🌉Bridging Assets to Solana
Learn how to easily transfer cryptocurrencies between Solana and other chains using cross-chain bridges and exchanges.
Last updated
Learn how to easily transfer cryptocurrencies between Solana and other chains using cross-chain bridges and exchanges.
Last updated
At Homebase, we're proud to be building on the Solana blockchain and even prouder to have brought the first home on-chain to Solana. This means that any crypto payments initiated from a personal wallet must be done on Solana. For anyone with assets primarily on other chains such as Ethereum, if you want to use your Ethereum assets on Homebase, assets must either be bridged to Solana or converted via a centralized exchange, also known as a CEX.
Before using any bridge or exchange, be sure to perform your own due diligence. Homebase is not responsible for loss of assets during transfer of assets across chains.
Cryptocurrency bridges are an integral part of the blockchain landscape. As their name suggests, these provide a bridge through which information and assets can be moved from one independent chain to another.
Solana, like other blockchains, can use bridges to interact with different blockchains, ensuring that assets and data can flow between the Solana network and other networks.
For example, you might use a bridge to directly convert your Ethereum into Solana. The exact mechanism used to accomplish this varies depending on the bridge used, as well as the assets and blockchains involved. But in most cases, the bridge will simply lock the assets on the source chain, before minting an equivalent number of the same asset on the destination chain. This ensures value is effectively transferred without changing the circulating supply of the assets being moved.
In most cases, bridging your assets to Solana is a quick and simple process. Your assets will usually be moved to Solana in less than just minutes. For the purposes of this tutorial, we’ll look at how you can bridge USDC using Allbridge and other assets using Portal.
For bringing USDC from EVM-based chains, such as Ethereum, to Solana, you can use Allbridge Core. Allbridge Core is a cross-chain protocol for swapping stablecoins. The swap platform ensures smooth transactions and cross-chain swaps between stables without the need for the wrapped assets. Here's how to do so:
First, you’ll need to go to the Allbridge Core swap page and tell the bridge which chain you want to transfer from. This means selecting the source chain (the chain you’re moving your assets from).
If the source chain and asset (USDC from Ethereum in this instance) are correct, move to Step 2. Otherwise, click the dropdown for USDC from Ethereum.
A pop-up modal will appear, giving you multiple options to choose from on your source chain including:
Arbitrum
BNB Chain
Ethereum
Polygon
Solana
Tron
There will also be multiple assets (stablecoins) to choose from so be sure to choose the correct source asset. In this instance, you will likely be choosing USD Coin (USDC) on Ethereum.
Next, you’ll need to tell the bridge which chain you want to transfer to. This means selecting the target chain (the chain you’re moving your assets to).
Similar to Step 1, if the target chain and asset (USDC from Ethereum in this instance) are correct, move to Step 3. Otherwise, click the dropdown for the target chain / asset.
A pop-up modal will appear, giving you multiple options to choose from. Select Solana then select USD Coin (USDC).
Your view on Allbridge Core should now have the proper source asset and target asset selected. If it looks like the photo below, proceed to the next step.
Next, you will have to connect the wallet containing your source of funds and the destination wallet where your target asset will be sent to.
First, press the upper "Connect Wallet" button.
A pop-up modal will appear asking you to "Choose Wallet". Choose the wallet where your source asset is contained and connect that wallet via the wallet extension.
After that is complete, you can select or paste in the address of your destination wallet.
When you select "Connect Wallet" another pop-up modal will appear, allowing you to select the custodian of your wallet. In this instance since USDC on Solana is the target asset, Solana wallet custodians are shown. Connect that wallet via the wallet extension.
With your wallets connected, you are almost ready to bridge your USDC! All that remains is selecting the amount to send.
Enter the amount in the top box that you'd like to bridge from your source wallet to your destination wallet. After you input this information, the amount to be received will auto-populate along with a list of all fees or swap costs.
If everything looks good, go ahead and press the approve button to proceed with the transaction.
The extension of your source wallet will then provide a pop-up window with an input button. Approve that transaction in the window then press the send button on the Allbridge Core Swap page.
At this point, a "Transaction Success" notification should appear in the bottom left corner with a link to view the transaction on-chain. After about 15-20 minutes (depending on the transfer time indicated) you should receive your bridged assets. Congratulations!
If you have any questions as you go through this process, reach out to the Homebase team at info@homebasedao.io.
In most cases, bridging your assets to Solana is a quick and simple process. Your assets will usually be moved to Solana in less than just minutes. For the purposes of this tutorial, we’ll look at how you can bridge assets using Portal.
Portal is by far the most popular Solana bridge by TVL, Portal supports Solana and 23 other L1/L2 chains. The platform has a flat bridge fee of 0.04% with a maximum fee of 1,000 USDC.
First, you’ll need to tell the bridge which chains you want to transfer between. This means selecting the source chain (the chain you’re moving your assets from) and the target chain (in this case, Solana).
With the chains now selected, click the 'Connect' button to select your Web3 wallet.
This will pull up a prompt asking you to select from the range of supported wallet providers.
Choose the one that applies to you and connect your wallet when prompted.
Once your wallet is connected, you’ll be able to choose from the list of supported assets using the ‘Select a Token’ drop-down menu.
From here, select from the range of featured markets or search for the name of the asset you wish to transfer.
In many cases, the interface will automatically load your balance for the selected asset, helping you correctly identify the right token.
Once you’ve selected your target asset, enter the amount you wish to bridge in the ‘Amount’ field.
It’s time to connect your Solana wallet. Click the 'Connect' button and select your Solana wallet from the list of supported options.
After selecting the relevant option, connect to the bridge by following the prompts in your wallet.
With your origin and target wallets now connected, you may need to create the associated token account in your Solana wallet. This will allow you to receive the token.
Click the ‘Create associated token account’ button and approve the transaction in your connected Solana wallet.
If you already have an associated token account, move to step 6.
You’re now ready to bridge your funds.
In the subsequent section, approve the token transfer via the bridge interface and confirm the transaction in your connected wallet. Once this has been approved, send the assets to the bridge using the ‘Transfer’ button.
Portal will then begin the process of bridging your funds from your source wallet to the destination chain. It’ll keep you notified of its progress on-screen.
Once the bridge process is complete, you’ll be able to claim your tokens from the bridge using your Solana wallet.
To do so, simply click the “Redeem’ button (when available) to claim your tokens.
If you have any questions as you go through this process, reach out to the Homebase team at info@homebasedao.io.
While the aforementioned options are available, users also have the option to bridge tokens from Solana to other blockchains using a centralized exchange (CEX). However, it is crucial to be aware of the security risks associated with using a CEX for bridging. Here is a step-by-step guide on how to bridge tokens from Solana to the Ethereum network using a CEX:
Open an account with a CEX like Coinbase.
Transfer ETH from your personal wallet to the CEX.
Once the ETH is received in your CEX account, you can convert it to a native token on the Solana network, such as SOL. If not, you can simply move to step 4.
Withdraw the SOL (or ETH) from the CEX and send it to your Solana wallet.
It is important to note that while using portals like Allbridge and Portal is generally recommended for bridging, a CEX can be considered as an alternative option. However, it is essential to understand that CEXes often require users to undergo Know Your Customer (KYC) procedures and provide personal information.
Please keep in mind that the steps provided here are for informational purposes only, and it is always advisable to conduct thorough research and exercise caution when utilizing any bridging method.
Solana is a blockchain that boasts well over 400 active decentralized applications (DApps), many of which have established user bases. Meanwhile, the total value locked (TVL) across all Solana-based protocols now sits at $648 million — making Solana the 8th largest layer-1 by TVL.
Since the launch of the Solana mainnet in March 2020, the platform has undergone several upgrades aimed at improving stability and efficiency, while maturation of the Solana developer tooling has made building on the platform simpler than ever before.
