My unforgettable first-time experience when transferring crypto from Binance US to Compound…

— Adventure of a blockchain noob

Finally, after all these networks and gas issues…

I always want to do something to get involved in blockchain other than buying and selling cryptos in the market. So when I have time, I decided to try to supply the USDT in the binance(US) account to Compound. And I came across all these network and gas fee issues(yes, I don’t even know what that means to do cross-chain transactions, this is how new I am lol).

because Compound is built on ethereum chain, and it accepts only the following wallets: MetaMask, Ledger, Wallet Connect and Coinbase Wallet, so I need to transfer my crypto to my MetaMask address on ethereum mainnet.

Then after all of the tools I used and all articles I read, I am able to transfer money to my MetaMask wallet!(Spent like 28 dollars). While I was so excited, I just realized that I can transfer crypto through my Binance account at the very beginning to my MetaMask address(using ERC-20) with 19 dollars… LOL What an unforgettable experience 🙉

I transfer money from Binance US to Binance Chain Wallet, and then use Binance Bridge to transfer between my metamask and Binance Chain Wallet(from BC to Mainnet).

I would say don’t follow this route though… :p

If you want to swap your cryptos on Binance US account to MetaMask eth mainnet, sometimes transferring through ECR-20 and directly sending to MetaMask eth mainnet might be cheaper and save more time.

If you want to swap your cryptos on Binance US account to MetaMask BSC, alright, transfer cryptos to Binance Chain Wallet first so that you can switch your BEP-2 tokens to BEP-20 tokens and use them on BSC applications. Or use Binance Bridge(Just make sure to calculate which one costs less network fee first!).

Again, those are not the perfect solutions. As a noob in blockchain, I definitely look forward to hearing some better solutions! And I can’t be responsible for your decisions either 😂

I still think it is fun and good to read about DeFi, Binance Chain Network, Binance Smart Chain Network, Binance Chain Wallet and Binance bridge.

I learned quite a bit from this experience and want to share my experience in:

  1. Transfer crypto from Binance US to Binance Chain Wallet, and switching BEP2 token to BEP20 token, which should be able to help me to use my BEP2 token on BSC in the future(if the app takes this wallet). (Article)
  2. Transfer crypto from Binance Chain Wallet to MetaMask(on the eth Mainnet) using Binance Bridge, which helps me be aware of one more tool to do cross-chains transactions even it could cost quite a bit of transaction fee lol (Not out yet!)

But if you have better(easier or cheaper gas fee) suggestions in terms of sending cryptos from Binance.US to MetaMask, please let me know! 😁

Software engineer and a blockchain noob. Excited about the new world!!LinkedIn:https://www.linkedin.com/in/yingqi-chen/