If you want to trade your ERC-20 tokens on a decentralized exchange, such as PancakeSwap, you’ll need to wrap them on the Binance Bridge to turn them into BEP-20 assets (Binance Smart Chain token standard), which can then be utilized on The Binance Smart Chain.
To do so, head over to the Binance Bridge, then connect your wallet. Assuming you’re connecting from a Metamask wallet on the Ethereum main network, you’ll be asked to confirm the transaction (after you input the token you’re bridging to BSC) on the Ethereum side, which will cost an amount paid in ETH.
While this may be expensive due to high Ethereum gas fees, once you get your crypto assets wrapped and bridged over to BSC, you’ll save tons in trading fees by virtue of PancakeSwap’s low costs.
Binance Bridge isn’t just for cross-chain assets used in trading. You can also use it to bridge Ethereum assets you want to use to provide liquidity and yield farming on PancakeSwap.
Once you’ve finished your activities on PancakeSwap and want to convert your BEP-20 assets back to ERC-20, just follow the same steps in reverse using Binance Bridge.
References:
Binance | Binance Smart Chain | Binance Bridge | Binance Swap | Binance.org. (2021, August 10). Binance | Binance Smart Chain | Binance Bridge | Binance Swap | Binance.Or. https://www.binance.org/en/bridge
PancakeSwap Intro – PancakeSwap. (2021a, December 20). Pancakeswap.Finance. https://docs.pancakeswap.finance/
