Welcome back to Crypto Noobs!
It's the most popular crypto educational series on the Hive blockchain! Not really, but it's fun to think that. If you've never read a Crypto Noobs post, it's a series where I teach people to do different things with cryptocurrency, blockchain, and NFTs. In the last post, I showed how to mint NFTs on OpenSea for free so if that interests you, I invite you to check it out. Today, we're going to look at some key ways to move funds between blockchains to participate in different DeFi platforms like PolyCUB.
Hive <-> BNB Chain
So let's take a look at moving funds to and from BNB Chain (formerly Binance Smart Chain). Maybe you wanna take some liquid HIVE and move it over to BNB Chain to invest in Cub Finance. Maybe you wanna move some of your earnings from Cub Finance back into Hive to spend on some Hive Engine tokens. Either way, you're gunna need a bridge to make this happen because they're 2 different blockchains. Obviously there's a couple ways you can do this, I just want to show you my personal favorite. It's also the easiest/cheapest in my opinion. So how do you move funds back and forth between Hive and BNB Chain? It's easy! Just head over to @deathwing's @bscbridge here. Once you're there, it's extremely simple. Take a look.
For BNB chain > Hive , enter your Hive username and the amount of BNB to bridge then click submit. Your Metamask will prompt you to confirm the transaction, and then in a few seconds to a minute you will receive HIVE in your Hive wallet.
For Hive > BNB chain, enter your Hive username along with the amount of HIVE you want to send... Then enter your BNB chain wallet address. When you click submit, your Hive Keychain wallet will have you confirm and then within a few seconds to a minute, you will receive BNB in your BNB chain wallet.
There is a minimum of 20 HIVE or 0.02 BNB and there's not a ton of liquidity so don't think you're gunna move $10,000 through this. If you're doing that, I recommend something like AnySwap.
Hive <-> Polygon
Just like with bridging funds between Hive and BNB chain, there's a few ways to do this. I'm just highlighting the easiest and cheapest method in my opinion. Again, we will be using another one of @deathwing's awesome services @polygonbridge. Unlike the BSC bridge, it does not have a User Interface yet and only supports sending HIVE to Polygon. The service works like this - send any amount of HIVE (10 HIVE minimum) to @polygonbridge with your Polygon address as the memo. Within seconds to a minute, you'll receive MATIC in your Polygon wallet.
Since this service doesn't have a bridge that allows you to move funds from Polygon to Hive, we'll check out another way to do this. It's a couple more steps but it's very simple. First - head to Hive Engine and click Deposit at the top. From the drop down menu, select Polygon (MATIC). Then click Get Deposit Info.
Next, enter your Polygon address and the aount of MATIC to bridge. Once you click Deposit Now, you'll be prompted to confirm the transaction in Metamask.
Within a few seconds to a minute (depending on transaction volume), you'll receive SWAP.MATIC in your wallet. You've now successfully bridged funds from Polygon to Hive Engine. Now you can use something like BeeSwap to convert that SWAP.MATIC to whatever Hive Engine token you like. If you're trying to get native HIVE, swap it to SWAP.HIVE then click the Convert tab to swap that SWAP.HIVE to HIVE. Easy enough?
Polygon <-> BNB Chain
Wanna move funds between BNB chain and Polygon? The easiest way in my opinion is via AnySwap. This router allows you to bridge different assets across a ton of different chains. Say you have some MATIC on Polygon and you want to bridge that over to BNB Chain so you can buy some CUB. You can instantly bridge the MATIC to BNB Chain then swap the MATIC for whatever you like.
It's as easy as setting the From chain and the To chain then picking a token from the drop down menu. Some are not supported, and some you can swap to other tokens. As you try the different options, it will let you know what is supported. Enter the amount and click Swap. Confirm in Metamask. You're done.
You know what's really cool? The LeoTeam is building a new version of LeoBridge that is going to eliminate a lot of the headache when moving tokens between different blockchains. Right now they have a wLEO to LEO bridge for Ethereum, a bLEO to LEO bridge for BNB Chain, and a pLEO to LEO bridge for Polygon. All of these will become one single, easy to use LeoBridge very soon. I hope you learned something today!
Thanks for reading! Much love.
Links 'n Shit
| Play to Earn | Read emails, Earn Crypto | Get free crypto every day | Get a WAX wallet |
|---|---|---|---|
| Gods Unchained | ListNerds | PipeFlare | WAX.io |
| Splinterlands | GoodDollar | ||
| Rising Star | FoldApp |
Posted Using LeoFinance Beta
