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July 3, 2022
How to use TradingView?
Technical analysis can help you predict the future market movements of Bitcoin more accurately and trading view is one way of doing so.
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The Ethereum blockchain is one of the oldest blockchains that exists nowadays. Every blockchain is unique in its own way and offers different features but it is sometimes not possible for blockchains to interact with each other. To overcome that difficulty cross network bridges were formed.
AVAX network bridge can bridge networks like Avalanche blockchain with the Ethereum blockchain. Avalanche blockchain offers a lot of things that the Ethereum blockchain is lagging with these days viz. transaction fees, scalability, etc.
The Avalanche blockchain has been growing at a very fast rate with a number of dApps being launched on it. In this article, you will find out how you can swap tokens from Ethereum to Avalanche and vice versa with a step-by-step guide. Let us have a look at what the Avalanche bridge is first.
Avalanche is the new faster, cheaper and energy efficient solution to Bitcoin and Ethereum blockchains. It is one of the fastest smart contract platforms present in the blockchain industry. It is built to make the cryptocurrencies even more practical on its network.
Avalanche blockchain when compared with bitcoin blockchain is about 10 times faster in transaction speeds with less than 200 validators node relay chain. It is based on new and efficient proof of stake consensus mechanism.
Using the Avalanche platform, you can build faster and efficient dApps or make transactions at more practical and usable speeds. It comprises of 3 built-in customized blockchains namely Exchange Chain (X-Chain), Platform Chain (P-Chain), and Contract Chain (C-Chain). We will get to these chains later.
But if you wish to get these benefits of the avalanche blockchain, you might want to shift your assets to this blockchain. Avalanche identified this need and came up with its own solution in the form of the Avax network bridge.
It’s a bridging platform that allows you to transfer your assets from Ethereum network to the Avalanche network. The Avax network bridge is a newly launched multi-chain bridge and is still in its beta stage.
Currently it supports transfer of ERC20s standard tokens from Ethereum to C-chain Avalanche network. It’s a bi-directional bridge so yes, you can transfer your assets back to the Ethereum network. In the later development stages, the platform is said to support more networks.
Note that, you can only transfer your assets to the C-chain of Avalanche. If you are wondering what these different blockchains of Avalanche are and how they differ, then let’s take a quick look at them.
Avalanche has one primary network which secures and validates the other 3 blockchains built by Avalanche. These three in-built blockchains of Avalanche network are as follows.
The X-chain is a decentralized platform developed to create and exchange assets. The assets on this network come with their own sets of rules similar to equities or bonds from non-crypto world.
One of the assets from X-Chain is AVAX and for any transaction on this blockchain, you will need to pay a partial amount of fee in AVAX itself. To create or exchange assets on X-Chain, users can use Avalanche’s “X-Chain API” which is an instance of AVM (Avalanche Virtual Machine).
P-chain blockchain is developed on snowman consensus protocol. It is a metadata blockchain that coordinates with validators. It also does work of keeping track of active subnets and creating and enabling new subnets.
Unlike X-chain which is an instance of Avalanche Virtual Machine (AVM), the C-Chain is actually an instance of Ethereum Virtual Machine (EVM) powered by Avalanche. This blockchain implements snowman consensus protocol and executes EVM contracts.
The C-Chain blockchain allows users to create smart contracts like NFTs, ERC20 tokens or dApps using C-Chain’s API.
Now that you are well familiar with the Avalanche ecosystem, let us see how to transfer tokens from Ethereum network to Avalanche network using Avalanche Bridge.
If you are using the Ethereum blockchain and want to transfer your tokens to the Avalanche blockchain then you can do so by using the Avalanche bridge. Let us see how you can go about transferring your tokens.
Step 1: Go to the Avalanche Bridge and then click on Metamask and proceed to log in to your wallet in it.
Step 2: The interface should tell you that this is all 'from Ethereum' because if it doesn't, then you have to switch the network by clicking on 'Switch Network' when the Metamask tells you to.
Step 3: Then proceed to click on the token that you are going to be bridging and then enter the amount.
Step 4: After that, you have to click on the 'Transfer' button.
Step 5: The next step is to wait for Ethereum and Avalanche to complete the transaction confirmation. This completes the transaction process and your tokens will be successfully bridged which you can also review in the transaction details.
Now let us take a look at how you can transfer your tokens from the Avalanche chain to Ethereum.
As we mentioned above, through Avalanche bridge you can transfer your tokens from one network to another. Let’s go through the guide with outlined steps to transfer tokens from Avalanche to Ethereum.
Step 1: Go to the official website of Avalanche bridge i.e. https://bridge.avax.network/, click on the metamask icon and by logging in you’ll connect your wallet.
Step 2: Now, you have to choose the amount you want to transfer, after entering the amount, click Transfer. If you transfer more than $75, you can get 0.1 AVAX airdrop.
Step 3: You will be redirected to the page of all the billing information. This page will have all your transfer details and ETH gas fees, as you will be charged a certain gas fee for each transfer.
Step 4: Now, a progress bar will appear on the screen. The process page is for confirmation of transfer, it will take nearly 10 minutes. As you may experience delays from the Ethereum side. You can transfer your tokens from Metamask too.
Step 5: After completing the process, all details of transfer will appear. With your transfer information, the page will mention the time it took to transfer. Now you can enjoy your assets, by using DeFi.
Summing up the article, Hope you understood every step of the transfer process. We tried to explain the process in a very simplified manner along with a briefing about Avalanche bridge. If you have any queries on it, feel free to comment down below.
Hope you like this tutorial, if you want any specific tutorial or an article on a specific topic, you can let us know. If you want more of this, stay tuned with us!
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