Simply put, tokens that want to be easily entered into smart contracts and used for reciprocal transactions must be standardized with common standards on a blockchain. Some common standards that you often encounter are ERC20 (ETH), TRC 20 (TRON), BEP20 (Binance Smart Chain), X-chain and C-chain (Avalanche), … All tokens issued on a Blockchain will share the same wallet address with the original Blockchain.
Ethereum and Solana are both the leading blockchains in the current crypto market with a lot of potential projects that betting experts keep an eye on. However, to interact and experience the DApp with each chain, you must have ERC20 or SPL tokens standards. So how to convert tokens to the standard you want?
In this blog, I will show you how to use Cross-chain bridge to convert ERC20 tokens to SPL and vice versa to serve the needs of DeFi users two well-known blockchains, Ethereum and Solana with transactions. very friendly interface.
What is ERC20 Token?
ERC stands for Ethereum Request for Comments. ERC20 is a set of general rules and regulations for the issuance of tokens on the Ethereum platform. For you to understand better, Ethereum is a Blockchain platform that allows developers to build decentralized applications (dApps) and decentralized autonomous organizations.
The ERC20 standard is considered by developers as a common standard when it comes to token implementation on the Ethereum platform, making it easier than ever to create a token on the Ethereum blockchain. You can mention some typical ERC20 tokens: USDT, UNI, LINK, SUSHI, CHZ,...
What is SPL Token?
Like ERC20, SPL stands for Solana Program Library - a list of general rules and regulations for the issuance of tokens on the Solana platform. Solana is one of the blockchain platforms that competes directly with Ethereum in terms of transaction speed and gas fees. Its goal is to provide a platform that allows developers to create decentralized applications (dApps) without designing around performance bottlenecks.
Some SPL standard tokens on Solana are familiar to you such as: SERUM, KIN, RAYDIUM,...
Why do we have to convert ERC20 token to SPL token?
One of the most prominent features of tokens is that they are not required to exist exclusively on a particular Blockchain, and many tokens can exist in two different blockchains. The most obvious example is USDT. Currently USDT can be traded on the blockchain of Bitcoin, Ethereum, TRONX, Solana, BSC, etc.
However, despite the existence of many different blockchains, most tokens cannot cross-send. This means that you cannot send the tokens you currently own from your Solana wallet address (SPL) to Ethereum (ERC20) or vice versa, if you do, all of the tokens you own will disappear. So if you want to convert USDT (ERC20) to USDT (SPL) to play on Solana, what should you do?
Don't worry, Coin98 Super App is currently supporting you to use Cross-chain bridge (SpaceGate) to convert tokens from ERC20 to SPL and vice versa right in the app, no need to transfer coins to CEX. (Binance, Kucoin) and then transfer back to the wallet to make the transaction.
Prepare to convert ERC20 token to SPL token
Download and install Coin98 Super App
Currently Cross-chain Bridge between ERC20 <> SPL is available on Coin98 Super App for both iOS and Android.
See detailed instructions for installing Coin98 Super App
Create Solana (SOL & SPL) and Ethereum (ETH & ERC20) wallets
After you have downloaded or updated Coin98 Super App, please create new Solana and Ethereum wallets, or import existing wallets on other wallets into Coin98 Super App.
- Instructions to create Solana wallet here.
Especially for wallets created on Sollet that want to be restored on Coin98 Super App, you can choose the option to restore New Standard wallet to solve the problem of Sollet wallet having its address changed when importing into another wallet. Too convenient, isn't it!
Prepare SOL and ETH as gas fees
Gas Fee is a type of transaction fee that you have to pay to make a transaction. When swapping tokens between ERC20 and SPL, the transaction fee will be calculated in coins in both native blockchains, namely Sol for SPL tokens and ETH for ERC20 tokens. Therefore, to operate on this cross-chain bridge, you are required to have SOL and ETH for fees.
You can buy SOL or ETH on centralized exchanges like Binance and send them to the respective Solana and Ethereum wallet addresses on Coin98 Super App.
Coin98 Super App will automatically transfer you a little SOL as a fee, so I encourage you to create a new wallet and transfer money from the old wallet to be more convenient.
How to convert ERC20 token to SPL token
Besides the outstanding bridges like ERC20 <> BEP20 <> TRC20, Avax C-Chain <> Avax X-Chain, Ethereum <> L2 Blockchains, Coin98 Super App also supports converting ERC20 to SPL token and vice versa with the cross-chain bridge.
To swap ERC20 token to SPL token, follow these steps:
Step 1: Open Coin98, select Swap tab.
Step 2: Select SpaceGate.
Step 3: Please follow these steps:
Select the wallet that holds the converting tokens and the receiving wallet on the corresponding blockchain.
Choose the Token you want to convert from the list. For the example, we’ll take USDT from ERC20 to convert to the standard SPL. However, you can choose other tokens as desired.
For those tokens that haven’t been listed on Coin98 Super App, you can still trade using their contract addresses.
Step 4: Choose the trading amount by sliding the bar.
Step 5: Click Convert, then click Done to confirm the transaction. The transaction may take a while to complete and the new tokens will be sent over to your corresponding wallet.
How to convert SPL token to ERC20 token
To convert the SPL token to the ERC20 token, repeat the steps and choose the corresponding chains.
The default gas fee on Coin98 Super App has been set at the standard rate that offers the most optimized speed with a reasonable cost. Converting from ERC20 to SPL you will need ETH and SOL as gas fee.
You can access the Convert History by clicking the icon at the top right corner of the trading interface.
Notes when converting ERC20 to SPL and vice versa:
You need to carefully check the information before trading in the information box below, including:
- Minimum and maximum number of conversion tokens.
- Transaction fee required.
- Conversion time.
Cross-Chain is a bridge to convert a token from one chain to another, that is, a prerequisite for converting tokens between chains is that the token needs to be supported on multiple chains, for example USDT (ERC20, SPL, TRC20, BEP20,...). You cannot use cross-chain to convert between SOL (SPL) to Ethereum (ETH).
Depending on the token you want to convert, the transaction fee will be different, the transaction fee will include: deposit fee from this chain and withdrawal fee from the other chain. Make sure you have enough gas fees to transact. Depending on the chain, you need SOL (SPL) or ETH as a transaction fee.
In the default state on Coin98 Super, the Gas fee is adjusted to the standard level, which is the optimized fee so that you can transact with the fastest speed and the most reasonable cost.
To check the transaction history, you can select the clock icon in the upper right corner of the screen to check the transaction history.
The future of blockchain technology will be towards allowing all major networks to interact with each other so that users can easily share value and information. And the SpaceGate feature on Coin98 Super App is making this vision a reality and strongly promoting the growth of DeFi.
Hopefully with the above article everyone can successfully convert tokens between ERC20 and SPL. If you have any more questions, feel free to ask in the comments below!
Immediately follow Coin98 channel to get the fastest updates on all information, outstanding events and detailed instructions on how to use Coin98 Super App’s features!