Most blockchains are interoperable, meaning they are not compatible with others. This limits crypto users from transferring assets from one network to another. However, blockchain bridges now exist to remove the limitations, allowing users to move crypto assets across various blockchains seamlessly.
In this guide, we will demonstrate how to bridge to the Solana blockchain, considering it is one of the networks witnessing massive adoption in 2024.
How Does a Bridge to Solana Work?
As mentioned, bridges exist to help crypto users move funds across different blockchains. For example, if you want to transfer BNB from Polygon to Solana, a bridge allows you to do that. While there are several methods for completing such a transfer, the most popular one is lock-and-mint, which involves locking your token on the source network and minting the same amount of the token on the destination network. It is worth mentioning that the minting of tokens does not affect the circulating supply.
If you wish to bridge your tokens from the destination network to the source network, the minted tokens will be burned, and then the locked tokens will be unlocked.
Numerous bridges to Solana are available. The most used based on TVL (Total Value Locked) are Allbridge and Portal.
How to Bridge to Solana Using a Decentralized Bridge Platform
For the purpose of this guide, we will bridge to Solana via Portal. These are the steps to follow:
Step 1: Choose the Blockchains
All bridges usually require users to choose the source network from which they are sending their tokens and the target network, which, in our case, is Solana.
Step 2: Connect Your Crypto Wallet
Click the “Connect” feature on Portal to link your crypto wallet to the bridge. Ensure that your crypto wallet is supported by Portal.
Step 3: Pick the Token You Want to Transfer
Once you connect your wallet to the bridge, you will need to select a token you wish to bridge to Solana. When you choose the crypto asset, Portal will display the available balance in your wallet. You can then specify the amount of the token you want to bridge.
Step 4: Connect Your Solana Wallet
Press “Connect” to view the Solana wallets compatible with Portal. Select the relevant wallet and then link it to the bridge. After connecting your Solana wallet to Portal, click “Create Associated Token Account” in the wallet to receive bridged tokens.
Step 5: Bridge Your Token to Solana
To bridge your funds to Solana, hit “Transfer” on Portal. The platform will start bridging your token. When the process is complete, click “Redeem” to claim the bridged token using your Solana wallet.
How to Bridge to Solana on a Centralized Bridge Protocol
In this guide, we will bridge to Solana using OKX, a popular cryptocurrency exchange. Here are the steps to follow:
Step 1: Funds Your OKX Wallet With the Tokens You Want to Bridge
OKX offers a multichain wallet that allows users to deposit tokens from various blockchains. To fund your OKX wallet, simply make an on-chain transfer or buy a token from the spot market. After that, click the “Bridge” button.
Step 2: Connect Your Web3 Wallet
Press the “Connect Wallet” button to link your non-custodial wallet to OKX. The exchange supports several wallets, such as MetaMask and Phantom. Once you connect the wallet, you will be redirected to OKX Swap, where you can start bridging your tokens to Solana.
Step 3: Bridge the Token
Choose the source network and the destination network (Solana). After that, select the token to be bridged and the amount. Next, press the “Swap Across Chains” button to bridge the token to the Solana blockchain.
Understanding Bridging Terminology
Before bridging your tokens, there are terminologies you must understand. Some of them include:
Slippage: This is the difference between the transaction execution price and the expected price. For example, you might expect your transaction to be executed at $180 per Solana, but it ends up being completed at $200 per SOL. This affects the amount of tokens you receive after bridging.
Network fee: This is the cost you incur to bridge your tokens.
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