There are various blockchain protocols in crypto, such as Ethereum, Binance Smart Chain, Fantom, and Avalanche, to name a few. Applications are built within each of these protocol’s ecosystems.
In order to use these decentralized applications (dApps), you have to set your wallet to that protocol’s blockchain and hold crypto within that ecosystem. In the future, there will likely be much more interoperability between blockchains, but right now they’re fairly closed off from one another.
In other words, if you hold Ether tokens on Binance Smart Chain, you have to bridge them over to the Ethereum mainnet in order to use those tokens on Ethereum-based dApps.
I’ve had to do this process a lot recently so I’m quite familiar with it now. I keep a good amount of bitcoin and ether locked up in Autofarm’s single asset vaults. These yield 6-10% APY which is great for btc and eth, but since Autofarm is built on Binance Smart Chain (BSC) there are a few steps required to migrate the funds back to the Ethereum mainnet blockchain.
I’ll outline a few methods below you can use to migrate your crypto from BSC to ETH, and vice versa.
1. Binance Bridge
Binance Bridge is probably the easiest way to transfer crypto between other blockchains and Binance Smart Chain. That said, certain countries are unable to use it, including the United States. You’ll need to use a VPN to do so if you’re in one of these countries.
The service allows you to easily swap from Tron, Solana, Ethereum, and Binance Chain onto the Binance Smart Chain (BSC) Network and vice versa. BSC is the chain that supports smart contract programmability, which is what all the BSC dApps are built with.
Using the bridge is easy. Simply connect your Metamask wallet, select the asset you wish to transfer, and choose which network to swap from.
In the example below, you can see we’re transferring from Ethereum onto Binance Smart Chain. The minimum amount is 0.052 ETH. The daily quota is 30.02 ETH per address.
The only fee you pay to use Binance Bridge is the gas fee to the blockchain network. So you need a little bit of ETH for Ethereum and BNB for BSC. The bridge only takes a few minutes and you should receive the crypto in your Metamask wallet under the new network.
If you can’t use Binance Bridge for some reason, you can also use a Binance.com exchange account to help you swap cross-chain assets.
If you have a Binance.com account, its deposits and withdrawals have a built in bridge. At a high level, you simply deposit tokens from your Metamask account to your Binance account, then withdraw those tokens from Binance back to Metamask while selecting which network you want your coins on.
Let’s say you’re trying to transfer ether on Metamask from BSC to ETH mainnet.
- Go to your Binance account and click deposit Ethereum to get your address. Select BSC (BEP20).
2. Send ETH from your Metamask account to the Binance address generated
3. Once your ETH is in Binance, click Withdraw. Copy/paste your Metamask ETH address. Select the Ethereum (ERC20) network.
Wait a couple minutes and your ETH should be back in Metamask on the Ethereum mainnet.
Note that Binance allows you to select which chain to withdraw your funds on. If you want your crypto on Ethereum, select the ERC20 option. If you want it on BSC, select the BEP20 option.
3. Synapse Protocol
Synapse Protocol (formerly Nerve Protocol) is a fairly new cross-chain bridge. It allows you to easily swap assets between blockchains and even stake them on the platform to earn yield.
Right now the platform supports certain asset swaps on Ethereum, Binance Smart Chain, Polygon, Fantom, Arbitrum, and Avalanche.
In the image below, you can see a stablecoin swap between USDC on Ethereum to BUSD on BSC.
Synapse does not have geographical restrictions like Binance does. So if you’re in the US or another restricted country, give Synapse a try.
Even if the platform doesn’t currently support swaps between your assets directly, you can convert ETH into a stablecoin, swap into another stablecoin on another network, and use that stablecoin to buy an asset on the new network.
We’ve discussed how to transfer crypto from Binance Smart Chain to the Ethereum mainnet in MetaMask, and vice versa. Binance Bridge is the easiest and most efficient option. You can also give Synapse Protocol a try, especially if you’re looking to swap assets across chains other than BSC or live in a Binance restricted country.