Hello, my friends! It’s Crypto Beginner again. Today, I will show you how to convert from the Binance network to the Ethereum network in the most efficient way possible. I guarantee that you won’t have to pay exorbitant gas fees.
I was personally frustrated because I couldn’t convert my USDT on the Binance Chain network to the Ethereum network in my self-custody wallet. I wanted to buy a new hype token, so I surfed all over the internet. I found out that the process to convert between different networks is called “bridging”. So, I had to look for a bridge, which I guess is a Layer 2 solution in crypto, where Layer 1 includes networks like Bitcoin, Ethereum, etc. I searched for a bridge for this and found some decentralized applications (dApps) that can do this kind of stuff. Here are some of them:
These are all Web3 applications that provide a bridge. I wanted to bridge transfer from the BNB network to the Ethereum network with USDT token.
But sadly, as you can see in the picture above, the gas fee at the time this picture was taken was 0.169 BNB, which cost me around 60 dollars. The gas fee was even higher than my USDT balance, so I had to figure out another way. I tried PancakeSwap and others, but they showed me similar gas fees.
However, if you want to transfer a large amount of money, then your journey ends here because the gas fee would be the same or similar whether you’re transferring a small or large amount of money. So, for large transfers, you will feel that you pay less than 1% of your total money. Below, I show you a picture where I want to send 10,000 bucks, and the gas fee is similar.
Convert Between Networks with Lower Fee
But what if you only have a small amount? Then we go the traditional way, that is, we transfer our crypto from the wallet to a centralized exchange. In my case, I will use the Binance exchange, and then you can buy ETH or other tokens and send them back to your wallet.
I will assume that you know how to deposit your crypto to a centralized exchange from your wallet since we all have different centralized exchanges.
After that, you can just buy your ETH or other tokens you want. But the question is whether the gas fee is smaller. The answer is yes. Below, I will show you screenshots of myself transferring ETH from Binance CEX to TrustWallet.
So, the fee I needed to pay was the network fee, which was only 0.036 ETH, which was around 10 dollars at that time. It’s much cheaper than using the Web3 dApps. So, my crypto fellows, what do you think about this? If you have other options, feel free to share them in the comment section below. I hope this information is helpful to you! 😊
