How to Transfer Coins to Near Networks To Skin In The Game

Have you bought NEAR on the exchange or have NEAR in the BSC network, want Skin in the game in the Near ecosystem, but don’t know how to transfer them to the Near network? Then this article is for you guys. In this article, CHK will detail how to:

• Buy and store NEAR.
• Transfer NEAR tokens from an exchange (CEX) or use a Cross-chain Bridge to transfer funds to the Near network.
• Investment and earning platforms in the Near ecosystem.

We invite you to follow along with the article below.

About Near Blockchain

Near Protocol is a decentralized application platform, designed to serve the development of the Open Web to create an open online world.

To participate in DeFi on Near, similar to other chains, you also need the native token of the corresponding chain as a fee, also known as gas fee (fees you need to pay for the network). Near’s gwei gas level is currently about $0.0007 – $0.0008/transaction. So for transactions, you should prepare about 0.9 ($7) to make the transaction fee comfortable.

Step 1: Buy NEAR coin on the exchange

Currently, you can buy NEAR at many exchanges, such as Binance, Gate, Okex, Kucoin,… NEAR is a popular coin, so most exchanges support buying/selling coins. Here, you can choose the floor you want to trade with.

Step 2: Store NEAR coins on a wallet that supports Near Blockchain

After you have bought tokens at the exchange (CEX), you need to have non-custodial wallet to store tokens and interact with the DeFi space. Currently tokens of the Near ecosystem can be stored in many different wallets including CHK Wallet, you can store NEAR by following simple steps:

• Step 1: Click on wallet NEAR.
• Step 2: You can directly copy the address or select Receive.
• Step 3: Copy the Near wallet address or use the QR code address.

Refer: Instructions to create and use Near wallet on CHK Wallet

Step 3: Transfer NEAR coin from another Blockchain to Near . system

After buying NEAR and having a Near wallet, you can participate in events or skin in the game in the ecosystem. There will be multiple NEAR token standards such as NEAR (Near), Binance Smart Chain (BEP20), Binance Chain (BEP2) and Ethereum (ERC-20). Depending on your needs, you can convert the token standard according to the corresponding chain.

Eg: I have a NEAR token (BEP20) and need to convert to a standard NEAR token (Near), then there are usually ways including:

• Way 1: Convert that token from one blockchain to another using Cross-chain Bridge.
• Way 2: Buy coins from CEX exchange and transfer tokens to a wallet that supports the Near blockchain.

To make it easier for you to imagine, I will guide specifically the process for the above 2 ways as follows

Transfer coins from another blockchain to Near using Cross-chain Bridge

For the Near chain, there are quite a few Cross-chains supporting this network, I will suggest some outstanding bridges as follows:

Aurora Bridge

Aurora EVM is an application that works on top of NEAR Protocol, providing scaling solutions for dApps on Ethereum to NEAR. Aurora Bridge is a bridge application built on top of Rainbow Bridge, allowing Ethereum tokens to be transferred to NEAR for pooling, trading and use.

Rainbow Bridge

Rainbow Bridge – the gateway connecting the Ethereum and NEAR platforms, Rainbow Bridge’s platform is completely decentralized and in line with the changes in the Protocol. This bridge makes it easy for users to access the network, cost and speed depending on the Ethereum chain. Usually transactions on Near will be confirmed in 1-2 seconds and the fee is less than 1 dollar.

Buy tokens on the CEX exchange and transfer to a wallet that supports the Near . blockchain

If you do not know how to buy Stablecoins (USDT, USDC) with Vietnamese currency (VND), you can see the article here.

After you have USDT, you will buy NEAR on any Binance, Gate, .. and transfer the token to the CHK Wallet. Please do the following steps:

Step 1: Use USDT to buy NEAR on Binance exchange.

Step 2: Transfer NEAR to the Near network or chain you want (insert NEAR wallet address).

Step 4: Add Near Blockchain’s NEAR Token to CHK Wallet

When you create a Near wallet, the NEAR token will be displayed by default on the wallet. Note that the Near wallet only allows the storage of NEAR and the NEAR blockchain’s token standard is NEP21. Which coin address will store that coin, do not transfer any coins to the Near wallet to avoid the unfortunate loss of capital.

Step 5: Invest and earn with Near . tokens

Looking for more information: Near . ecosystem overview

Staking

Staking is the act of holding and locking a certain amount of coins in order to receive rewards from them. The reward will depend on the time and the amount of coins you stake.

On the Near ecosystem, you can refer to the project Meta Pool, which is a NEAR staking solution to create liquidity for staked tokens. When staking NEAR on Meta Pool, you not only receive NEAR but also META – the project’s liquidity incentives.

Farming

Farming is a term that describes the action of users trying to generate more profit from their assets by adding liquidity to DeFi protocols.

The opportunity to invest and make money on Near is also not lacking, you can choose AMM DEX like Ref Finance to farm REF-wNEAR pair and get high APY. Depending on when the rewards will change, you can visit the Ref Finance website here.

In addition to the ways I mentioned above, you can also refer to more details about the opportunities to make money on Near through the article below.

Refer: Opportunity to make money in the Near . ecosystem

summary

I hope these content will help you more easily access the DeFi market on Near, as well as find the best ways to play to optimize your profits. Wish you guys a lot of success.

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