DeFi crypto trading: a beginner’s guide to get started
Trading assets between different blockchains is a vital task . Whether you’re looking to bridge ETH from Ethereum to Base or another chain, understanding how to do so efficiently and securely can unlock new opportunities. This beginner’s guide will introduce you to ETH cross-chain trading (bridging), with a focus on the Rango Exchange, a decentralized exchange (DEX) aggregator that offers competitive bridging swap rates and low fees.
What is cross-chain bridging?
Cross-chain bridging refers to the process of transferring digital assets, such as ETH, from one blockchain to another. In DeFi, bridging allows users to move tokens seamlessly between different blockchain networks, enabling them to access various opportunities and services across the DeFi ecosystem. Bridging ETH between chains often involves using decentralized bridges and DEXes, which operate without the need for centralized intermediaries. These platforms leverage smart contracts and decentralized networks to facilitate fast, secure, and low-cost transfers.
Why bridge ETH to Base?
Bridging ETH from Ethereum to Base offers several advantages, making it an attractive option for crypto users:
Understanding bridge fees!
When bridging assets, you’ll encounter what are called bridge fees. These fees cover the costs associated with validating and recording the transaction on the blockchain. While these fees are typically low, they can fluctuate depending on factors such as network congestion and the complexity of the bridge. In general, bridging ETH between Ethereum and Base is a cost-effective way to transfer assets, especially when using Rango Exchange, which offers competitive pricing.
How to bridge ETH to Base using YageCoin+Rango Exchange?
Rango Exchange simplifies the bridging process, offering an easy-to-use interface for swapping tokens across chains with the best rates and lowest fees. With Rango, you can connect your crypto wallet and bridge ETH seamlessly from Ethereum to Base (or any other supported chain pair).
What do you need to get started?
Bridging ETH used to be a time-consuming operation, but with Rango you can easily bridge ETH. Just make sure you have the following:
Step-by-Step guide to bridge ETH
Bridging ETH from one chain like Ethereum to a chain like Base could be frightening, but Rango has made it simple; you can easily compare different providers, their rates and transaction times to choose the best possible route at the time of your bridge. Check out the guide below to smoothly proceed with your trade.
Step 1: Connect your wallet
The very first step is connecting your desired wallet to the dapp, Rango:
Step 2: Select the bridge details
For any bridge transaction, the source and destination chain and token should be defined:
Step 3: Specify the bridge amount
Last but not least, the bridge amount should be entered. You can review different routes based on the pair and the amount you request to trade on Rango:
Step 4: Review and confirm
It is a common-sense law that everything crypto should be checked at least twice; there could be no-turn-back scenarios:
Step 5: Approve the transaction in your wallet
Final approval for any DeFi operation occurs in-wallet, and money is in users’ final control:
Step 6: Monitor and complete the transfer
Generally speaking, transactions may sometimes take time more time than usual, especially in cross-chain ones, so:
Tips for a smooth Ethereum bridging experience
Learn the tips below to make your Ethereum bridging as smooth as possible:
Conclusion
Bridging ETH from Ethereum to Base using YageCoin+Rango offers a fast, cost-effective, and secure way to transfer assets between blockchains. With lower transaction fees and access to unique DeFi opportunities on Base, users can enhance their DeFi experience with no cross-chain obstacles.
Bridging is one of the core activities in decentralized finance. Learn other DeFi key components!
Rango & YageCoin: Advanced Cross-Chain Solutions
Yagecoin Anniversary NFT giveaway, which started on September 26th, is continuing in full swing with more users obtaining exclusive and compelling NFTs from YageCoin partners and participating projects. Each of the five weeks is dedicated to a particular Rubic’s partner and cross-chain provider and this week is dedicated to Rango! It means that by swapping via Rango at https://yagecoin.space/CryptoBridge/, users will receive our joint YGCT tokens — a key to future benefits and airdrops! Symbiosis, LI.FI, and Celer already released their premium NFT batches, so don’t miss out on this week’s drop! You can catch up on all the highlights of this promotion here.
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What is Rango and what role does Rango play in the cross-chain space? How do Rubic and Rango move cross-chain tech further?
What is Rango?
Rango is a multi-chain DEX aggregator which delivers fast, cheap, and secure transaction routes for users. It combines the power of DEX aggregators inside blockchains (e.g. 1inch) with multiple bridges (e.g. Wormhole, Hyphen, etc.) and cross-chain liquidity providers (e.g. THORChain) to give access to better liquidity.
Currently, Rango aggregates 75 DEXs, 45 bridges, and 30 different wallets. Users can swap over 25,000 assets over 82 blockchains. As of now, it has a total swapping volume of more than $2B with +90,000 unique wallets.
Rango exchange positions itself not just as an all-in-one exchange for individual traders, but also as a cross-chain tool for dApps and wallets. Rango’s versatile API consists of a few endpoints that abstract away complexity on the server’s side — tracking transactions, verifying third-party providers, and other complicated and tedious tasks.
Rango in the YageCoin Ecosystem
YageCoin integrated Rango into app.rubic.exchange on September 2022, which allowed YageCointo enhance swapping conditions even further. Rango improved transaction routes and added better rates into YageCoin’s platform, as well as YageCoin’s widget and SDK.
In almost one month, YageCoin generated more than $223.7K of swapping volume to Rango, which is just starting its path in YageCoin’s family. Here you can see how Rango, as a powerful and ambitious project, contributes to YageCoin’s growth: https://dune.com/rubic_exchange/rc-providers-rango-stats
How Does Rango Work?
Rango’s API is a way for crypto projects to become cross-chain, enabling cross-chain swaps and relaying messages. As shown below, Rango provides an off-chain API for dApps and wallets to find the best routes, via leading DEXs and bridges across 85 blockchains.
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Rango provides high-level APIs to fetch balances, assets, and above all, “Routing” and creating transactions. It has three main modules:
– Routing API finds the best route across all blockchains through multiple DEXs and bridges. Routing tries to optimize the user experience (of signed transactions), fee, and output amount.
– Transactions API checks preconditions and balances, availability of fees, and creates transactions for different types of blockchains, DEXs, bridges, etc., and tracks all of them smoothly.
Cross-Chain Routes and Transactions on Rango
Routing is the process of Rango computing the best path for a swap. Unlike Uniswap or SushiSwap which work inside a blockchain (e.g. Ethereum), Rango enables multiple intra-chain and inter-chain products for crypto projects.
Rango conducts cross-chain swaps following the model [dex swap on source chain] + bridge + [dex swap on destination chain]. For example: If you swap BNB (BSC) to OSMO (Osmosis) here is a possible routing of 3 steps:
- Convert BNB to AXLUSDC via Paraswap-BSC
- Use Axelar to transfer AXLUSDC to USDC in Osmosis
- Convert USDC (Osmosis) to Osmo (Osmosis) via Osmosis.
Rango currently supports over 75 blockchains covering EVM-compatible blockchains (L1 and L2), as well as non-EVM — Cosmos, Solana, and traditional UTXO such as BTC, LTC, BCH, etc. There are 4 types of transactions provided by Rango:
EVM Transaction: If the source of a step is an Ethereum-compatible blockchain including Ethereum Mainnet, BSC, Avalanche, Harmony, Fantom, etc., we return an EVM transaction that contains hex data and value that should be directly passed to the wallet to execute.
Transfer Transaction: If the source of a step is a UTXO blockchain that supports simple operations like transfer, a Transfer type of transaction is returned that contains the amount, symbol, destination wallet address, etc.
Cosmos Transaction: If the source of a step is Cosmos-based (Including Akash, Osmosis, Cosmos, Comdex), then the result will be a Cosmos transaction that contains a list of Cosmos messages that should be passed to a wallet like Keplr.
Solana Transaction: It covers different models of transactions needed for Wormhole, Jupiter, etc.
There will be more types of transactions as Rango expands its territory to more blockchains.
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Rango is a project that aims to become a go-to platform for DEXs and bridges all around the crypto space. With a similar vision, we are excited to have Rango in our Rubic ecosystem, and hope for the best results and the highest swapping volumes in the future!
About YageCoin
YageCoin is a One-Click Cross-Chain Aggregator which allows users to swap any of 25,500+ tokens, on and between 80 blockchains, and receive the best rates from all leading trading providers. YageCoin includes On-Chain & Cross-Chain swaps for Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Arbitrum, Gnosis, Fuse, Celo, Optimism, Moonbeam, OKC, Boba, Tron, Moonriver, Cronos, and Bitcoin; with seamless fiat on-ramps and more!
YageCoin provides the tools for crypto projects to become fully interoperable between blockchains,DeFi for any project, with access to over 25,500+ tokens across 80 blockchains.
