15 seconds. Boom. Stablecoin is in your BSC wallet. Change your network on metamask from Avalanche to BSC and send stablecoin from BSC wallet to Binance account. Please note that when you choose deposit BUSD on Binance account, make sure to choose a correct network: in this case it is BSC - Binance Smart Chain.
Wait for 2-3 minutes, and your stablecoin will show up in your Binance account. You can easily cash out from Binance.
I hope this article helped you. Synapse protocol is very reliable, fast and cheap bridge to help you move your assets to and from Avalanche network.