How to Transfer TAO Tokens from Centralized Exchange to Fusotao Appchain?
The transfer of digital assets from a centralized exchange to a digital or blockchain wallet is a common activity among crypto traders and users. With this, crypto traders and investors can store their digital assets in blockchain wallets where they will have more control of their assets, which will enable them to carry out staking and other Defi activities.
TAO token which is a reliable and invaluable native token of the Fusotao Protocol can also be transferred from centralized exchanges (CEXs) such as MEXC, Huobi, Bitmart, etc, to the NEAR chain, Fusotao appchain and supported wallets (Polkadot Extension Wallet), just as we see in other digital assets and stablecoins that are listed on CEXs.
TAO token is a NEP-141 substrate native and utility token, and users can transfer this token from centralized exchanges to the Fusotao appchain. And this can be achieved by first transferring the TAO tokens from the CEX to the NEAR wallet. To transfer or withdraw TAO tokens from a CEX where TAO is listed, you have to create a NEAR wallet, choose NEAR Protocol as your Network in the CEX, then copy the NEAR address from the NEAR wallet which you have created.
It is worth noting that the NEAR Protocol as a layer 1 blockchain is cost-effective, and the withdrawal fee on the NEAR Protocol network is very negligible, about 0.01 NEAR. After the TAO tokens have been successfully transferred/withdrawn to the NEAR wallet, the tokens need to be bridged to the Fusotao chain via the Octopus Network Bridge.
Bridge TAO Token via the Octopus Network Bridge
A blockchain bridge is a powerful and innovative cross-chain bridge that allows the exchange of information, and crypto-assets from one blockchain network to another. Cross-chain bridge facilitates the flow of data as well as cryptocurrency tokens across what would otherwise be siloed sets of data on various blockchains. The Octopus Network Bridge is a unique, innovative, and secured cross-chain bridge specially designed for easy bridging between NEAR Protocol Network and Appchain Networks such as Fusotao Protocol.
The Octopus Network Bridge connects two blockchains (the NEAR blockchain and Appchain), allowing users to send their tokens from one chain to another. Octopus Network Bridge and other blockchain bridges solve the problem of the inability of blockchains to work together because every blockchain is limited by the walls of its domain, and this usually leads to outrageous transaction fees and congestion. Through cross-chain bridges, these problems are unraveled by enabling smart contracts, token transfers, etc.
To bridge TAO tokens on Octopus Network Bridge, you need to have your Polkadot extension wallet and your NEAR wallet on the same browser for easy and faster connection. Then follow the steps below:
Step 1: Go to the Octopus Network Bridge site (https://mainnet.oct.network/bridge).
Step 2: Select Fusotao as your app chain.
Step 3: Connect your Near Wallet, and select Fusotao.
Step 4: Enter your Polkadot target address
Step 5: Then choose the amount of TAO token you want to bridge, then connect your wallet, and confirm your transaction.
CONCLUSION
It is important to understand that the bridging of TAO tokens through the Octopus Network Bridge is based on a 1:1 ratio. With this cross-chain, users can bridge any number of TAO tokens they want from the NEAR Protocol Network. TAO token as a unique token is used in powering the entire ecosystem of the Fusotao Protocol, which is a great and exceptional app chain that is built to solve the problems facing the existing DEXs in the market.
Octopus Network bridge is highly secured and reliable so there is no need for users to panic about external attacks on their wallets when bridging their TAO tokens from the NEAR network to the Fusotao network. The bridging is super fast and can be completed instantly without any delay.
💫 About Fusotao Protocol
The Fusotao protocol is a verification protocol for orderbook-based matching system using the paradigm of “execute off-chain, verify on-chain”. Fusotao network is an Octopus Network based application chain to hold users’ assets and verify the matching transactions from off-chain exchange services. Founders can build their own DEXs by using the Fusotao appchain as an on-chain verifier and deploying their own off-chain matching server. Communities can earn rewards by trading on the DEXs or directly staking tokens for the DEXs backed by Fusotao Protocol to share transaction fees from them.
🔴 You can reach Fusotao here
Website Twitter Github Telegram Discord Blog
