How to Bridge from HIVE to Base Chain

Today I'll be sharing how to transfer assets from HIVE to Base chain, t11he blockchain created by the Coinbase team, which has seen a steady inflow of capital at a time when TVL in DeFi is at a yearly low.

TLDR;
In this blog we'll map out a path for sending assets from HIVE to BNB Chain, Arbitrum and Base chain.

What is HIVE?

Before we go into how we're transfering funds from HIVE, here's a fairly normie description of what HIVE is. 👇

HIVE is a decentralized social blockchain. Yep, decentralized social media has existed for over half a decade. On HIVE, users can be rewarded in HIVE tokens and HIVE backed dollars (HBD, the chain's decentralized stablecoin) for publishing content that gets likes from other users in the community.

Since 2017 MMG has used HIVE for generating crypto rewards, which helps us be able to buy into other cryptos (like ADA or Ethereum), without spending a dime.

Here's how...

Step 1: Create Content on HIVE for Crypto

First you'll need to create content to earn HIVE. I suggest choosing a topic that you like and are knowledgeable about and writing a blog post about it.

If you're not good at writing you can also create a YouTube video and link it in your post, which influencer @cryptowendyo likes to do in her HIVE posts.

Want to keep the video on-chain? Upload your video the the HIVE blockchain itself using an interface like 3Speak. HIVE is full of options for content creators.

Or Curate...

Alternatively, if you're not the best at making content, you can get really good at curating it and be rewarded for that too. Simply like and share high quality content you find on the platform - earlier than other users. For most people, this may not lead to as high of earnings as creating an original post, but it's a good way to passively earn on HIVE, aside from creating original content content, and, it encourages users to like and share content from others. Seven days after you publish a post you can claim the rewards.

Protip: become a HIVE reply-guy. Get in the habit of leaving meaningful replies on content that you like. You may be surprised at how often your comments get upvotes (likes), or lead to new followers.

Once we've created some content, and earned HIVE or HBD, we'll want to swap it into HIVE token, so that we can begin moving the funds to other chains.

Step 2: Trade / Swap HBD for HIVE

To start (on HIVE),if you want to Swap your HBD for HIVE (or vice versa) using a method similar to the experience on a DEX like Uniswap or Pancakeswap, visit https://hivehub.dev/market/swap.

Signin with your Hive keychain wallet to see your balance and swap assets the same way you would on DeFi's most popular AMM(automated market maker) DEXs.

Step 3: Bridge HIVE to ....

Now that we have HIVE in our wallet, visit either application (they work the same way) ChangeNow.io or SimpleSwap.io to bridge directly from HIVE to Arbitrum or BSC.

ChangeNow.io allows you to select a token which you'll send to an address, in exchange for your token of choice on your blockchain of choice (from those available on their list).

Press the exchange button to move on to the next process, where you'll confirm your order and send HIVE tokens to the address that ChangeNow provides. You'll also be asked to enter your own EVM (Ethereum Virtual Machine) compatible wallet address (like Metamask), where your new tokens will be sent.

Step 4: The Orbiter Bridge

Once our assets are on BNB Chain, we can cheaply send them to Arbitrum (an Ethereum L2) using the Orbiter bridge.

Visit Orbiter, connect your wallet to the website, and enter the amount of ETHEREUM, you'd like to bridge from BNB Chain. Here's a video for how to swap tokens on PancakeSwap, for anyone that doesn't know how to swap BNB for Ethereum on BSC.

You can also have ChangeNow swap your HIVE tokens for Ethereum on BSC, however, BSC uses the BNB token for gas fees, so keep that in mind, as you'll need some BNB to bridge and swap assets.

Now, here comes the bad news...

Bridging from HIVE to Arbitrum

Unfortunately, we have to bridge to Arbitrum before we can send our funds to Base chain. You cannot go directly from BNB Chain (BSC) to Base. In the future there may be more direct routes from other chains, but for now Base chain bridges only connect to Ethereum mainnet and its L2s.

Use ChangeNow or Orbiter to send ETH to Arbitrum.

Bridge from Arbitrum to Base chain

Now, that we have Ethereum (ETH) on Abritrum we'll use Orbiter again. This time, to bridge our funds from Arbitrum to Base chain.

This transaction should only cost a few cents.

---

Thanks for reading 👋

That's it. Our assets have now made the journey from HIVE all the way to Base chain, the new OP Stack blockchain by the Coinbase team. Overtime, new paths and bridges will emerge, so it's good to refresh yourself on the possibiities every few months.

If you found this blog helpful, consider sharing and discussing it with others that share your interest in crypto.

Posted Using LeoFinance Alpha