Moonbeam
Bridge your assets to Moonbeam
Wormhole: Bridging Assets to Moonbeam
Users starting out on the Moonbeam network for the first time will need to bridge their assets from other chains in order to use dapps in the ecosystem. In this example, we will use the native bridge on the StellaSwap DEX, which is built over the Wormhole protocol and allows for easy bridging of assets from Ethereum.
StellaSwap's native bridge currently supports:
USDC, ETH, and WBTC from Ethereum
Step 1: Connect Your Wallet
Visit the StellaSwap website and click on the "Connect to a wallet" button at the top right corner of the page to connect your wallet.
After connecting, select Ethereum as the origin network from which you want to bridge your tokens.
Step 2: Select and Bridge Tokens
Once your wallet is connected and the origin network is selected, choose the token you want to bridge.
Input the amount of the token you would like to bridge over.
Click on the "Bridge" button to initiate the bridging process.
Step 3: Confirm and Monitor the Bridging Transaction
In a pop-up modal, click on the "Bridge" button once more to confirm the transaction.
Use your wallet to sign the transaction when prompted.
After the transaction has been confirmed in your wallet, you will be able to click on "View in Explorer" to check the status of the bridging process.
Please note, when bridging from Ethereum, it may take up to 15-20 minutes for the bridging to be completed and for you to be able to redeem your tokens on Moonbeam.
Step 4: Auto Redeem Wormhole-Wrapped Assets
Once the bridge transaction has been finalized and your tokens have been successfully bridged to Moonbeam, click on the "Next" button.
Then, click on "Auto Redeem" to automatically redeem your Wormhole-wrapped assets.
After clicking on "Auto Redeem", you should find your new Wormhole-wrapped assets in your wallet.
Please keep in mind that the process may vary slightly depending on the wallet you choose and any changes made on StellaSwap. For specific questions or issues encountered during the bridging process, it is recommended to refer to the official documentation or contact StellaSwap or Wormhole directly.
Frax Ferry: Sending FRAX to Moonbeam
Frax has introduced a new bridge called Frax Ferry, which allows users to send Frax across different chains, specifically between Ethereum mainnet and FRAX-supported chains. The process of using Frax Ferry to send Frax to Moonbeam involves the following steps:
Access Frax Ferry
To initiate the process, users need to visit Frax Ferry, which can be accessed at https://app.frax.finance/fraxferry.
Follow Frax Ferry documentation
To understand the detailed functionality of Frax Ferry, refer to the official Frax Ferry documentation available at https://docs.frax.finance/fraxferry/overview.
For a step-by-step guide on how to bridge FRAX using Frax Ferry, refer to StellaSwap's documentation at https://docs.stellaswap.com/how-to-guides/bridge/how-to-send-frax-to-moonbeam-using-frax-ferry.
Key Features of Frax Ferry
Secure and slow process: Frax Ferry is designed to be a slower process, taking approximately 24 hours for completion. This increased duration is intended to enhance security compared to traditional, centralized bridges.
Detection of malicious transactions: Slower transaction processing provides more time for potential malicious transactions to be identified and stopped. If a hacker attempts to submit a batch of transactions to steal tokens, users have more time to notice and report the issue.
Ability to pause contracts: Frax Ferry incorporates a feature where the bridge contracts can be paused by the designated "Crewmembers" in case of suspected security vulnerabilities. This prevents further transactions from being processed until the issue is resolved.
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