One of the most complicated issues for beginners when dealing with cryptocurrencies is the difference in networks (chains).
The same crypto cannot be displayed or used on different networks, such as ETH on the Ethereum chain and ETH on the Polygon chain, so you need to make sure which network the crypto is on. Not only that, trading between networks can be quite tedious, and sometimes it takes two or three transactions before you are finally able to exchange or convert the crypto you are looking for.
However, bridge sites are being developed one after another to eliminate such complexity between networks and allow free exchange of tokens.
In this article, we will introduce a selection of recommended bridge sites that allow you to exchange and convert crypto currencies from different networks in a single transaction.
We hope you will find it useful.
What is a cryptocurrency bridge?
Bridge in cryptocurrency means to convert, exchange, or move currencies from one network to another. Crossing networks is also referred to as cross-chaining.
Sometimes networks officially develop bridges, but there are also decentralized exchanges (DEXs) that can bridge. Decentralized exchanges support multiple networks and tokens, which can be easily exchanged and converted in a single transaction.
How to bridge and how it works
When moving between token A in network A ⇆ token B in network B, the following STEP is performed.
*There are also bridges that operate in a different way.
STEP 1. Lock token A of network A
Lock token A of network A so that it cannot be used. The user sends token A to the contract to be locked.
STEP 2. Generate token B for network B
Generate a token B for network B that will replace the locked token A for network A. You will receive a token that is equivalent to the locked token. This token is called a Wrapped Token and will have the same value as the original locked token A to which it is tied.
This is how it works when a bridge is performed once. If you want to return to network A again, you can use the following mechanism to return to the original network.
STEP 3: Burn token B
If you want to return to network A, burn token B.
STEP 4. Unlock token A
After token B is burned, token A is unlocked.
12 recommended bridge sites
Here is a list of bridge sites that we actually recommend.
Multichain (formerly anyswap), a well-known bridge site, had its CEO arrested by local authorities in China, and there was an unauthorized outflow of assets. The site is currently accessible, but please do not use it.
- Keyring Exchange
- Synapse Bridge
- deBridge (deSwap)
- Rango Exchange
Keyring Exchange is a site that allows you to swap and bridge any DEX, including Pancakeswap and Uniswap, to find the cheapest rate.
The site supports Ethereum, Polygon, Avalanche, Binance, Arbitrum, Solana, etc., and the number of supported chains is increasing.
New, you can now view the price of each currency and its price fluctuations over a period of 7 days to 1 year. You can check the detailed data and decide if it is the right time to bridge.
In addition, with the Keyring Pro wallet app, swaps and bridges similar to Keyring Exchange can be completed within the wallet app.
Sushiswap is a DEX that supports numerous networks. It also supports cross-chain bridges, allowing exchanges across networks.
Quickswap will be a well-known DEX, primarily in the Polygon network. It now also supports cross-chain bridges.
Synapse is a universal interoperability protocol that allows for secure cross-chain communication. 19 networks are supported. When you connect your wallet, a list of your bridgeable tokens is displayed.
cBridge is a cross-chain DEX with deep liquidity and NFT bridge support. The same token can be bridged to another chain (e.g. Ethereum ETH to Polygon ETH). It also has the ability to supply liquidity to multiple networks with a single token. In total, 32 networks are supported.
Developed by deBridge, deSwap is a swap and bridge site for the deBridge network of 8. Keyring Exchange also lists this site as one of the DEXs to find the lowest rates.
Stargate is the first bridge site to build a dApp built on LayerZero, supporting 13 networks.
LayerZero differs from the general bridge mechanism explained above in that two mechanisms, “Oracle” and “Relayer,” work together.
However, LayerZero is funded by FTX and is currently in litigation over the funds after the FTX fiasco.
Rango Exchange is a cross-chain DEX aggregator that supports a variety of blockchains, including EVM-based, Cosmos-based, Solana, and UTXO. 58 networks are supported.
Hop is a site where you can bridge around Ethereum and Layer 2 networks.
Connext supports Ethereum, BNB, and Polygon bridges, although the number of supported networks is small.
Squid is a bridge site for numerous networks. Currently, you can choose between V1 and V2 beta versions.
Across is a site that allows users to specify a token and bridge the same token from Ethereum to a layer 2 network.
Why we do not recommend bridging with Metamask
There is a 0.875% commission (plus the bridge site commission to be passed through) for the MetaMask bridge. This is a very high commission compared to other bridge sites. While the commission rate for normal bridge sites is generally around 0.1-0.5%, MetaMask’s commission is quite high and is not recommended.
For a detailed article on Metamask bridging, see “MetaMask Bridge: How to Use and Disadvantages” Please see the following page.
How to use the Bridge Site
All bridge sites have similar specifications, and the following steps are required to make a transaction.
STEP 1. Connect your wallet
First, connect your wallet (MetaMask or Wallet Connect).
STEP 2. Select the tokens you have
Select the tokens you have and the network from which you want to swap tokens from the top column. In addition to the tokens listed, you can also search for tokens by name or contract address.
STEP 3 Select the tokens you want
Select the tokens and networks you wish to swap to from the bottom field.
STEP 4 Confirm route and Approve
Now, select Confirm Transfer. If all is well, continue to select Confirm Transfer to complete the process.
Buying and selling cryptocurrency is a complicated process, and there are many processes to follow in order to obtain it. However, with these bridge sites popping up one after another, it has become relatively easy to get the currency you are looking for.
We hope this article will be helpful.