How Does It Work?
To make this possible, we've employed a technique known as "wrapping," which automatically converts native DFI into an ERC-20 counterpart. This process enables you to effortlessly move your DFI assets between the Ethereum and DeFiChain ecosystems.
To demonstrate this, let's walk through a transfer from Uniswap to DeFiChain using Bake.
Transferring DFI from Uniswap to DeFiChain via Bake
DFI on Uniswap
To kick things off, head over to the Uniswap trading platform and connect your digital wallet (e.g., MetaMask).
After successfully connecting your wallet, you can proceed to purchase the ERC-20 version of DFI.
To do this, click on the blue ‘Select Token' button and type in ‘DeFiChain’.
After selecting the DeFiChain token you can buy DFI and confirm the transaction using your MetaMask wallet.
Note: Be aware the Ethereum Network can charge significantly high fees during periods of high traffic.
Transferring to Bake
To move your newly-acquired ERC-20 DFI tokens into the DeFiChain ecosystem, you'll need to go through Bake.
Log into your Bake account and navigate to your DeFiChain wallet.
You'll see two network options: DeFiChain and Ethereum.
Select the Ethereum network and copy the corresponding address.
Now, go back to your MetaMask wallet and send the DFI to the copied address (you will need some ETH in your wallet to cover gas fees).
If you don't see your DFI Coins in MetaMask, scroll down and click on the "Import Token" button. Enter the ‘Custom Token’ tab and copy this address into the “Token Contact address” section:
Then click the “Add Custom Token” button.
After sending the transaction, your DFI Coins should be on their way to your Bake wallet. From there, you can easily send them to any other DFI address within the DeFiChain ecosystem.
We value your feedback and are committed to continually enhancing our offerings to provide you with the best possible experience. For any questions or discussions, you can reach out to official Bake support staff at any time.
DISCLAIMER: Please note that the information on this blog and in any articles posted on this blog is for general information only and should not be relied upon as financial advice. Cake Pte. Ltd., Bake, UAB, and its affiliates (the “Cake Group”) are not licensed financial advisers. You may wish to approach your own independent financial advisor before making any decision to buy, sell or hold any product and/or digital assets mentioned in this blog.
Any views, opinions, references, assertions of fact and/or other statements are not necessarily the views held by the Cake Group. The Cake Group disclaims any liability whatsoever that may arise out of or in connection with such statements. Always do your own research before investing in any financial assets and consult a qualified financial advisor if necessary.