The world of blockchain technology is continuously evolving, and keeping up with the latest developments can be challenging. For those who want to go beyond just understanding, bridging two of the most popular blockchains in the space can bring a unique level of expertise. This article will explore how to bridge Solana and FTM (Fantom) or Solana to FTM bridge.
Also Read: How to Bridge AVAX to Polygon Easily!
What is a Bridge in Crypto space?
A bridge in crypto is a way for two different blockchains to be connected and interact with each other as an example Solana to FTM Bridge. This connection allows users to transfer assets from one blockchain to another, even if the underlying protocols are incompatible. It is an important tool that can create many new possibilities for digital asset management and trading.
Bridge technologies have become increasingly popular amongst cryptocurrency traders as they provide access to a broader range of options and markets. By connecting blockchains, traders can move funds across networks quickly and securely while also taking advantage of new opportunities in established and emerging markets. Furthermore, these bridges help increase liquidity by allowing people who may still need access to the same exchanges or markets to participate in trading activities.
Solana to FTM Bridge Process
Bridging Solana to Fantom network is a 2 step process. You can’t bridge Solana to Fantom or Fantom to Solana directly. For this process, we will be using Portal Token Bridge and Synapse Protocol. These are my main platform when bridging assets to the different chains because it is easy to use, and the UI is quite simple for beginners.
Steps on how to Bridge Solana to FTM
- Visit Portal Token Bridge and connect your wallet.
- Select Solana as your Source and select Ethereum for the destination. (Since we can’t bridge Solana to Fantom directly and you need to have a wallet like Metamask for Ethereum)
- Enter the amount that you want to transfer and proceed with the transaction.
- Once the assets have successfully arrived in your Ethereum wallet, you can bridge it to Fantom.
- Visit Synapse and connect your wallet.
- Select Ethereum as your Origin and select which asset you want to bridge to Fantom(FTM).
- Enter the amount on how much you will be transferring and choose Fantom as your destination.
- Confirm the transaction and wait for the funds to arrive in your Fantom wallet.
SOL to FTM Bridge Trading Fees
This two-way process is costly since you will be bridging to and from the Ethereum network. The gas fee should be more or less $50 for the total transaction. I recommend using Centralized Exchanges like Binance, Kucoin, Houbi, and other tier 1 exchanges to prevent these high gas fees. So instead of bridging from Solana to Ethereum, you can deposit it to an exchange and trade it to an FTM token and Withdraw it to your Fantom wallet. This way, you can save a lot more on gas fees.
Can you use Solana on MetaMask?
No, you cannot use Solana on MetaMask. MetaMask is an Ethereum Virtual Machine (EVM) wallet that offers users access to the Ethereum blockchain and other decentralized applications (dApps) running on the network. Solana is a separate blockchain with the programming language Rust with its unique architecture and consensus mechanism. It does not support Ethereum or any of the dApps created for it.
To use Solana, you must download a compatible wallet, such as Lunie or SolarWallet, specifically designed for the platform. These wallets allow users to securely store their SOL tokens and interact with decentralized applications built on the Solana blockchain. Additionally, many cryptocurrency exchanges support trading of SOL tokens meaning they can be purchased using fiat currency or other digital assets like Bitcoin or Ethereum.
Conclusion
Bridging Solana to FTM is a great way to increase the scalability and speed of your transactions. Using the Portal Token Bridge and the Synapse Protocol allows users to choose between two blockchains depending on their needs. This is an essential step towards increasing the usability of both networks and allows for easier integration between them. Furthermore, it enhances trust and security within both ecosystems by allowing for the seamless movement of assets and data.