Bridge from Ethereum to Fantom? Let's go!

By Kopi | kopiarticles | 29 Dec 2021


This sounds pricey already... The process laid out below begins with you holding on to, say USDC already in your MetaMask (a crypto wallet).

Why MetaMask? It can be other wallets, as long as it can be connected to protocols like SpookySwap (a native dex on Fantom), or SpiritSwap (another native dex, though Spooky edges out a bit), or Multichain (known as AnySwap previously). The bridge function from the native dexs are actually based off Multichain/AnySwap.

Why USDC? Liquidity for FTM (Fantom token) is actually quite low, and I had to sell my FTM to transfer my funds to Fantom blockchain.

So it begins - do note that I'm using SpookySwap for below.

Summary:

  • Fees involved: Ethereum gas fees only, no additional fees being charged for bridging
  • Token preferred: anything with high liquidity, so far USDC passed the test. To avoid Fantom token (low liquidity)
  • Take note of the minimum amount to bridge

Link: https://spookyswap.finance/bridge

It should bring you directly to the bridge tab. As we're on Ethereum network, go ahead and connect your wallet on Ethereum.

0b33b388c650cd6db3cc197b24849c091e5ddab25988f62c6e8562c68a898d80.png

Select the chains accordingly and set the amount you would like to bridge over. Yes - fee charged by the protocol is zero, we're still liable to pay gas fees though.

I tried using FTM earlier but they mentioned there was no liquidity (popped over to AnySwap page and liquidity for FTM was <200 tokens (at the price of USD2.20, that works out to only a maximum liquidity of USD440, so please avoid bridging FTM).

ca1ec038b7e2215d5d27984223e376023b008bd34e77f1fadc31b6020acd73c5.png

Gas fees on ethereum cost me a whooping USD25 for my USD439 transaction. Well, this works out to just a 5.6%. As you can see, this isn't a very smart move if you are moving low capital like I am. The higher the capital you are bridging, the lower the gas fee works out to be. You don't want to bridge just USDC80 (the minimum) amount and end up paying USD25 dollars in gas (means you lost 30% in just this one transaction).

61d2403c4349f6cca5533f07744cd2d2b2249509608f2fc09a5fdd2b2afedf49.png

 

How fast? Well, it got bridged over within 10 minutes. Ample time for you to wander about your house or head for a toilet break.

Once done, you can see your bridged token appear in below screenshot under "Balance on FTM".

2c09c142bc67aef564249a6fd03ac21b0e91383c8091b163fd806cf3d12da3b7.png

Congrats! You made it to the Fantom blockchain. Many things to do here, and it has pretty low fees so go ahead and explore. Let me know if you're using some good protocols!

 

Image credit: SpookySwap

How do you rate this article?


76

0

Kopi
Kopi

A cup of coffee a day, to pursue more knowledge.


kopiarticles
kopiarticles

Sharing the learnings I come across, and learning together as a community.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.