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How To Send USDC From Matic to Fantom Using Mosaic Finance

Mosaic Finance is a dapp developed by Composable and is treated as a proof of concept with a capped TVL of 3M at the time of writing. Even though interacting with the Dapp is limited we can still use it as a bridge to move funds from one chain to another.

In this example we will be sending USDC from Matic to Fantom.

Connecting Your Wallet and Transfer Setup #

You can connect your wallet by either clicking on the button in the top right corner, or by using the “connect wallet” option in the middle of the screen.

Once the wallet is connected you your settings should be as follows:

From : Matic

To: Fantom

Currency: USDC

Keep in mind that the minimum transaction is 20 USDC and the maximum amount is 20,000 USDC.

Mosaic allows you to bridge tokens to a different address if you want. This can be done by using the custom address option and entering the recipient address manually. If left unchanged the USDC will arrive in your wallet.

Approve and Send #

The first thing you need to do is click on the “Increase spending limit” button. This will allow the protocol to use your USDC and bridge it to Fantom.

This transaction will require a small Matic gas fee. Once confirmed you will be able to complete the bridging process.

When the approval is confirmed you can click on “Transfer from Polygon to Fantom” and finalize the process. This will require one more transaction to be confirmed and the USDC will be on its way.

If for any reason the tokens do not arrive at your desired destination in 30 minutes the protocol will automatically revert the transaction and send the funds back to the original network. In this case that would be Matic.

All submitted transactions can be found by clicking on the “My Transfers” tab but if you want to be 100% sure your transaction is being processed you can check the “Explorer” tab as well.

This will allow you to look into all ongoing transactions and if yours is on the list it should be processed shortly.

Conclusion #

Mosaic is still a proof of concept and it may not be available every time you need to use it. While it is easy to navigate you can’t rely on it completely due to the experimental nature of this dapp. Users are taking on the risk of possible loss of funds so if you do use it in the early stages of development be sure to send only amounts you are willing to lose.

More information about Composable Finance and Mosaic can be found on their Twitter page and official website.

Updated on November 17, 2021
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*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.