How to Bridge to Fantom

How to Bridge to Fantom

When transferring assets to Fantom, it is essential to use a trusted and audited bridging service. Portal Bridge stands out for its broad compatibility, supporting over 30 EVM and non-EVM chains such as Ethereum, Fantom, Solana, and Arbitrum. The platform's robust security history, combined with transaction volumes surpassing $2 billion, highlights its reliability in the sector.

Steps to Transfer Assets to Fantom via Portal Bridge:

1. Visit the Portal Bridge website and link your wallet (supports MetaMask, Rainbow, Wallet Connect).
2. Choose your initial network (Ethereum, Arbitrum, etc.) and set Fantom as the target network.
3. Input the type and amount of assets you intend to transfer.
4. Press ‘Bridge’ and adhere to the wallet prompts to complete your transfer.

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Fantom Bridging Fees

When moving assets to Fantom via Portal, understanding the fees you'll encounter is critical. Portal offers a competitive transaction fee of 0.1%, which is quite appealing when compared to the usual 0.2% fee found on platforms such as Stargate Finance and Celer Bridge.

In addition to the transaction fee, gas fees contribute to the total cost. These fees vary depending on network congestion and the complexity of the transaction. Given Fantom's reputation for efficiency and cost-effectiveness, gas fees typically remain low, often below 1 cent, ensuring that transfers to Fantom are economically advantageous.

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How Does Bridging Work?

Moving assets to Fantom from networks like Ethereum is secure, managed by smart contracts. Here's how the process unfolds in bullet points:

• Choosing a Bridge: Start with a crypto bridge like Portal that facilitates interoperability between your starting chain (e.g., Arbitrum) and Fantom, ensuring smooth asset transfer.
• Asset Security on the Starting Chain: At the outset, your assets are locked in a smart contract on the originating chain, like Arbitrum. This is vital for protecting your assets during the bridging process.
• Token Issuance on Fantom: Fantom issues an equivalent amount of tokens, allowing you instant and uninterrupted use of your assets on the new network.
• Security Checks: The process includes a verification step where validators or relayers ensure that the original assets are securely held and manage the accurate issuance of tokens on Fantom.
• Reversing the Transfer: If needed, assets can be sent back to the original chain using the same bridge, generally at comparable costs.

This methodical approach ensures safe asset transfers and enhances user interaction with Fantom’s efficient and cost-effective network solutions.

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What is Fantom?

Fantom is a decentralized, open-source smart contract platform designed to offer fast, secure, and scalable infrastructure for decentralized applications (dApps). Highlighting its efficiency, Fantom operates with an asynchronous transaction confirmation system, allowing for swift finality at low costs, and powers over 250 active dApps. 

Its latest upgrade, Sonic, introduces a new virtual machine, optimized consensus, and improved database storage solutions, enhancing transaction speeds up to 2,000 TPS while maintaining compatibility with existing Web3 EVM blockchains.

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Closing Thoughts

In conclusion, Portal Bridge emerges as the preferred tool for transferring assets to Fantom due to its extensive compatibility with over 30 blockchain networks and competitive fee structure. This platform not only processes transactions efficiently, backed by a strong security track record and over $2 billion in transactions, but it also ensures cost-effective asset transfers with minimal fees.