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How to transfer tokens to Dfinity Blockchain simply

If you want to transfer tokens to Dfinity but don't know how to go about it, this article is for you.
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trangtran.c98
Published Oct 23 2021
Updated 3 days ago
3 min read
transfer token to dfinity blockchain

Transfer tokens to the Dfinity Blockchain

Similar to other blockchains, to participate in DeFi on Dfinity. The gas fee gwei level on the Dfinity is currently around 0.0003 ICP/transaction. So, to make transactions, only 1 ICP ($7.22) can go a long way.

transfer token to dfinity
Dfinity Website: https://dfinity.org/

Prepare tokens

Since the majority of CEXs currently support ICP, you have complete freedom to choose where to make your ICP purchase(s). The most popular Dfinity-supported exchanges include Binance, Gate.io, KuCoin, and OKEX.

Supported CEX

In the following section, I'll go into details about which exchange you should use to purchase ICP.

Prepare your ICP wallet to store tokens

It is necessary to have a non-custodial wallet after you buy tokens on CEX to store tokens and interact with DeFi. At this time, there are a number of wallets that can store ICP coins such as Plug Wallet, Stoic, and Earth Wallet.

Following these simple steps, you can store ICP and other Dfinity tokens. We take Plug Wallet as an example.

Step 1: Go to the Plug Wallet website and download the app.
Step 2: Create Wallet then select “Deposit” to receive ICP.
Step 3: Copy the wallet address or scan the QR code address and send your assets to this address
Download and install the app

After buying ICP and having a Dfinity wallet (Dfinity), you can participate in events or skin in the game in the Dfinity Ecosystem, such as joining lending, yield farming or staking activities on this chain.

To make it easier for you to visualize, I'll walk you through the process for the two methods listed above.

Buy tokens on CEXs & withdraw to a Dfinity Wallet

To begin with, you'll need USDT or USDC stablecoins in order to purchase. US dollars (USD) or other currencies in your country can be used to buy USDT if you don't have any stablecoin yet.

withdraw token dfinity blockchain

Step 1: Login to the Binance Mobile App. I recommend reading this “How to use Binance'' article.

Step 2: Choose “P2P Trading” in your Binance Homepage.

Step 3: In this step, you will see:

Number 2 indicates which fiat currency you’re using to buy USDT.
Number 3 indicates which token you want to buy (e.g. USDT, BTC, BUSD, etc.).
Number 4 displays a list of sellers who will sell you USDT in exchange for your fiat currency.

After you've decided on your preferred sellers, simply follow Binance's instructions to complete the transaction (Remember to read the instructions carefully).

withdraw token icp
Buy and Withdraw ICP to your wallet address

Now that you already have USDT, you can purchase ICP directly from any exchange, such as Binance, Kucoin, Gate, etc. and transfer the tokens to the Coin98 Wallet by doing as follows:

Step 1: On Binance exchange, use USDT to purchase ICP.
Step 2: Transfer ICP to the Dfinity wallet by typing in your wallet address.

Use Cross-chain Bridges to transfer tokens to Dfinity

As Dfinity is also a well-known blockchain, many bridges on the market currently support asset transfers to and from the Dfinity blockchain. You are free to select any bridge below that makes you feel at ease. I'll suggest a few bridges here:

Slash Protocol

Slash Protocol is a DeFi Station using the AMM mechanism to provide liquidity for LPs with no fee charged.

Users can use the protocol’s functions such as Swap, Cross-chain bridge, Yields, Lending & Borrowing…

slash protocol
Slash Protocol interface

Liquid ICP

Liquid ICP is a bridge to expand liquidity between the Dfinity blockchain and EVM. Besides, Liquid ICP also has many other platform services such as guarantee for ICP Holder, Lending, and Borrowing then receives 2x rewards back.

liquid icp
Liquid ICP

Transfer Dfinity tokens from the supported wallet

To transfer tokens from a decentralized wallet to another, follow these simple steps. I'll show you how to transfer ICP from your mobile wallet.

Step 1: Click the Dfinity wallet.
Step 2: Choose "Send".
Step 3: Enter the To address/ID then click “Continue”.
transfer dfinity tokens
How to send ICP
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Note: The gas fee for each transaction is paid with ICP, approximately 0.0003 ICP.

Skin in the game with Dfinity blockchain

Currently, the crypto market shows signs of stability which means that every ecosystem has a long time to build up its infrastructure as well as attracting more and more users. The Dfinity ecosystem is expected to have a blooming year in 2022 as it has been built for such a long time.

The crypto market is currently showing signs of stability, which indicates that each ecosystem has a long time to develop its infrastructure and attract new users. The Dfinity ecosystem is expected to bloom in 2022 since it has been in place for so long.

Keeping an eye on this ecosystem will give you many opportunities to skin in Dfinity, as you will be updated with the most recent significant changes in each network.

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