Tutorials
July 3, 2022
How to use TradingView?
Technical analysis can help you predict the future market movements of Bitcoin more accurately and trading view is one way of doing so.
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The bitcoin blockchain is the oldest blockchain technology followed by ethereum blockchain. These chains do offer great utility but are limited in one way or the other. However, there are other forks of these chains which are built to overcome the limitations.
The Fantom network is one such chain that solves the problems of the ethereum chain like scalability or transaction speeds. In this tutorial, we are going to learn how to swap chains from the ETH chain to FTM chain.
$FTM is just the token that is designed to make use of the fantom ecosystem to its full potential. The Fantom network is based on newer blockchain technology as compared to other cryptocurrencies. Thus it offers some benefits over other networks.
In this article, we are going to learn to transfer $FTM from the Ethereum network to the fantom network. One key reason to do so is the transaction speed. If you do any transaction on the Fantom network, the transaction will be completed in a fraction of time as compared to the Ethereum network.
The blocks are verified at a faster rate and thus you don’t have to wait for a longer period. Hence, it makes it suitable for use in banks for payments. The faster transaction speeds are achieved without compromising on security.
If you have used the ethereum network before, you must be familiar with ETH gas fees. No one is really happy about it. If you are planning to transfer 300 FTM, you will lose about 80 FTM just in the form of gas fees.
On the other hand, if you make transactions on the fantom network, you will be charged with just a fraction of 1 FTM (0.005 FTM approx). Therefore, on the fantom network, it’s possible to transfer smaller amounts of tokens.
Now that you know the benefits of switching to a fantom network, we can proceed to the tutorial on transferring $FTM between the networks. But to do so, you will have to use a bridging platform. Let’s take a look at all the bridging platforms we can use.
Bridging platforms or blockchain bridges are also called cross-chain bridges. This term is self explanatory. These platforms allow users to transfer their tokens or cryptocurrencies from one blockchain to another.
Each blockchain is unique with its own cryptocurrency. A particular blockchain might serve its purpose to the best in one particular use case but not in others. Thus, individual blockchains offer a restrictive and unpolished interface.
That’s why bridging platforms like Spookyswap offer a means of jumping from one blockchain to another while being on the same network. Thus, simplifying the whole experience. Now, there are many such platforms out there, but here we are concerned about only two of those who facilitate the $FTM exchange between the ETH network and fantom network.
In this tutorial, we are going to see how you can transfer your $FTM using multichain.xyz platform. However, the working of these platforms is the same and you can choose either of the platforms to make the transfer. It is also possible to switch back to ethereum using the same platform.
$FTM are the tokens from the Fantom Network, which is a decentralized network. With a low gas fee and fast confirmation rate, Fantom is one of the reliable networks for users. These tokens are widely used for staking to secure their network, and for many other activities like governance activities and for payments purposes.
$FTM Tokens are available in three different types or versions:
Designed in a way to get the better of limitations of the blockchains of older generations; Opera FTM or Fantom Opera is the secure and permissionless platform to build decentralized applications. On Opera, you will get open source code without any resistance or restrictions as it is powered by Fantom’s aBFT consensus algorithm.
Because of the algorithm, Opera is ready for actual applications with no risks of blocking or a long confirmation period. The algorithm makes opera faster and has a good hold on its speed. This makes Opera a fast environment for developers.
Fantom Opera is compatible with EVM (Ethereum Virtual Machine). The compatibility creates a seamless dApp port for Ethereum because of its unique design. Through solidity, Fantom opera mainnet provides good support for smart contracts.
ERC-20 is one of the most important Ethereum tokens, developed in the circumstances of technical standards. Now many popular currencies use the ERC-20 standard. Listed below are the coins that use ERC-20 standards:
ERC-20 is significantly used for all smart contracts. ERC-20 uses Ethereum based networks; there's no blockchain especially for ERC-20. It is the data house of the rules for Ethereum based tokens, as it deals with Ethereum blockchain for token implementation. These tokens are of proper value and can be sent or received. Basically, these tokens are blockchain-based assets.
Similar to ERC-20, BEP-2 or Binance Chain Evolution Proposal 2 is the technical standard for Binance Chain. It is developed for creating and using tokens on the Binance Chain and for the rules that tokens should follow in the Binance Chain Ecosystem. Every bit of information and features or rules of tokens for the Binance Chain are defined by BEP-2.
Like the ERC-20, BEP-2 also has digital assets and value for trading. There are many different tokens created which have different implementations. The purpose of BEP-2 or its standard is to monitor and ensure all tokens integrate smoothly with each other and their ecosystem.
Binance Chain has their stable coins which are also BEP-2 stable coins like BUSD. With stable coins, they have many projects on the multichain program. BEP-2 runs on Tendermint BFT consensus and delegated proof of stake (DPoS) algorithms, which are proven to be more reliable and fast. BEP-2 has dedicated applications layers that run upon it
The BEP-2 token has many properties including source address, Token Name, Symbol, Mintable and Totable Supply.
Before starting with the swapping process, let's understand the multichain bridge. Multichain is nothing but a cross-chain bridge, it provides benefits to the users by allowing them to do bi-directional transfers. With the benefit of bi-directional transfer, users can make transactions on multiple networks like Ethereum, polygon, Heco, and Binance Smart Chain.
Let's start with the transfer process, as it is divided into three simplified steps.
In this process, you can check the token balance on the fantom network. For that you will have to add fantom network details in your metamask wallet.
To connect your fantom wallet with Metamask:
Now you're done with swapping your $FTM tokens from ethereum to fantom Network. You can enjoy the benefits and features offered by the Fantom network.
If you follow the steps correctly, you will be able to transfer all compatible tokens from the ethereum chain to the fantom chain. Do consider the gas fees or transfer fees. This fee will be a one time fee and the other transactions on the Fantom chain will require relatively low gas fees.
I hope you liked this tutorial. If you wish to transfer your assets from different chains, you can check out our other articles regarding chain swapping.
Technical analysis can help you predict the future market movements of Bitcoin more accurately and trading view is one way of doing so.
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