Instructions to convert BEP20, TRC20 tokens to SPL tokens and vice versa

As DeFi expands rapidly in recent times, the need to exchange assets between chains has become a more and more important factor contributing to the customer’s experience. Cross-chain bridge solution was created to fulfill that demand, with many technical breakthroughs being updated on a daily basis. Therefore, this article will guide users to simplify Cross-chain asset transferring using Coin98 Wallet Cross-chain bridge utility.

So what is a Cross-chain bridge and how does it work? Please refer to the article below!

What is a Cross-chain bridge? 

As each blockchain network has its own structure, the procedures for transferring assets between them are pretty limited, which is similar to how Vietnamese people find it difficult to pay for expenses in Vietnam with Japanese Yen, and Japanese people find it difficult to pay for expenses in Vietnam with Vietnamese Dong.

As the name implies, cross-chain is a technique for transferring assets from one chain to another, in order to optimize capital efficiency and increase liquidity in different chains.

Current Cross-chain bridge projects

Recently, Cross-chain bridges have gained a lot of attraction, and developers have been quickly expanding them across chains. Some current Cross-chain bridge projects such as:   

• Polkaswitch allows the transfer of Bitcoin (BTC) to Ethereum in a decentralized manner.
• The Force bridge will allow users to transact between the Cardano and Nervos blockchains using ADA and CKB — the respective native cryptocurrencies of the Cardano and Nervos blockchains — and create their own tokens.
• xPollinate allows users to swap token DAI, USDC, USDT between xDAI, Polygon, and Binance Smart Chain.
• Wyre allows developers to integrate Payment of Wyre infrastructure on X-chains Dapp.
• Wormhole enables current projects, services, and communities to move tokenized assets across blockchains in a seamless manner, allowing them to take advantage of Solana's fast speed and low cost.
• Anyswap and Multichain.xyz bridges are frequently used for EVM chains as they are two popular bridges that support the majority of EVM chains. For example, Ethereum, Binance Smart Chain, Houbi ECO Chain, Fantom, Polygon và Fusion…

Nerve Network, Ren Protocol, xDAI are some of the other projects that also provide Cross-chain solutions. 

However, there will be a core cross-chain bridge project for each blockchain. There is, of course, a limit to the number of chains that can be converted. As a result, the ecosystem will have a large number of projects that help convert tokens across different chains and will exclusively serve its own ecosystem. 

Users will face difficulties searching for projects that contain chains that must be converted, and the cost of converting multiple times between different projects will be costly. Furthermore, this also restricts ecosystem improvement in general and the development potential of many DeFi projects in particular in the future. 

Coin98 Wallet Cross-Chain Bridge 

Cross-chain bridge is considered a prominent feature of Coin98 Wallet as a utility that integrates many blockchains to facilitate token conversion.

Currently, the Coin98 Wallet Cross-chain bridge function keeps continuously adjusting to satisfy the demands of end-users, with a friendly interface, streamlined transaction fees, and time-saving for users. 

Furthermore, Coin98 Wallet now offers a Cross-chain bridge with five popular blockchains:

• Ethereum (ETH & ERC20).
• Binance Smart Chain (BEP20).
• Solana (SOL & SPL).
• Tron (TRC20).
• Avalanche C-Chain & X-Chain is a new face that was recently added to Coin98 Wallet Version X.

Coin98 Wallet will undoubtedly improve technological features and integrate numerous new blockchain networks to improve user experience.

So why should users access AMMs & Cross-Chain Bridges on Coin98 Wallet? There are 3 main reasons:

• Simple, easy to use: Coin98 Wallet optimizes the trading procedure on AMMs, saving a great amount of time and effort in the long run. Just by clicking on the Swap button placed on the home screen, you can immediately access the Universe of AMMs and Cross-Chain Bridges without any interruption.
• Optimized speed and gas fee: Coin98 Wallet optimizes the gas fee and transaction speed, that allows users to freely adjust the gas bar according to their needs. Moreover, the default gas fee on Coin98 Wallet has been set for the highest transaction speed at the most reasonable cost.
• Minimized risks of being scammed: Coin98 Wallet has been searching for AMMs with great use cases while prioritizing security for users' assets. Besides, Coin98 Wallet integrates the exact address of each AMM in app so as to avoid the case where users lose their Private Keys/Passphrases by using fake AMMs or swapping fake tokens.

Instructions to convert Token

What are the prerequisites for token conversion?

First, users need to download the Coin98 Wallet application and create an account on Coin98 Wallet before using the Cross-chain bridge feature.

Coin98 Mobile Wallet version X is available for download at:

• IOS: ios.coin98.app
• Android: android.coin98.app

To install Coin98 Wallet, you can read the detailed instruction on how to use Coin98 Wallet or watch video below:

Then, you need to create BEP20, ERC20, TRC20, and SPL wallets or import existing wallets into Coin98 Wallet after downloading the latest version. Currently, Coin98 Wallet supports:

• Restore & import existing wallets into Coin98 Wallet.
• Create a new Multi-chain Wallet (recommended).

Users are advised to create a new Multi-chain Wallet as it will be more convenient in portfolio management than being able to interact with 22 chains with a single passphrase.

Read the instructions for setting up a multi-chain wallet on Coin98 Wallet.

If your Coin98 Wallet already existed, please re-import your multichain wallet to get Binance Smart Chain, Ethereum, and Solana wallets, as well as the other new wallets in this release!

Converting tokens between Binance Smart Chain, Tron, and Solana

If users want to convert BEP20 or TRC20 tokens to SPL tokens, they can convert those standard tokens to ERC20 and then change to SPL as requested, or vice versa if converting SPL tokens to BEP20 or TRC20 tokens.

Cross-chain bridge interface overview

Interface feature explanation: 

Area 1: Outgoing and incoming tokens are stored in the wallet area. Choose the chains for converting.

Area 2: Choose the token:

Example: Token USDT.

• Price token: 1 USDT.
• Asset in your wallet: 4.73888 USDT.

=> Conversion amount: $1 x 4.73888= $4.74.

Swipe the bar to choose the token amount.

Area 3: Data on token conversion in real-time:

• Deposit Timeout: Time when deposit process ends.
• Min/Max Amount: The limitation for your transaction.
• Gwei: The amount you pay per unit of gas.

You can swipe the Gwei bar to pay the deposit gas amount. Remember that: The higher the gas price, the faster transaction, but more expensive.

• Deposit Gas: Transaction charge fee for conversion token.
• Withdraw Gas: Transaction charge fee for receive token, minus directly on the conversion amount.
• Service Fee: Fee for proving service.
• Received: The token amount received when the transaction is done.

Area 4: Transaction history.

Current blockchain bridges on Coin98 Wallet's Cross-Chain Bridge:

• SPL <> ERC20: Convert SPL tokens on Solana blockchain to ERC20 tokens on Ethereum Blockchain.
• ERC20 <> BEP20 <> TRC20: Convert tokens between Ethereum, Binance Smart Chain, Tron blockchains. Specifically, users can convert tokens directly through a single route. For example, they can convert tokens from:
  • TRC20 to ERC20 and vice versa.
  • BEP20 to TRC20 and vice versa.
  • ERC20 to BEP20 and vice versa.
  • In converting BEP20 or TRC20 tokens to SPL tokens, users can convert those token standards to ERC20 and convert them to SPL as desired.
• Avalanche C-chain <> Avalanche X-chain: Convert AVAX tokens between C-chain and X-chain on Avalanche blockchain and vice versa.

Cross-chain bridge instructions for converting BEP20 token to SPL token process

Implementation process include:

• Process 1: BEP20 ⇢ ERC20.
• Process 2: ERC20 ⇢ SPL.

From the Coin98 Wallet home screen, click Swap then click on Cross-Chain Bridge to begin.

Process 1: BEP20 -> ERC20 

• Step 1: Choose the standard to convert from: BEP20.
• Step 2: Choose the standard to convert to: ERC20.

• Step 3: Choose the asset and the token amount.
• Step 4: Swipe the Gwei bar.
• Step 5: Confirm the transaction.

⇒ Process 1 is done. 

Process 2: ERC20 -> SPL

• Step 1: Choose the standard to convert from: ERC20 .
• Step 2: Choose the standard to convert to: SPL.
• Step 3: Choose the asset and the token amount.

• Step 4: Swipe the Gwei bar.
• Step 5: Confirm the transaction.
• Step 6: Waiting for program checking.

⇒ Process 2 is done. 

Converting TRC20 tokens to SPL and vice versa follows the same procedure. Once the conversion process is done, converted tokens can be used for another purpose.

Things to keep in mind

The transaction fee and token conversion time will depend on the blockchain status. Before finalizing the token conversion, users should double-check the details through a blockchain explorer.

Only the same token can be converted between chains. Users can't combine the "Swap" function and the "Cross-chain Bridge'' function in one process. USDT (SPL) to USDT (ERC20). For example, TRX (TRC20) cannot be converted to BNB (BEP20). Thus bear that in mind.

To review the transaction history, click the clock symbol in the upper right corner of the screen.

Conclusion

We hope this article is helpful and effectively supports end-users in converting tokens across multiple blockchains with the Coin98 Wallet Cross-chain Bridge function/feature.