Getting started in decentralized finance (DeFi) can be a challenge. To assist new members of the OpenSwap family, we have created a series of introductory how to articles. This article will provide a guide to bridge tokens from other chains to the Harmony network.
What is a bridge in crypto?
Before we jump into what a bridge does in crypto, we first need a basic knowledge of the different networks on crypto. Some of the most popular networks are Bitcoin, Ethereum (ETH), Binance Smart Chain (BSC), as well as Harmony. Different networks can not communicate with each other. Therefore, if a token is created on a specific network, it can only be utilized on that network unless you bridge it to another.
Let’s review an example to help provide some clarification. The Binance Coin (BNB) is native to the Binance Smart Chain network. You can send BNB from the BSC network over to Harmony. This process is called bridging and will allow the BNB token to now be used on the Harmony network.
Why would someone bridge tokens?
There are many reasons to bridge tokens. One of the more prevalent is to take advantage of what other networks have to offer. A transaction on ETH can finalize anywhere between 1 minute and 30 minute and cost upwards of $100 if the network is congested. On Harmony, that same transaction will finalize in 2 seconds for a fraction of a penny.
What is the OpenSwap $ONE click bridge?
This is a simplified and smoother way to use the Horizon bridge supported by Harmony One. The bridge will allow you to transfer tokens / coins across networks. Currently you can bridge assets to / from Harmony on the Ethereum and Binance Smart Chain networks. Terra and Polygon are planned to be supported in the near future.
It is important to confirm you have the appropriate tokens available in your wallet for any network fees.
➢ Bridging from Harmony, ONE is needed to pay for fees.
➢ Bridging from Binance Smart Chain Network, BNB is needed to pay for fees.
➢ Bridging from Ethereum, ETH is needed to pay for fees.
Detailed user guide for the OpenSwap $ONE click bridge:
STEP 1: Go to OpenSwap (app.openswap.one).
STEP 2: Click on ‘Bridge’ in the top menu to view the main bridge page.
STEP 3: Click on ‘Select Token’ to choose the token you will be bridging over.
STEP 4: A popup will appear letting you choose from any token available. Click on the token icon to populate it into the bridge.
STEP 5: Based on the token you select, you will receive a message to change to the correct network in your wallet. At this time you can access your wallet and change to the appropriate network.
STEP 6: For MetaMask wallets, click on your wallet and go to the top of the wallet area; in the center is a drop down list of the networks. Click on the appropriate network for the transaction. When you select the correct network, the red highlight message regarding the wrong network will disappear.
STEP 7: Enter in the amount you would like to bridge over
STEP 8: click ‘Bridge’.
STEP 9: Once you click ‘Bridge’, you will need to confirm that transaction in your wallet. Once confirmed, the ‘Bridge’ icon will show a rotating circle to signify progress on the bridge. !!!The motion of the icon will stop when the bridge is complete!!! Do not leave the site until the motion stops.
The tokens are successfully bridged over to Harmony and available in your wallet. At this time you can use the tokens to swap , farm, or hold. Enjoy!
If the newly bridged tokens are not showing up in your wallet, you may need to approve adding the tokens in your actual wallet. Additional information may be found in your OpenSwap docs on the ‘Adding Tokens to your Wallet’ section.
Token Naming Convention
The first letter of each token will be designated as the network the token originally came from. Since there are several tokens that can be on each network, this will help the end user designate where the token originally came from. The concept behind this naming convention is to equip the end user with as much information as possible. Something as simple as a token naming convention allows end user to be more equip to know the token they are dealing with.
no lowercase letter at the front = Harmony One Network
b = Binance Smart Chain
e = Ethereum
t = Terra
p = Polygon
For example: BUSD is available on 2 different networks
- bBUSD is the BUSD token from Binance Smart Chain bridged to Harmony
- eBUSD is the BUSD token from Ethereum bridged to Harmony
Can I use these tokens on other Harmony exchanges
Yes. Even though the tokens has a different name on one exchange from the other, it is still the same smart contract. For example,
bBUSD may be called bscBUSD on other exchanges
eBUSD may be called BUSD on other exchanges
bUSDC may be called bscUSDC on other exchanges
eUSDC may be called 1USDC on other exchanges
Please check out our OpenSwap University articles for additional introductory user guides. https://docs.openswap.one/information/openswap-university
OpenSwap (app.openswap.one) is a fast and secure non-custodial decentralized exchange that serves as a one-stop-shop to buy, trade, and earn crypto whether you’re from the Harmony, Ethereum, or Binance Smart Chain networks. OpenSwap allows Harmony users to seamlessly trade peer to peer without the tokens ever leaving the original wallet and through liquidity supplied by other users of the platform. With OpenSwap, users can:
- Exchange Tokens/Coins
- Provide Liquidity to Pools
- Earn Rewards by Staking in Lucrative Incentivized Liquidity Pools
- View ‘Personal Farming Profile’ detailing your rewards including Total Stake Value, Average APR %, Total Current Rewards, and Total Current Rewards in USD
- Simplified Bridge for Tokens/Coins to and from the Harmony, Ethereum, and Binance Smart Chain Network
- Collect Fees on Provided Liquidity Without Staking
- Vote on Governance Decisions, Including Adding New Tokens