Web3 opens up endless possibilities, but jumping between blockchains can be a hassle. Fortunately, cross-chain bridges are there to make it simple to move tokens from one chain to another.
If you want to learn how to best transfer tokens between chains, read on and discover what cross-chain bridges are, how they work, and how to bridge assets using Magic Eden.
Blockchains can seem isolated, with their own ecosystems and apps. If you want to move your assets from one chain to another, you will need a bridge.
Cross-chain bridges, also known as crypto bridges or blockchain bridges, allow you to transfer assets and information from otherwise isolated blockchain ecosystems.
This lets users and developers take advantage of the different features and available applications of various blockchains.
Cross-chain crypto bridges use smart contracts to move assets to and from different chains. While different bridges use different protocols, they typically follow these steps:
1. Lock and Wrap: When you initiate a transfer, the bridge locks your original token on the source blockchain. It then mints an equivalent token on the destination blockchain, commonly known as a wrapped token (e.g., wrapped Bitcoin wBTC or wrapped Ether wETH).
2. Using Wrapped Tokens: While using the wrapped token on the new chain, your original asset remains safely locked. This prevents double spending and ensures that your funds are genuinely backing the tokens you use.
3. Redeeming Assets: To reverse the process, you "return" the wrapped token to the bridge, which then unlocks the original asset on the source chain.
If you’re new to crypto, it can be surprising that different ecosystems use different tokens that are not always easy to migrate across different chains.
How do bridges help?
Mass Adoption: By simplifying token transfers, bridges lower the barrier for new blockchains to gain traction.
Cross-chain bridges still have some inherent limitations.
All of these potential risks can be mitigated through the use of an audited bridge and a decentralized approach. This is why doing your research before committing to a solution is always the first step.
To start bridging tokens using your Magic Eden Wallet, you first need to fund your wallet. You can’t bridge if you don’t have anything to send from one chain to another.
Next, decide which asset you want to bridge.
In Magic Eden, bridging and swapping are located in the same place: in the second tab from your left.
Choose the asset and its counterpart on the other chain. In this example, we’re using ETH on Ethereum and are converting it to ETH on BASE. You can see which chain the wrapped asset belongs to by looking at the little icon next to the asset name.
Click ‘Swap’ to start the process. It will take a few minutes for the bridged version of the token to pop up in your wallet.
You’ll get a message when the process is done.
Your wallet gives you an overview of all your funds.
You’ll see the total amount of funds and how much you have in each token. This way, you always know what you’re able to collect next.
Bridging brings the magic of interoperability to Web3. With bridging right in your wallet, you can send tokens from one chain to another and tap into everything their ecosystems offer.
While it’s technically different from cross-chain swapping, Magic Eden Wallet keeps things simple and treats them the same. So, whether you’re bridging or swapping, you can switch tokens in seconds from the same easy, intuitive interface.
Download Magic Eden here to seamlessly bridge assets across different chains.
Bridging in crypto means transferring assets or information from one blockchain to another. It allows you to use tokens on different chains by creating equivalent versions (often wrapped tokens) without selling and rebuying them on separate platforms.
Cross-chain simply means between different blockchains. Cross-chain bridges facilitate efficient, low-fee transfers of tokens without relying on exchanges, enabling smoother, faster transactions across diverse ecosystems.
Magic Eden offers cross-chain bridging natively. You can bridge a token from within the wallet without needing additional third-party providers. Take advantage of all the different DeFi opportunities across all the chains that Magic Eden Wallet supports.
Bridge time depends on network activity and the chains involved. Most transfers should be done within minutes.
The information provided on this website is provided for general educational purposes only and is in no way financial or investment advice. Certain information may have also been provided to us or prepared by third parties; these materials are provided for convenience and are not an endorsement by Magic Eden. Magic Eden is not liable for any errors, changes or amendments to such information, including any actions taken in reliance on such information.
