How to transfer tokens to Ethereum blockchain simply

In this instruction, Coin98 will show you how to:

• Purchase and store ETH.
• Transfer funds to the Ethereum network by transferring ETH tokens from an exchange (CEX) or using a cross-chain bridge.
• Seek Investment Opportunities on Ethereum Blockchain

Let's jump right into Ethereum!

About Ethereum Blockchain

Ethereum is a decentralized and open-source blockchain platform that allows the usage of smart contracts, which leads to the existence of DeFi and many other applications nowadays. 

By enabling smart contracts, different applications with different features can be built on top of Ethereum, ranging from games to financial applications like AMM, Lending, DAO (Decentralized Autonomous Organization), etc., thereby forming a whole new innovation ecosystem called DeFi.

Ethereum aims to be the world computer with EVM (Ethereum Virtual Machine). All participants in the Ethereum network (Ethereum nodes) agree on the state of this computer and execute smart contracts via it.

Ethereum gas fee is currently around $10 – $13 per transaction. So, to make transactions, you should prepare around 0.009 ETH ($30) in order to pay for the network fee. 

Step 1: Prepare tokens

Since nearly all CEXs currently support ETH, you have complete freedom to choose where to make your ETH purchase(s). The most popular ETH exchanges include Binance, Huobi, Gate.io, KuCoin, and many more.

In the following section, I'll go into greater detail about which exchange you should use to purchase ETH.

Step 2: Prepare your ERC-20 wallet to store tokens

It is necessary to have a non-custodial wallet after you buy tokens on CEXs to store tokens and interact with DeFi. At this time, many different wallets, including the Coin98 Super App, can store ETH tokens.

First, you should have an Ethereum Wallet (or ERC-20 Wallet) to store your ETH, this article will be useful for you: How to create & use an ERC-20 Wallet

Following these simple steps, you can store Ethereum (ETH) and other ERC-20 tokens on ERC-20 Wallet.

• Step 1: Click on the ETH wallet.
• Step 2: Select "Receive".
• Step 3: Copy the wallet address or scan the QR code to get the address.

Step 3: Transfer tokens from other Blockchains to Ethereum Blockchain (ERC-20)

After buying ETH and having an ETH wallet (ERC-20), you can participate in events or skin in the game in the Ethereum Ecosystem. ETH on the Ethereum chain can be easily converted to other chains, but the fees can be quite high at times, amounting to a few tens or hundreds of dollars for a swap.

To optimize, you should wait for the gas fee to become cheaper by watching the GWEI status before making transactions.

At the end, I'll illustrate how to add tokens to your wallet if the wallet does not display the token itself.

Typically, there are two methods for transferring tokens to the ETH Blockchain.

Option 1: Buy tokens on CEX & withdraw to ERC-20 Wallet

When transferring ETH from CEX to decentralized wallets, the benefit is that no gas fees are charged. You don't have to pay to switch networks because CEX exchanges support a wide range of token standards.

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

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 have now 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 the Binance instructions to complete the transaction (Remember to read the instructions carefully).

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

Step 1: On Binance exchange, use USDT to purchase ETH.

Step 2: Transfer ETH to the Ethereum wallet by typing in your Coin98 Wallet Address.

Option 2: Use Cross-chain Bridges to transfer tokens to ERC-20 Tokens

Almost all bridges on the market currently support asset transfers to and from the Ethereum blockchain. You are free to select any bridge that makes you feel at ease. I'll suggest a few bridges here:

1. Multichain

Multichain is a fully decentralized cross-chain swap protocol for various tokens with an automated pricing and liquidity system. Additionally, the protocol is powered by Fusion’s Decentralized Control Rights Management (DCRM) technology, boosting Multichain's ability to swap any coins/tokens on any blockchains that uses ECDSA or EdDSA as a signature algorithm. 

Multichain now supports more than 40+ different blockchains, allowing users to have multiple choices when transferring assets. 

2. Allbridge

Allbridge provides an easy and reliable way to transfer assets between different blockchains. It acts as the bridge between EVM and non-EVM chains. Allbridge supports up to 13 chains and more to be announced in the future. 

The mission of Allbride is to remove any borders among different blockchains, which maximizes the capital efficiency in the DeFi ecosystem. Therefore, if you need to move assets from any network to the Ethereum blockchain, Allbridge is a good option.

3. Coin98 Super App SpaceGate

The Coin98 Super App currently supports cross-chain bridges with popular blockchains such as Ethereum (ETH & ERC20), Solana (SOL & SPL), Avalanche (C-chain & X-chain), Boba Network, Arbitrum (Ethereum's L2), Optimism, C98 on BNB Chain, and TomoChain.

SpaceGate is a prominent feature on Coin98 Super App because it serves as a link between multipile blockchains. Furthermore, this is a revolution that accelerates the interaction of existing blockchains, expands their applicability, and paves the way for the decentralized financial system to be widely adopted.

Cross-chain Bridge on Coin98 Wallet Mobile can be used to convert other standard tokens to ERC-20. The benefit is that the conversion is quick, and the wallet does not charge users any fees. The disadvantage is that the Ethereum chain transaction fee is quite high, so please convert when the gas gwei is relatively low.

Step 4: Add tokens to the Coin98 Super App

Because ETH is the native token of the Ethereum ecosystem, it will be displayed by default in multi-chain wallets. If you need to add a new token to this multichain wallet, follow these simple steps:

Step 1: On the homepage, select More → Custom Tokens. 

Step 2: Fill in the following information:

• Select Blockchain.
• Enter the token's Contract Address.
• Token symbol.
• Token name.
• Decimals.

You can check this information on block explorers.

Users only need to select Blockchain and enter the Contract Address of the token they want to add to the wallet. The remaining data will be automatically updated after users enter the correct contract address.

In case the system fails to extract the data, you can manually fill in the remaining data into the required cells.

Select Create and you're done.

Step 5: Skin in the game with Ethereum Blockchain

After transferring ETH to Ethereum Blockchain, you can skin in the game in Ethereum Ecosystem and earn interests. 

Learn more: Ethereum Ecosystem Overview

Disclaimer: The information in this article is provided solely for informational purposes and should NOT be considered as investment advice. Investing in cryptocurrencies involves a high level of risk, and you should only invest what you are willing to lose.

Lending

Lending is a money market that allows you to deposit your assets in order to receive interest. MakerDAO, Aave, and Compound are three of the most prominent Ethereum-based lending platforms.

MakerDAO with DAI was one of the very first DeFi protocols. With the first-mover advantage, MakerDAO now remains the biggest lending protocol on Ethereum and even in DeFi with $14B in TVL.

Farming

Farming is a method of providing liquidity for AMMs in order to receive rewards. Farming produces much higher profits than lending and staking, but there is a risk of impermanent loss.

As for farming, there are numerous platforms to choose from, such as Badger, Celer, PieDAO, dYdX, and others.

You can also choose Yield Aggregators as they offer different strategies to find the best yields for farming/staking assets. This is one of the most important sectors in DeFi as it helps users gain a massive amount of profits, which is one of the main reasons why anyone would want to participate in DeFi.

The innovator and pioneer of this space is indeed Yearn Finance. Yearn Finance succeeded mainly because of its model. It was one of the main catalysts for the DeFi Summer in 2020.

Launchpad

On Ethereum, DAO Maker and Polkastarter are the two most prominent projects in this niche. They have launched the most number of IDOs compared to other launchpads on every ecosystem, with 99 (Polkastarter) and 95 (DAO Maker) projects in total. At the same time, DAO Maker currently has the highest average ROI (Return on investment) number at 413.9%.

By having such astonishing statistics, users wanting to participate in launchpads will surely pay attention to Ethereum at first glance. Even during a red market right now, if you join all IDOs on DAO Maker, you will still be able to receive a 413.9% profit.

This is why launchpads on Ethereum have been able to draw so much attention and users to the Ethereum ecosystem. Even though various launchpads on other ecosystems have been released, their quality cannot exceed that of these two.

Conclusion

So far, I have shown you how to transfer coins to Ethereum blockchain to skin in the game. Hopefully, after reading this article, you will have a better understanding of the DeFi market and find suitable ways to maximize your profits.