Tuesday, May 21, 2024

How to Bridge to AVAX? What Do We Need to Know about CRO?

Cronos Chain is known as an EVM-compatible blockchain of Crypto.com, which is targeting to create its own ecosystem. Its purpose is to move apps from Ethereum and other EVM-compatible chains and become a part of a vast 10 m user ecosystem.

What is bridging to Cronos or bridging to AVAX then? In simple words, a blockchain bridge, or a cross-chain bridge, is connecting two blockchains and enabling its users to send several cryptocurrencies from one chain to another. For instance, if someone has a Binance coin and wants to spend it like AVAX, they can perform it through a BNB to AVAX bridge. Magic, you say? No, technology.

Bridges solve the main problem of many blockchains — the inability to cowork. This lets crypto tokens break free from the limitations of their native domains. Still, some downsides are also found in this: higher than average transaction cost and congestion of networks.

How Exactly Can I Bridge Cryptocurrencies to AVAX?

One of the simplest and best ways to bridge other cryptos to Avalanche (AVAX) is with a MetaMask wallet. It will allow you to cooperate with the AVAX official bridge.

There is a series of steps to take to reach the result (in the example— bridging ETH to AVAX). But before you actually try to settle anything, let us warn you: it is better to start with a desktop version of the wallet since the mobile one hasn’t been working properly lately.

Step 1. Buy some AVAX coins because you will certainly need them when performing transactions and paying transaction fees. Normally a user is required to bridge AVAX in the amount of $75 and more to receive the AVAX airdrop. Have more so that you would not run out of Avalanche and would not have to stop everything.

Step 2. Head to the homepage of Avalanche Bridge. See if your wallet is connected to the Ethereum network. Choose this one in the ‘from network’ field.

Step 3. Press ‘Connect wallet.’

Step 4. Sign the wallet connection. If you do it right, you will see it from the user interface.

Step 5. Pick the bridgeable asset and enter the amount. No need to worry about the wallet address in this case, as if your wallet is connected, this will be the only option.

Step 6. Click ‘Transfer’ to launch bridging.

Step 7. Observe the progress and wait for this token bridging to be confirmed.
In the end, there will be a confirmed status screen where details can be seen. That’s all! Use your new assets on the AVAX blockchain, not forgetting to have some Avalanche in store for the fees.

Are Cronos Coins Bridgeable, and Are They a Good Investment Right Now?

For the time being, CRO coins can’t take part in cross-chain bridging. However, this is anticipated as the next step in their development. It is known that they will support coins like USDT, ETH, and DAT, which are all ERC-20 tokens.

But are Cronos coins a good use for money now? Now, some say that the price growth by $1,02 is expected next year, while by 2027, it can soar up to $3 and higher. For a more detailed CRO price prediction, see the blog at LetsExchange.io.

There, you will find out the details about the possible price movement of CRO. As you can see, CRO might be a promising investment under specific conditions.

However, whatever option or coin you choose to invest into, do not forget that cryptocurrency is very volatile. Its price can change a lot within the shortest periods. Therefore, be ready to take additional risks when dealing with any type of cryptocurrency. However, if you select the investment option correctly, you can become rich indeed.

Lindsey Ertz
Lindsey Ertz
Lindsey, a curious soul from NY, is a technical, business writer, and journalist. Her passion lies in crafting well-researched, data-driven content that delivers authentic information to global audiences, fostering curiosity and inspiration.

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