With all the attention on @avalancheavax lately, here are some tips for those who are bridging their assets across for the first time.
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1/ As part of my work, I've played around with most cross-chain bridges that came live the past 6 months... and I had the best experience with @avalancheavax hands down.
It's extremely easy to send $ETH assets over to Avalanche with: bridge.avax.network
2/ Avalanche is EVM-compatible - you can easily use your @Metamask setup and bridge over in a few clicks.
Clever design choices:
- Shows live confs so you know what's going on
- Auto-wraps your ETH
- Airdrops you free $AVAX to pay for gas (!)
Whole process takes a few mins
3/ Tip: if you're bridging over chonky amounts of USDT (6-7 figs), swap $ETH -> $USDT first on a ETH dex, then bridge $USDT.
Don't do this: $ETH -> Avalanche -> swap to $USDT to save fees.
The USDT <> wETH liquidity is there, but it's not @Uniswap@SushiSwap level yet.
4/ So say you do end up using all the airdropped $AVAX for gas like a proper degen, you have 2 options:
a) Bridge more assets ($75+) to get airdrop $AVAX
b) Send $AVAX to your Avalanche wallet
Now, b) Is still a bit of a hassle
5/ Since Binance rugged $AVAX withdrawals, the "easiest" way is:
- Buy $AVAX on Binance
- Send that $AVAX to your Avalanche wallet
- Then send it to your Metamask "wallet" (more on this)
Never thought I'd say these words again, but I recommend using a Ledger here lol
6/ First, you need to download the @avalancheavax app on your Ledger manager.
7/ To receive $AVAX tokens, you will need to select X-chain (the exchange-chain).
Once received, you will then need to send your assets to the C-chain (contract chain), after which you will be able to use them via Metamask.
Why this hassle?
8/ C-Chain is the EVM instance on Avalanche. To use Solidity dapps on Avalanche you need to have your assets held there.
i.e. C-Chain = go-ethereum fork where networking/consensus is swapped out for Avalanche stuff but the VM runs Solidity smart contracts.
9/ In general bridging has been issue-free, but the exchange -> wallet is a bit unintuitive at first, though the team has done a great job with docs here:
An update: here's what major L1 protocols look like if we use TVL as a proxy for usage
Few personal thoughts:
1/ $ETH: @arbitrum is slowing creeping up in volume, but I think the space is underestimating the impact of L2s on usage because of current fees, which will come down over time