Bridging Ethereum-based ERC-20 tokens to Fantom (FTM) is a process that allows users to move assets freely between the Ethereum (ETH) and the Fantom ecosystem.
There are several potential benefits to porting ERC-20 tokens from the Ethereum blockchain to Fantom. These benefits include
- Faster transaction times: Fantom is a scalable and high-performance blockchain that can handle 20,000 transactions per second (TPS). Higher TPS can result in faster transaction times for ERC-20 tokens on Fantom than the Ethereum mainnet.
- Lower transaction fees: Fantom uses the Lachesis consensus protocol to offer lower transaction fees than other networks. This is done by enabling high-speed, low-cost, secure, and efficient transactions. The Lachesis consensus mechanism is responsible for maintaining the integrity of the Fantom network by validating transactions and blocks. The consensus mechanism works by randomly selecting a group of validators (nodes) to come to an agreement on the validity of a transaction. It also allows for fast block processing and low network latency.
- Access to new user base: By bridging ERC-20 tokens to Fantom, token issuers could tap into a new user base. Bridging tokens increases exposure to a broader range of users and potential use cases for their tokens.
How to Bridge ETH to FTM in 4 steps
Step 1 - Connect Your Wallet
Head over to ChainPort’s bridge (https://app.chainport.io/) and connect your wallet. ChainPort supports all leading wallets, including Ledger, Trezor, Coinbase Wallet, Wallet Connect, and Metamask. Select the wallet containing the tokens you want to bridge and the recipient wallet.
Step 2 - Select the Chains & Token
Select the source chain and target blockchain from the drop-down menu. In our case, the source chain is Ethereum, and the target chain is Fantom. Next, select the token you’d like to bridge from the dropdown menu. If you want to port a token that is not on the list, you may paste its contract address. Please note that if a token is not listed, it may not have liquidity on the target blockchain.
Step 3 - Set Gas Fees
Select the amount of gas you’d like to use for bridging tokens. The amount of gas you use will affect the speed of the transaction and its costs. We recommend that you leave this setting on standard or high for the best bridging results.
Step 4 - Confirm Tx & Get Tokens
Before confirming the transaction, please review all the related information. Details include the sending and recipient wallet, gas fees, and the token. Once all details are confirmed, please approve the transaction and wait a few minutes for the transaction. Once complete, your tokens have been successfully bridged to Fantom.
How to Calculate ETH to FTM Bridge Gas Fees?
To calculate the gas fee for using the ETH to Fantom bridge, you need to know the current gas prices on the Ethereum network and the amount of gas required for the specific transaction you are trying to make. You can use a tool like EthGasStation to estimate the current gas prices on the Ethereum network.
To calculate the gas fee for a transaction, you need to multiply the gas price by the amount of gas required for the transaction. For example, if the current gas price is 50 Gwei and the transaction requires 20,000 gas, the gas fee would be 50 Gwei * 20,000 gas = 1,000,000 Gwei, or 0.001 ETH.
Remember that gas prices can vary depending on network congestion and other factors, so the actual gas fee for your transaction may differ from the estimated fee.
What is the Cheapest Way to Bridge ETH to Fantom
The cheapest way to bridge ETH to Fantom would depend on several factors, such as the current gas prices on the Ethereum network. Here are a few tips that could help you reduce the cost of bridging ETH to Fantom:
- Use a low-gas-price strategy: When you make a transaction on the Ethereum network, you can specify the gas price you are willing to pay. If you set a low gas price, your transaction may take longer to be processed, but it will also be less expensive. You can use a tool like EthGasStation to find the current gas prices and choose a low-gas-price strategy that works for you.
- Compare the fees charged by different bridging services or platforms. Some may charge lower fees than others, so it's worth comparing prices to see which option is the most cost-effective.
- Remember that the cheapest option may not always be the best option. In addition to cost, you should also consider factors such as the reputation and track record of the bridging service. Users should also consider the level of security they offer and the speed and reliability of their bridging platform.
What is a Blockchain/Crypto Bridge?
A blockchain or crypto bridge is a tool or platform that enables users to move digital assets from one blockchain to another. Bridging tokens can be helpful when a particular asset is not native to the blockchain you're using. It can also help if you want to take advantage of the features and benefits of a different blockchain.
For example, let's say you have some Ethereum-based (ERC-20) tokens and want to move them to the Fantom network. In this case, you could use a blockchain bridge to transfer your ERC-20 tokens from the Ethereum blockchain to the Fantom ecosystem. This would allow you to use your ERC-20 tokens on Fantom’s ecosystem and take advantage of its lower transaction fees and faster transaction speeds.
There are several types of blockchain bridges, each with its own features and capabilities. Some are designed for moving specific types of assets, while others are more general-purpose and can move a wide range of assets. Some blockchain bridges are decentralized, meaning they are operated and maintained by a network of users. Others are centralized and operated by a single entity.
Benefits of Using a Blockchain Bridge
There are several benefits to using a blockchain bridge, including the following:
- A blockchain bridge allows you to move assets from one blockchain to another. Bridging tokens can be helpful if you want to take advantage of the features and benefits of a different blockchain.
- A blockchain bridge can help you save money on transaction fees and other costs. For example, some blockchains may have lower fees than others, and a bridge can enable you to move your assets to a cheaper network.
- A blockchain bridge can also help you access a broader range of assets and services. For example, a bridge can enable you if you want to use a particular asset or service available on a different blockchain.
In conclusion, bridging tokens from Ethereum to Fantom is a process that allows users to move assets freely between the Ethereum (ETH) and Fantom networks. The process is relatively straightforward and can be done in a few steps.
It has the potential to provide users with faster transaction times, lower transaction fees, easy integration with other platforms, access to a new user base, and enhanced security.
It is important to note that the cheapest option may not always be the best option. Users should consider factors such as the reputation and track record of the bridging service when selecting a bridging platform.
Ethereum is a decentralized, open-source blockchain platform that enables the creation and deployment of smart contracts and decentralized applications (DApps). It was first proposed in 2013 by Vitalik Buterin, a programmer and cryptocurrency researcher, and officially launched in 2015.
Ethereum is the second-largest blockchain platform by market capitalization after Bitcoin. It has its cryptocurrency, called Ether (ETH), which is used to pay for transactions and other fees on the network. Ethereum is built on blockchain technology, allowing for a wide range of decentralized applications. These applications include finance, healthcare, and supply chain industries.
Fantom is a new blockchain technology that is designed to provide fast, secure, and scalable transactions for companies and individuals. It is built on a unique consensus mechanism called "Lachesis," which allows for much faster transaction speeds than traditional blockchains. The FTM blockchain is also designed to be more secure than other blockchain technologies, and it is able to handle many more transactions per second. Furthermore, FTM is designed to be more energy-efficient than other blockchains, and it is able to handle much larger amounts of data.
Fantom FTM is also designed to be developer-friendly, and it provides a platform for developers to build applications on top of the blockchain. This platform is powered by the FTM token, and it uses smart contract technology to facilitate transactions. The FTM token is also used to pay transaction fees. Additionally, FTM is designed to be interoperable with other blockchains, such as Ethereum.