How to bridge Social Tokens to Polygon?
Bridging a token means sending a token to a Layer 2 Blockchain to avoid (almost) any Gas Fees. Bridging a token only takes 2 clicks and your tokens will be mapped under 10-15mins on Coinvise.
Gas Fees could be compared to a tip that we have to give to people securing the transactions on the blockchain. But with more people wanting to make transactions, more people are keen to give a high tip to see their transaction approved first, and the gas fees are increasing.
To overcome this problem, Layer 2 blockchains have been created. These other Blockchains (Layer 2) help increase Layer 1 by handling transactions off-chain and increasing the number of transactions that can happen simultaneously. These blockchains allow between 2k and 4k transactions per second (compared to 15/s on the Ethereum Blockchain) - removing the competition and lowering the gas fees.
To make transactions on a Layer 2 blockchain, DAO leaders have to “bridge,” meaning transferring a part of their token to this Layer 2 blockchain.
You can find more info about Layer 1 & Layer 2 here → L1 & L2
1 - How to bridge a Token on Polygon through Coinvise?
Before starting, make sure to have a Crypto Wallet and enough Ethereum ($ETH) to pay for the transactions (we don't charge any fees for minting, but there are some network costs paid in gas fees).
Step 2: Click the connect "Wallet button" and follow the instruction. If you don't have a Wallet or don't know how to connect it, here's a complete tutorial.
Step 3: From the dashboard, click on the "Token" button (as highlighted in red below).
Step 4: From there, click on the “Settings” button.
Step 5: Click on the “Bridge” button as highlighted below.
Step 6: Enter the number of token you would like to bridge, and click on approve.
Note: The bridging process is a two steps process. You’ll first have to approve the tokens from your wallet, then come back on Coinvise and click on the bridge button (which appears after the approval is completed).
You're all set! You’ll see appear your tokens newly bridged to Polygon on the Token tab, in the overview section. (100k tokens have been bridged in the example below).
2 - Why would I want to bridge my token?
The "Bridging" tool allows users to:
- Avoid almost any gas fees
- Run fun experiments at almost no costs
3 - Things to know before bridging a token on Polygon
Before bridging your tokens on Polygon, it's essential to consider the downsides that come with it. As your tokens will be on a Layer 2 blockchain, some tools won't be compatible with it, meaning you won't be able to leverage all the tools built on the Ethereum ecosystem. Sending tokens on Polygon also adds an extra step for your community to see their tokens appear as they will have to import them first. You can redirect them to this tutorial on how to import your token on their wallet. Lastly, it's fairly complicated to bridge back some tokens from Polygon to Ethereum, so be careful and think thoroughly before bridging a portion of your token to Polygon.
While still early and with some downsides, bridging tokens to Polygon is a perfectly working solution that allows creators to experiment at almost no cost. Some communities have already bridged their token through Coinvise and are currently thriving, such as $ELIOT (Eliot Couvat's community) or $POZ (Pozzle Planet's community).
4 - Filmmaker DAO ($REEL) and the case for Bridging a token
Because we've always understood onboarding the next million individuals in crypto will only be possible through education and seamless user experience, we're building daily new easy-to-use tools and creating content on how to use them.
Learn how to bridge a token - meaning sending a token to a Layer 2 Blockchain to avoid Gas Fees.