Bitcoin
BTC
$
00000.00
-0.00%
Ethereum
ETH
$
00000.00
-0.00%
Solana
SOL
$
00000.00
-0.00%
XRP
XRP
$
00000.00
-0.00%
Dogecoin
DOGE
$
00000.00
-0.00%
ChainLink
LINK
$
00000.00
-0.00%
Binance Coin
BNB
$
00000.00
-0.00%
Cardano
ADA
$
00000.00
-0.00%
Litecoin
LTC
$
00000.00
-0.00%
Ordinals
ORDI
$
00000.00
-0.00%
Polygon
MATIC
$
00000.00
-0.00%
Optimism
OP
$
00000.00
-0.00%
Arbitrum
ARB
$
00000.00
-0.00%
Polkadot
DOT
$
00000.00
-0.00%
Avalanche
AVAX
$
00000.00
-0.00%
Sui
SUI
$
00000.00
-0.00%
Ethereum Classic
ETC
$
00000.00
-0.00%
FileCoin
FIL
$
00000.00
-0.00%
Celestia 
TIA
$
00000.00
-0.00%
Injective
INJ
$
00000.00
-0.00%

Key Takeaway

The Core Bridge facilitates secure transfers of assets like USDC, WETH, and USDT from MetaMask or similar EVM wallets to Core's Layer 1 blockchain. Using a 'mint and burn' method, it ensures consistent token value during transfers. Users incur 'gas' fees on both the sending and receiving chains, with higher costs for transfers from Ethereum to Core due to Ethereum's greater operational expenses.

This review and rating adhere to our editorial policy and the the research methodology of StacksOnChain analysts, guaranteeing the accuracy and reliability of our reports.

Rating

How to Bridge to Core 

To securely and efficiently transfer assets to Core, opt for the official Core Bridge. This platform supports the seamless connection of MetaMask and other EVM-compatible wallets, ensuring the safe relocation of digital assets such as USDC, WETH, and USDT to Core's distinct Layer 1 blockchain. Presently, the Core Bridge facilitates asset transfers from Ethereum and BNB Chain directly to Core's EVM-compatible Bitcoin layer 2.

To accomplish this, simply follow these easy steps:

  1. Head over to the Core Bridge website and link your wallet.
  2. Choose the specific token (for instance, ETH) you wish to transfer to Core.
  3. Enter the amount of the selected token you're planning to send.
  4. Double-check the transaction details for accuracy, then confirm to start the transfer process to Core.
Core Bridge

Core Bridging Fees

When you bridge assets between different blockchains, you'll typically incur transaction fees on both the originating and receiving chains. In the case of Ethereum, this fee is known as 'gas,' and its cost is subject to significant variation, often influenced by the level of network congestion at any given time.

With average gas prices in mind, you can expect to pay around $20 for bridging assets from Ethereum to Core. Conversely, the cost to bridge from Core back to Ethereum is generally less than $1. This notable difference in costs arises because Core's operations are significantly more cost-effective compared to the Ethereum mainnet. This pricing structure reflects the operational efficiencies of the Core network, ensuring a more economical transaction process for users.

How Does Bridging Work?

Bridging assets to Core entails a specific procedure designed to facilitate smooth and secure transfers, tailored to Core's unique blockchain infrastructure. Here’s a quick guide:

  1. Starting the Transfer: Select a crypto bridging platform that connects directly with Core, providing a user-friendly platform for transferring assets.
  2. Securing Assets on the Originating Chain: To ensure safety during the transfer, assets are locked in a smart contract on the original blockchain.
  3. Creating Equivalent Assets on Core: Core's system then generates an equivalent amount of tokens, smoothly integrating them into its ecosystem.
  4. Ensuring Verification and Security: The bridging process includes comprehensive verification, with validators or relayers overseeing the secure encasement of original assets and their accurate recreation on Core.
  5. Option to Reverse: Should the need arise, users have the option to revert the transfer by securing or eliminating the tokens on Core, which triggers the release of the original assets on the source network.

This approach guarantees a secure and effective method for asset transfers to Core, promoting interoperability and contributing to the broader blockchain ecosystem's growth.

What is Core?

Core is an innovative, standalone blockchain designed to serve as the backbone of Web 3.0. Powered by a groundbreaking consensus mechanism known as Satoshi Plus, Core merges the computational power of Bitcoin's mining hashrate with the versatility of the Ethereum Virtual Machine (EVM). Satoshi Plus effectively synthesizes the best features of Proof of Work (PoW) and Delegated Proof of Stake (DPoS) in a unique protocol-driven validator election mechanism.

Closing Thoughts

In closing, using the Core Bridge for asset transfers stands out as a smart and secure method for anyone aiming to shift digital currencies like USDC, WETH, and USDT to Core's groundbreaking blockchain. Streamlined, economical, and designed with user protection in mind, this bridge guarantees effortless asset integration into Core's ecosystem. Whether moving assets from Ethereum or BNB Chain, it provides a seamless way to tap into Core's blockchain innovations, promoting interoperability across the digital asset landscape.

Author

Nick Ng is a skilled analyst at StacksOnChain with expertise in both cryptocurrencies and traditional finance. His research offer valuable insights into market trends and investment opportunities for readers.

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