Introduction to Rainbow Bridge
BTSE DEX offers a seamless and efficient trading experience on NEAR Protocol. Our exchange provides the speed and convenience that centralized exchanges are able to give users, while maintaining the DeFi experience.
NEAR is an innovative network that is scalable, friendly for developers and end users, and requires low transaction fees. As more and more DeFi platforms and other decentralized applications—including BTSE DEX—are being built on NEAR, there will be new opportunities for DeFi investments on NEAR. A crucial step is to move assets onto NEAR Protocol.
Rainbow Bridge makes that possible. It was developed by the team behind Aurora, the layer 2, Ethereum-compatible scaling solution built on NEAR, where transaction times are one to two seconds, and transaction fees are typically under US$0.01.
Rainbow Bridge is the official bridge that connects Ethereum, NEAR, and Aurora. Launched in 2021, Rainbow Bridge allows users to transfer tokens between those three networks. The bridge is decentralized and permissionless, meaning there is no central control, and any user can take advantage of its features.
Using Rainbow Bridge
Most users who bridge to NEAR to utilize BTSE DEX will begin by transferring their assets from Ethereum. This will require you to have the following items ready:
ERC-20 assets in a non-custodial wallet, including MetaMask, Rabby, Brave Wallet, Coin98 Wallet, and Coinbase Wallet. Please note that some of the wallets that appear when you click “Connect” may not support the Aurora network.
A NEAR Wallet. (For more information, please see our guide on creating and using your NEAR Wallet.)
When you have these wallets and assets prepared, you can begin bridging your tokens from Ethereum to NEAR.
Step 1. Select “Transfer from Ethereum” and connect the wallet that contains the ERC-20 assets that you wish to move onto NEAR.
Step 2. Select “Transfer to NEAR” and connect the NEAR Wallet that you wish to receive the transferred assets.
Step 3. Select the ERC-20 token and the amount that you wish to bridge over to NEAR, then click “Continue.”
Step 4. Check that the details are correct and match your plans to bridge tokens. If everything looks correct, click “Approve Transfer.” You may need to pay a small amount of ETH for ERC-20 token approval.
Step 5. Click “Confirm Transfer.” This step will require a small amount of ETH for gas fees.
Step 6. Your tokens are now on their way to your NEAR Wallet! Depending on which chains are part of the transaction, it may take up to 20 minutes for your tokens to arrive at the destination wallet. These transfer speeds will become faster in the future, and costs are also expected to become lower.
Step 7. To review all of your transactions that used Rainbow Bridge, click “Go to my transfers.” Here, you can review all of your pending and completed transfers.
Once your assets land in your NEAR Wallet, you’ll be able to connect to BTSE DEX and begin trading!
The processes of bridging to Aurora or Ethereum are similar to the above set of steps, with different networks selected in steps 1 and 2 based on your needs.
Learn More About NEAR and BTSE DEX
Find out more about NEAR by reading our introduction about the network. You can also discover the key features of BTSE DEX and learn how to take advantage of new DeFi investment opportunities.
To keep up with the latest developments of BTSE DEX, follow us on Twitter, Telegram, and Discord.
