Nov 20, 2020
The Shardus project has an ERC20 token on the Ethereum network. We have been worried for a while now that during the upcoming bull market of 2021 the traffic on the Ethereum network will reach max capacity and transaction fees for a simple token transfer may get into hundreds of dollars. We have been looking at other networks that can provide a bridge and offload the traffic. After looking at various networks we have decided to go with Binance Smart Chain since it is 100% compatible with Ethereum, has a high TPS [1], low fees [2] and has the potential to grow faster than other compatible chains. We wanted to create a two way bridge so that our Shardus token could be easily moved between the two networks. We expected this might take a significant amount of effort to setup. But after doing some research we found that a project on the Bincance Smart Chain called BurgerSwap has already created such a bridge. BurgerSwap is basically like Uniswap on the Binance Smart Chain. It allows tokens on the Binance Smart Chain to be added to liquidity pools so they can be swapped with each other. It makes total sense that this project would have an interest in making it easy for ERC20 tokens to move between the Ethererum and Binance chains, since it would help increase the tokens available on BurgerSwap. So how do you set up this bridge? It’s very easy.
Any user of an ERC20 token can do it and it does not require involvement from the token team or contract owner.
- You need to have the MetaMask wallet setup and the tokens on the Ethereum network which you want to create the bridge for moved to that wallet.
- Setup your MetaMask wallet to also recognize the Binance Smart Chain as explained here. The same Ethereum addresses will also be used on the Binance Smart Chain.
- Make sure you have some BNB in your address on the Binance side and some ETH in the same address on the Ethereum side. You should also have the ERC20 token in the same address on the Ethereum side.
- Now you just need to create the bridge as explained here. In step 2 be sure to click the Approve button before clicking the Create button.
That’s it. You can now use the bridge at BurgerSwap.org to move your token between the Ethereum and Binance chain. You will just need to keep the contract address handy; or you can always search for it by token name using the BSCscan.com explorer.
If you would also like to add your token to the BurgerSwap DEX just follow the steps here.
[1] Max throughput of over 450 TPS.
[2] Transaction fees are 35x lower.
