Blockchains are independent networks that cannot communicate with each other. To address this issue, developers have created blockchain bridges. These bridges enable users to seamlessly transfer their funds between different chains. By facilitating blockchain interoperability, cryptocurrency bridges make the transfer of digital assets even simpler.
Base is an open-source Ethereum Layer 2 (L2) chain incubated within Coinbase using Optimism’s OP Stack. Its roll-up architecture makes it more efficient than Ethereum regarding fees and speed. Moreover, it functions similarly to the Ethereum Virtual Machine (EVM), allowing developers to transfer or set up Ethereum decentralized applications (DApps) without modifying the code. The underlying blockchain also has access to Coinbase's on-ramps and additional services, simplifying the process for beginners to join.
Preparing for bridging: wallet and asset selection
Choosing the right wallet
The first step before using an Ethereum to Base bridge is to choose the right wallet.
OKX provides a highly secure and multi-chain OKX Web3 Wallet with all OKX accounts. It can safely store BTC or any other cryptocurrency for as long as needed. In addition, the OKX Web3 Wallet features bank-grade security and inbuilt access to hundreds of DApps and the OKX NFT Marketplace.
Selecting assets for bridging
Before bridging a cryptocurrency from one chain to another, it’s crucial to confirm that the asset is compatible. In this tutorial, we'll be moving ETH from Ethereum to Base. To do this, we only need ETH, as it is the native currency on both chains. ETH is used on both Ethereum and Base for gas fees.
To successfully bridge a different asset such as USDT, it's important to confirm that Base is compatible with USDT. One simple method to verify its availability in the bridge is to check if USDT is listed as an option. However, also make sure that you have ETH on Base to pay for any gas fees after you bridge the USDT.
Exploring bridge services
Decentralized bridge services
One possible option for securely bridging ETH to Base is through OKX Swap. It combines prices from various decentralized exchanges to suggest the most efficient path, reducing the impact of price differences and transaction costs.
Base also offers its own solution, Base Bridge. However, it supports a limited number of cryptocurrencies and doesn't offer swapping services. Other options you can check out are Meson and Stargate.
Centralized bridge services
One convenient method for bridging to Base is by using centralized exchanges. This involves depositing your cryptocurrency into OKX using one blockchain and then withdrawing it via a different one. The following is a basic tutorial on how to bridge ETH from Ethereum to Base through OKX Exchange.
Step 1: Create an account on OKX.
Step 2: Once logged in, head to “Assets” on the top-right and click “Deposit.” If you don’t have ETH, you can buy some on OKX and skip the deposit step.
Step 3: Select “ETH” as the crypto and “ETH-ERC20” as the deposit network.
Step 4: Deposit ETH into the address shown, from your Ethereum wallet. It takes a few minutes for the ETH to reach your account and be accessible.
Step 5: Once your funds are ready to be used, go back to “Assets” and click “Withdraw.”
Step 6: Select “ETH” as Crypto and the withdrawal method as “On-chain.”
Step 7: Type in your Base address, and select the network as “ETH-Base.” Enter the amount of ETH you want to bridge to Base and hit next. You’ll be asked to authenticate your account, and the ETH should arrive in your wallet within a few minutes.
One of the simplest ways to transfer your assets is through an exchange, since you won't have to worry about slippage or network fees.
Choosing a bridge service
You have the choice between centralized and decentralized cryptocurrency bridges, both of which are effective options. If you opt for decentralized bridges, you can benefit from quicker cross-chain transactions. However, they may have downsides such as steep fees and slippage. It's important to prioritize security when selecting a decentralized bridge and to make sure it has a trustworthy history of protecting assets.
Bridging process: a step-by-step guide
To bridge ETH to Base, you'll need to connect your wallet and transfer the assets. We'll use the OKX Web3 Wallet and OKX Swap for this process. If you prefer to use a different wallet or bridge service, the steps should be similar.
Connecting to a bridge service
Step 1: Head over to OKX Swap.
Step 2: Select "Connect wallet" located in the top right corner, then choose "OKX wallet extension". If you have a different wallet provider such as Metamask or Phantom, select "Other" and choose your desired wallet.
Step 3: Enter the password for your OKX wallet and click on “Confirm” to establish a connection between your OKX wallet and OKX Swap.
Transferring assets to Base
Now you’re connected to OKX Swap, you’re ready to bridge ETH to Base.
Step 1: Set the bridge parameters and the amount of ETH you want to bridge under “Swap and Bridge.”
Select “Ethereum” as the network and type in the amount of ETH you want to bridge.
Select “Base” on the “To” network and token, “BASE_ETH.” OKX Swap will automatically show you the amount of ETH you’ll get.
Step 2 (optional): This is an optional step. Only do this if you understand slippage and bridges very well.
Network fee: This estimates the network fee to facilitate the blockchain bridging.
Slippage: Slippage refers to the level of flexibility you're comfortable with when it comes to fluctuations in price. By setting the slippage at 0%, OKX swap guarantees a precise receipt of 0.4985 ETH, as indicated. If the price fluctuates at the time of the transaction and OKX is no longer able to guarantee the price shown, the transaction is cancelled. Allowing for some slippage is important when there's a noticeable lack of liquidity.
Trading route: The OKX Swap isn't a bridge, but rather functions as a DeFi aggregator that selects the optimal bridge to Base for you. You have the option to manually modify the service if desired.
Step 3: Click “Swap across chains.” When your wallet shows, confirm the transaction.
OKX Swap offers a user-friendly DeFi solution for transferring and exchanging cryptocurrencies through various bridges.
In addition, OKX Swap and similar bridges can function as ETH to Base bridges, allowing you to revert. To do so, you must choose Base as the primary network and ETH as the secondary network for the bridging process.
Understanding fees and timelines
Fee structures explained
The decentralized bridging process includes various charges:
Ethereum gas fees: Since you’re using OKX swap on the Ethereum network, there’s an Ethereum network fee.
Bridge fees: The function of OKX Swap is to serve as both a bridge and swap aggregator. A small fee is charged by the bridge to complete the bridging process.
Base transaction fees: Like the Ethereum gas fee, a Base transaction fee is required to transfer ETH from the bridge to your wallet.
Conversion fees: There's an extra charge if you switch the cryptocurrency during the bridging process. For example, if you are bridging USDT on Ethereum but wish to have ETH on Base, you have the option to do so, but there will be a fee for converting USDT to ETH.
Before the transfer, you have the option to view a detailed breakdown of the conversion and bridge fees on OKX Swap. However, the Ethereum gas fee will only be displayed on the OKX Web3 wallet pop-up when you confirm the transaction.
Expected transaction times
Similar to fees, transaction time is also influenced by various factors:
Ethereum confirmation time: The duration for ETH to be transferred from your wallet to the bridge is determined by the amount of gas used. Typically, only a few seconds.
Bridge processing time: The amount of time it takes to transfer your asset between chains varies depending on the specific bridge being used. For OKX Swap, this information can be found in the advanced options by selecting the trading route.
Base blockchain confirmation time: The ETH will be transferred to your wallet once the bridging process is finished. Due to Base's fast processing speed, you can expect it to arrive in a matter of seconds.
Security measures and best practices
Ensuring secure transactions
When using a cryptocurrency bridge, keep in mind that you’re engaging with a smart contract that has access to your wallet. Malicious smart contracts could deplete wallet funds.
Make sure you’re using a trustworthy bridge to Base, such as OKX Swap, which has a longstanding presence in the market.
Avoid using your primary wallet to connect to bridges and decentralized applications. Instead, keep a separate cold wallet specifically for storing your assets.
Use tools like Revoke to revoke access to your wallet once you’re done bridging.
An effective approach to minimizing these risks is to use a centralized exchange for bridging. OKX is a top cryptocurrency exchange on a global scale, implementing top-notch security protocols to guarantee the safe and seamless buying and selling of cryptocurrencies for users across the world. Visit our security of funds and Proof of Reserves page for more details.
Avoiding common pitfalls
Here are some of the common pitfalls you should avoid while you’re bridging your assets to Base:
Be sure to review all the information you enter before submitting it. Once you’ve confirmed the transaction, you can't undo it.
Be mindful of the gas fees. During periods of high demand and congestion, there's a possibility for Ethereum gas fees to reach alarmingly high levels. It may be best to wait for the fees to decrease or use a centralized exchange for bridging purposes.
High slippage and liquidity issues are another aspect to look out for. You may encounter significant slippage when using a relatively unknown or low-liquidity bridge to transfer coins. To prevent this, it's advisable to only bridge assets with a strong level of liquidity.
Troubleshooting and support
Common bridging issues and solutions
Stuck transactions are a common problem. Make sure to set an appropriate gas fee on Ethereum for the transaction to go through. If your gas is too low, the transaction will fail and the funds will be returned to your wallet. Bridge congestion can also cause transactions to get stuck, but cryptocurrency bridges are designed to handle them and will be resolved eventually. Patience is required in these situations.
Cross-chain compatibility: Before bridging, always make sure there’s is sufficient liquidity for the asset being bridged and that it’s compatible with the chain.
Where to seek help
The cryptocurrency community is extremely supportive. If you encounter any problems, you should be able to find assistance.
In the case of OKX Swap or OKX Exchange, you can head over to OKX Support to check if your issue has already been addressed in the FAQs. Should you require assistance, you can start a chat with customer support to address your issue. Reputable providers of cryptocurrency bridging typically offer a support system. Be sure to only engage with the official support resources and avoid falling for fraudulent links.
© 2024 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less of this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: “This article is © 2024 OKX and is used with permission.” Permitted excerpts must cite to the name of the article and include attribution, for example “Article Name, [author name if applicable], © 2024 OKX.” No derivative works or other uses of this article are permitted.
