In the current crypto trend, Solana has emerged as the most popular blockchain network among traders, investors and developers. Several newly launched projects in the Solana ecosystem have attracted users worldwide and even those from other networks.
Latest data from a deBridge explorer shows that Solana has seen an onchain inflow of approximately $616 million over the past year. This amount is calculated only via deBridge while the total value of all bridges could reach over $1 billion. Most of this onchain inflow is coming from Ethereum as users are migrating to Solana’s low cost and high speed blockchain infrastructure. As we march further in the current bullrun, this inflow is expected to reach record highs.
The unified competition between SOL and ETH is now leaning towards Solana. The high fees and slow transaction execution on Ethereum are pushing DeFi traders to move to Solana and other blockchain networks.
As onchain activity is rising on Solana, the demand for crypto bridge will increase rapidly. There are multiple crosschain bridges available for moving crypto assets from other blockchains to Solana and vise-versa. Choosing a right crypto bridge requires understanding and experience which most beginners lack. We have made it easy by picking out the top 5 bridges that you can use to transfer your funds from Ethereum to Solana.
Let us first understand how blockchain crypto bridges work before deep diving into the subject.
How Crypto Bridge Works?
Crypto bridges or cross-chain bridges are platforms that allow sending crypto assets to different blockchain networks where it is not deployed natively. These transfers are not possible due to certain limitations in the current blockchain landscape. In this process, the origin token is locked in a smart contract on the source chain (Ethereum in our case) and a wrapped token gets minted on the destination chain (Solana), which has the same value as the origin token. Users will have to pay a minimal fee just like any other typical blockchain transaction.
Some cross-chain bridges use a liquidity locking method for transferring crypto assets between two blockchain networks. This typical method of cross-chain transfer involves bridge smart contracts on both blockchain networks where assets are locked on one side and released on the other side.
How To Bridge Crypto From Ethereum To Solana?
To transfer crypto assets from Ethereum to Solana, there are a number of bridges available and a few of them are listed below. We will use Allbrigde for this example and to explain cross-chain asset transferring.
Step 1: Go to the bridge website.
Note: Make sure you are on the official website by verifying the URL.
Step 2: Connect Your Wallet
Connect your crypto wallet by finding ‘Connect Wallet” button. It is mostly placed on the top-right corner of the website. You can connect any Ethereum wallet such as Metamask.
Step 3: Opt for the origin chain (Ethereum) and choose the crypto asset
Now opt for the origin chain (Ethereum) and choose the crypto asset you want to bridge. Allbridge Core is specifically designed to allow the transfer of stablecoins like USDC and USDT. If you want to transfer other assets, you can use Allbridge Classic.
Step 4: Select your destination chain (Solana)
The next step is to select your destination chain (Solana). After selecting it in the former option, you will either need to connect a wallet or enter the destination Solana address where you want to receive assets.
Step 5: Enter the amount of assets.
You will be able to see your wallet balance beside the textbox.
Step 6: Change the default setting of transactions
Now, in additional options, you will be able to change default setting of transactions by changing the bridge router, adding extra gas fees or option for relayer fee. Leave it as it is if you do not want to go through any of that.
Step 7: Approve Transaction
Click on ‘Approve’ button for approving the transaction and later click on ‘Send’ button to execute the transaction..
It usually takes 10 to 20 mins for the transaction to be processed and you will receive funds in the destination Solana wallet once it’s complete.
Top 5 Trusted Crypto Bridge
The considered attributes to pick below listed bridges are based on liquidity, volume, ease of use and overall user experience. Let’s get into it;
Below are the top 5 crypto bridges to transfer assets from Ethereum to Solana;
Portal by Wormhole
Portal is one of the most popular bridges used for transferring assets from Ethereum or any other chain to Solana. It is developed by the team behind Wormhole, a decentralized protocol that enables interoperability by connecting blockchain networks.
Portal was originally built as a bi-directional cross-chain bridge between Ethereum to Solana but now it later enabled a number of blockchains including Polygon, Avalanche, Fantom, BNB Chain, Base, Arbitrum and dozens of others. Portal uses special validator nodes known as ‘Guardians’ in transferring crypto assets across multiple blockchain networks. Every cross-chain transfers on Portal are verified by two-third of all the Guardians.
AllBridge
As mentioned in the example earlier, AllBridge is one the best crypto bridges for moving assets between Ethereum and Solana. AllBridge has a typical Solana-style UI which users find simple to use and understand. It currently supports 24 blockchain networks using both the wrapped tokens and liquidity pooling method for enabling cross-chain transfers. The liquidity locking method is used for stablecoin transfers where AllBridge has liquidity of more than $37 million in multiple stablecoins.
AllBridge provides two bridge infrastructures:
(i) AllBridge Classic: for normal cross-chain transfers
(ii) AllBridge Core: which is more efficient and customized for efficient stablecoins transfers
AllBridge has also been a victim of security breach due to its popularity. Recently, a hacker managed to steal $573k from AllBridge in BUSD and USDT stablecoins. The AllBridge team has since raised their security standard and now it provides more secure transfers between multiple blockchain networks.
Synapse
Synapse is one of the most friendly cross-chain bridges due to its simple and easy to understand UI. Anyone with a decent experience of using decentralized platforms can figure out how to use it for cross-chain transfers. Synapse currently supports over 20 blockchain networks and a wide range crypto assets from all those blockchain ecosystems.
The most notable feature of Synapse is the ease of liquidity as it utilizes the liquidity pool method rather than wrapping and unwrapping of tokens. This method provides faster and more presumable transactions. However it is also a disadvantage that the bridge could not function when there is no liquidity.
Synapse offers a dedicated bridge between Ethereum and Solana which functions separately from other blockchain bridges. Users can either connect their EVM wallet or Solana wallet to bridge crypto assets between both the blockchain.
deBridge
Launched in 2021, deBridge integrated Solana last year which now allows EVM-based smart contract execution on Solana and vise-versa on Ethereum. This functionality essentially enables cross-chain transactions between both the blockchain networks. deBridge uses decentralized orderbook for transferring any asset on one blockchain to any asset on another blockchain.
deBridge team has also built a cross-chain trading DEX that offers a variety of functionalities such as limit orders, deep liquidity and more in interchain trading.
Mayan
Mayan is a novel cross-chain asset swapping platform that leverages auction mechanisms for executing transfers. It uses the Wormhole’s inter-chain infrastructure for connecting multiple blockchain networks and enabling seamless asset transfer between them. The primary functionality Mayan offers is finding best rates for desired assets across different bridge providers. When an ideal price action is found, it executes the Swap Auction method for confirming and executing transactions.
All of these bridges are sorted based on their popularity, volume and ease of use. Most of the Ethereum to Solana cross-chain transfers are processed through one of these bridges. In the Wide DeFi ecosystem, there are numerous decentralized bridges available that makes it possible to send assets to Solana at different rates and methods.
Conclusion
The decentralized finance (DeFi) landscape has several limitations and interoperability between blockchain networks is one of them. This issue is currently solved by crypto bridges like mentioned above. As the DeFi ecosystem on Solana is expanding, it will see massive increase in the volume of assets moving from Ethereum and other blockchains. The low-cost and quick transactions on Solana has led it to become a major DeFi hub. All the crypto bridges we covered in this blogpost will play a vital role in boosting Solana’s dominance further in blockchain space.
FAQs
Which are the best bridges for transfering crypto to Solana?
Solana has a number of crypto bridges and among them Portal Token Bridge, Synapse, and AllBridge are popular ones.
How much does it cost to move assets from Ethereum to Solana?
The cost of transferring assets from Ethereum to Solana depends on the bridges. Some offers quick transfers at high speed while some have low cost but they take longer top execute transactions.
