Summary: Bridging your tokens between the Ethereum and Optimism networks is a quick and simple process that takes under 5 minutes to complete. Getting your tokens from one chain to another will require the use of a bridging protocol like Synapse.
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In this guide, we will show Australian investors how to bridge their cryptocurrencies from the Ethereum network to the Optimism network. First, you will need to download the Metamask extension or any of the following Web3 Wallets - Wallet Connect, Binance Smart Chain Wallet, Coinbase Wallet & Terra Station.
Once you have added one of the above-mentioned wallets to your browser, send the amount of funds you wish to bridge from your external wallet. You can send funds from your centralised or decentralised exchange wallets to your Metamask (Web3) wallet.
Synapse is widely regarded as the best bridging protocol in DeFi, the application has the largest bridging volume out of any Dapp (decentralised app) and bridges an impressive $1B every month. In addition to bridging, you can also trade and stake many cryptocurrencies over multiple networks (blockchains) on Synapse.
Its popularity is largely due to its competitively low fees and quick bridging times (the bridging process takes typically under a minute to complete).
How to Bridge Crypto from Ethereum to Optimism
If you’re looking to bridge your cryptocurrencies from Ethereum to Optimism, you have come to the right place. The entire bridging process will take around 2 minutes to complete. In the below example we use USDC as the bridging token but you can also send USDT, DAI, gOHM, SYN, ETH, nETH, nUSD & UST. Follow the below steps to get started.
Step Two: Go to the ‘Bridge’ tab and select your two networks
Step Three: Enter the amount of USDC you want to bridge and click ‘Approve’
Step Four: Approve the transaction on Metamask and your funds will arrive within a minute
Optimism RPC Details
Before bridging your tokens from Ethereum to Optimism, you will first need add the Optimism network RPC details to your Metamask wallet. Go to your Metamask extension and click ‘Networks’ then select ‘Add Network’, and fill in the below details.
When bridging between any chains there are typically 2 - 3 (this can vary depending on which platform you use) fees involved. On Synapse, users are charged a bridging fee and a network transaction fee.
The total fees to bridge your cryptocurrencies from Ethereum to Optimism on Synapse are $15 - $20AUD. On most major exchanges this fee ranges from $30AUD to $50AUD. You can also get this figure lower if you change your bridging token to one with positive slippage like gOHM which only incurs a small $2AUD fee.
If you are interested in learning more about Synapse, please read our Synapse review.