Due to the complex nature of blockchain technology, linking assets across blockchains can get tedious. There is where blockchain bridges come in. They enable the transfer of assets from one blockchain to another, providing users access to a wider range of decentralised applications.
Typically, a cross-chain bridge entails using a smart contract to lock or burn tokens on the source chain and another smart contract to unlock or mint tokens on the destination chain.
For instance, some cross-chain bridges allow one to transfer assets between Ethereum and Solana. Bridges enable interoperability between two blockchain networks while leveraging their respective benefits, such as exploring unique dApps, trading with lower transaction fees, and increasing investor’s exposure to different assets that otherwise would not have been possible. In this article, we will examine how to bridge assets from Solana to Ethereum. But first, let’s explore how cross-chain bridges operate.
How do cross-chain bridges work?
As mentioned earlier, blockchain assets often cannot be directly transferred across different blockchains. To solve this issue, cross-chain bridges create "wrapped" versions of the asset that can be transferred to another blockchain.
Suppose you want to send one Solana coin to an Ethereum wallet using a cross-chain bridge. The wallet will receive a "wrapped" token that represents the Solana coin in the form of an ERC-20 token, which is supported on the Ethereum blockchain.
A quick note here is that there are two main types of bridges: Trusted bridges, which are controlled by a centralised entity, and trustless bridges, which operate on algorithms and smart contracts.
Let us now understand how one can bridge from Solana to Ethereum.
With Allbridge
One of the many bridging options available to users is Allbridge. It assists in connecting EVM networks like Polygon and Ethereum with non-EVM chains such as Solana. Since its inception, Allbridge has facilitated over $6.4 million worth of asset transfers across blockchains. The transactions on Allbridge normally settle within 1 to 5 minutes, while the average fee charged for transactions is 0.3 percent.
To utilise Allbridge, simply navigate to their website, connect the Solana-supported wallet, and select the "From Solana to Ethereum" option. Then, input the destination address and enter the amount to bridge. The transaction then needs to be completed by clicking "send".
Using Portal Bridge
Portal Bridge is one of the most popular options for bridging assets between Solana and Ethereum.
This is how the transfer can be done: First, go to Portal bridge, choose "Source Solana to Target Ethereum", and then select an asset you want to transfer. Connect two wallets on Solana and Ethereum. Finally, insert the address and amount, then proceed to approve the transaction by paying the network fees.
Once the transfer is complete, the bridge will lock your asset on the Solana network and mint equivalent tokens on the Ethereum network. You will get a confirmation once the process is successful. The procedure normally takes 8 to 10 minutes.
With Centralised Exchanges (CEX)
Centralised exchanges have been a popular way to move assets between blockchains once cross-chain bridge thefts, like the Wormhole exploit, emerged as a security risk for users. Each has pros and cons, but both options can be utilized per individual preference. For instance, decentralized bridges charge more fees than centralized solutions, while CEXs require submitting a KYC and personal details on the platform before transferring funds.
To get started, open your CEX account, go to your wallet, and transfer ETH from your wallet. After receiving the asset, you then need to convert your funds to SOL. After the conversion, withdraw your SOL and send it back to your Solana wallet.
Conclusion
The two most well-known decentralised finance (DeFi) platforms available to users are Solana and Ethereum, and a number of options have been developed to allow users to transfer assets between these blockchains.
It is also important to note that cross-chain-related thefts have emerged as a major security risk in recent years, and one must weigh the options before choosing any bridge.
(Edited by : Anushka Sharma)
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