I would like to bridge some ETH to Algorand and participate in governance. This brings me to which bridge to use if at all possible and how they compare in terms of fees, KYC, the actual process, etc. Below is a short summary of some bridges I am aware of. If you have any experience or complaints using any bridges I would love to hear from you and I'm sure the community might be interested in some feedback as well.
Summary of Currently known bridges. I'm sure I'm missing some here.
Yieldly - ETH to ALGO Bridge
- A user connects their Metamask to the Bridge interface.
- A user connects their My Algo Wallet in the same way that they would for using the other Yieldy products.
- A user navigates to the top right of the website, clicks the blue button next to their balance, clicks it and then clicks “Opt-in” on the emerging side panel.
- A user selects the amount of wrapped YLDY (ERC-20) that they wish to swap to the Algorand ecosystem.
- Once # of wrapped YLDY selected, the user will then select their My Algo Wallet address for the ASA YLDY to be sent to.
- Press Swap and watch the smart contracts do its thing until an ASA YLDY appears in the users My Algo Wallet.
Swingby - Swingby’s Skybridge provides trustless bridges between Bitcoin, Ethereum, Binance Smart Chain (BSC), and other blockchains. It executes fast token swaps using a secure network of Metanodes that are powered by multi-party computing and layer-2 technology. Ultimately, the Skybridge enables users to move a 1-trillion dollar market cap digital asset like Bitcoin into the $50B DeFi ecosystem, as well as supports the seamless flow of liquidity between blockchains.
Icon - Grant awarded 5 days ago
Algomint - To trade Bitcoin in the Algorand DeFi marketplace, simply mint goBTC on the Algomint platform while locking your original BTC on a 1:1 ratio in a secured 3rd party custody vault, and burn goBTC by the same ratio when you withdraw BTC. Algomint will also enable the same functionality for a group of other mainstream assets like ETH, USDT, etc.
Glitter Finance - Only bridge to and from Solana
Based on this info I would say the only options are YLDY and Algomint. With YLDY you would have to sell your ETH, buy wrapped YLDY, then use their tool to convert the wrapped token to YLDY token on Algorand. Then sell YLDY and buy Algo on tinyman.... Not exactly straightforward and committing to 2 taxable events. The other option is Algomint which requires full KYC AFAIK and custodies you specific coins until you chose to convert back. No one else can convert back the original tokens except you. There are alot of unknowns with KYC and what they will or won't be reporting. This is the downside of using them.
I guess there aren't any real decentralized bridges but sounds like better options are coming soon. I'm slightly leaning towards the YLDY option now but would need to look more into the various fees getting from point A to point B and how bad slippage would be on Tinyman.
Any other options? Experience using YLDY bridge or Algomint?
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