Thread by @O_H_JAY

'GUIDE TO BRIDGING FOR NEWBIES'

As a newbie still trying to find his footing in the Defi Space..

You've probably heard your favorite influencers talk about bridging one token or the other eg. BSC to Cronos

And you're here wandering what it entails

Follow me 👇🏾

A thread

First of all what does bridging mean?

Bridging means moving your crypto tokens from blockchain to another.

Secondly, what is a bridge?

A bridge, more accurately called a blockchain bridge,

connects two blockchains and allows users to send crypto from one chain to the other.

Blockchain bridges help solve the problem of lack of interoperability between blockchains because,

they act as an intermediary that helps different blockchains to communicate with each other.

Now what do blockchain bridges offer you as an Defi person?

1) A means for digital assets (eg. crypto) hosted on one blockchain to move to another 

2) They enable you to access the benefits of different blockchain technologies without having to choose between platforms.

3) They provide an avenue for you to conduct fast, low-cost transactions of tokens hosted on otherwise less congested chains

Because of their cross-chain functionalities

Now an example of a reliable blockchain bridge is Multichain

Multichain is one of the top blockchain bridges in the Defi ecosystem.

It currently supports 40 chains and has deployed bridges for over 1,700 tokens.

It has sustained daily trade volume of more than $300 million and Total Value Locked in excess of $8.6 billion.

Nearly 10,000 daily users are testament to its popularity and security.

Now how do we make use of Multichain?

Walk with me.

First to all,

To use Multichain we need to have a wallet prefarebly MetaMask or any alternative digital wallet installed.

Secondly,

Connect the wallet to the app at: app.multichain.org/#/router

Once connected, select a token and a network to transfer from and to.

You should have the wallet connected to network you are transferring from and the wallet should contain the funds selected.

Enter an amount and check the reminders section to see fees, minimum amounts etc.

For Example On a USDT transaction from BSC to AVAX the minimum is $12 USD with a $0.90 USD transaction fee.

If the minimum amounts and fees are OK click “Approve” to approve the spend of tokens.

Then once the approval has gone through click “Swap” and confirm the transaction

Easy peasy lemon squeezy

See that bridging isn't so hard afterall

Practice and utilize the platform as well as other bridging platforms like wormhole or rainbow bridge,

Before you know it.. Interacting with different blockchain becomes easy.

Thank you

@SamuelXeus @InvestorNnKay @_BillionAireSon @Kerux_api @Tianne_E @VanessaDefi @DannyCrypt @Ademiici @thedefiedge @pmoneyacademy

#DeFi #bridging #Crypto #blockchaintech #blockchaintechnology #Protocols #Multichain