Have you owned a crypto asset on one network, and realised that there’s a higher yield for the same token on another network?
Krystal is pleased to announce that we have integrated with the Multichain platform, and you can now bridge your assets to different chains on Krystal (Web and Mobile).
In fact, most of you mentioned that you used DApps like Multichain to bridge your assets across different networks!
🌉 How do you normally bridge your tokens to different blockchains?
— Krystal DeFi (@KrystalDefi) June 15, 2022
We are one of the few mobile applications that have successfully integrated with Multichain, allowing you to use Multichain’s technology in the convenience of our app.
What is a blockchain bridge?
A blockchain bridge allows you to transfer your tokens from one blockchain network to another.
In most cases, the asset that you intend to bridge will be locked up with the bridge, and a wrapped asset will be minted on your destination blockchain.
For example, you may have USDT on the Ethereum network, but the gas fees are too high.
As such, you may want to bridge this asset to another network like the BNB Smart Chain (BSC), where the gas fees are lower.
The Merge is happening on Ethereum, and you can find out here if it will help to reduce its high gas fees.
Why do I need a blockchain bridge?
Here are 3 possible reasons why you may need to use a blockchain bridge:
- Some DApps are native to one (or a few) networks
- Some networks may have cheaper gas fees
- Centralised exchanges are more troublesome for bridging assets
You can find out more about how bridges work in our article here.
Which tokens are supported on the Krystal Bridge?
Based on Multichain’s documentation, it supports over 1,100 tokens. However, you may want to check if the token that you’re bridging supports both the original chain and the destination chain.
For example, if you want to bridge USDT from the BNB Smart Chain (BSC) to Ethereum,
you can bridge to different networks like:
- Ethereum
- Cronos
- Polygon
- Fantom
- Arbitrum
- Avalanche
However, if you are bridging MIM from BSC to Ethereum, you will only be able to bridge to 5 networks (excluding Cronos).
How do I use the Krystal Bridge?
To access the bridge, you will need to go to the ‘Bridge’ tab on the Desktop platform.
For mobile, you will need to access it via the ‘Explore’ tab on our app.
This will bring you to the bridge, where you will need to select these parameters:
- The network that your assets are currently on
- The destination network that you would like to bridge your assets to
- The token that you wish to bridge
- The amount of tokens that you wish to bridge
- The destination address for the bridged tokens (this will be your wallet address by default)
The Cross-Chain bridge on Krystal supports all 9 EVM-compatible networks (Ethereum, BNB Smart Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Aurora and Klaytn). Bridging to and from the Solana network is not currently supported.
For certain bridging transactions, there is a minimum and maximum transfer amount. If you are either below the minimum or above the maximum amounts, your transaction may not go through.
If this is your first time using the bridge, you will need to approve the smart contract to interact with your token balance first, before you can bridge your tokens.
After selecting ‘Review Transfer’, you will be able to confirm your transaction details one more time.
Once you have approved the transaction, you can view the estimated time before the bridged assets will arrive in the destination wallet.
For more information on the entire process, you can check out Multichain’s documentation on how their bridging feature works.
Why didn’t my transaction go through?
Here are some errors that you may encounter when bridging your assets on Multichain:
- Insufficient liquidity (i.e. there are not enough funds in the source or destination blockchain)
- Insufficient balance in your wallet
- The cross-chain amount is either below the minimum or above the maximum transfer amount
- The token you are bridging does not exist on the destination network
What are the fees charged for using the cross-chain bridge?
There are 2 different types of fees that you’ll incur when using Multichain:
- Cross-chain fee
- Gas fee (on Multichain)
This will differ depending on the token and network that you are bridging to. As a result, you may notice that the number of tokens that you receive will be lower compared to the original amount.
On top of that, you will still need to pay a network transaction fee (gas fee) for this bridging transaction. This should be a few cents, unless you are using the Ethereum network.
Krystal does not charge any fees for using this feature.
Conclusion
Bridging your tokens to another network has now become so much easier with Krystal’s integration with Multichain.
Which network will you be bridging your assets to? Tweet us or send us a message on Telegram to let us know!
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