Thread by @FTMAlerts

(1/19) With $FTM liquidity drying up there are a lot of questions about how to get liquidity from $ETH over into #Fantom in the most simple way. 👀

Here is a step by step guide on exactly how to do that using multichain.xyz Let's get started 👇

(2/19) This particular bridge works in a very unique way. It is all decentralized and uses the @AnyswapNetwork smart contracts. When an asset is deposited from $ETH (take $USDC for example) then the corresponding asset is minted on the $FTM side at a 1:1 ratio. 👇

(3/19) When you go in the other direction ( $FTM back to $ETH) then the opposite is true (Burns on the #Fantom side instead of mints) This way each asset on #fantom is always collateralized with its corresponding asset on $ETH. Cool? OK! Let's continue 👇

(4/19) Like any normal person you want $FTM on the $FTM network and assume that you should just bridge your $FTM over. This poses a dilemma. Since $FTM is fixed supply it cannot simply be minted like the other assets.
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(5/19) This has caused a liquidity crisis. Bad news for those of you that want to bridge over and good news for those of us HODLers that want an increase in $FTM price. (more demand and less liquidity = price increase) 👇

(6/19) So how do you get your assets over to $FTM then from $ETH? The easiest way is to use an asset that the contract mints on the #Fantom side which obviously will not have a liquidity issue.

For this example We used $USDC but this can also be done with $WETH. 👇

(7/19) Head over to multichain.xyz and connect your meta mask to the site. Be sure that your network is on Ethereum since that is where you currently hold your assets.

(8/19) From there you will need to choose the assets you want to bridge. In this case you are going from USDC on $ETH to USDC on $FTM.

Click the drop down menu located here and search for $USDC.

(9/19) If you did this correctly your screen should look like this 👇

(10/19) From there enter the amount of $USDC that you want to bridge in the top box. You should see the same number reflected in the bottom box. Like this 👇

(11/19) ** Note - the only fees when transferring from $ETH to $FTM are the fees you pay the $ETH network in gas. Multichain.xyz doesn't charge any fees for this direction.

(12/19) Click the transfer button. This will open your meta mask asking you to approve a transaction for the amount of $USDC you want to bridge over. 👇

(13/19) Proceed with the transaction. Once you have sent the funds you will see a small popup appear in the bottom right of your screen allowing you to follow along with your transaction.

(14/19) Once your transfer has 2 confirmations on $ETH the multichain smart contracts will proceed to mint an equivalent amount of $USDC on the $FTM side and deposit it into your account.

(15/19) ** Note - Since your account on $ETH and on $FTM are the same account (FTM is EVM compatible) multichain will only deposit your newly minted $USDC in the same account you sent from. But on the fantom chain. 👇

(16/19) Once your transaction shows complete on multichain you will want to visit ftmscan.com and enter your account information there. This will allow you to see the deposit of the newly minted $USDC in your account.

(17/19) You can also add this contract into your meta mask if you prefer to view it there. 👇

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(18/19) Now you can just visit one of the DEX's available on $FTM and swap your $USDC for $FTM. Easy peasy right?

I recommend @SpookySwap or @Spirit_Swap as they seem to have the most liquidity at this time.

(19/19) These same instructions can be used for bridging over $WETH as well.

I hope this has been helpful and welcome to the wonderful world of Fantom!

@threadreaderapp unroll

If you guys want to read this in an easier format you can do so here.

threadreaderapp.com/thread/1391778…