(1) Move DAI from Binance Smart Chain (BSC)
Transfer your DAI tokens from Binance Smart Chain (BSC) to the xDai Chain, and convert them into xDai coins using Component.
There is more than one way of doing it. We'll show you both ways, and let you choose which route you rather take.
BSC OmniBridge Route
This route is fairly easy to follow. First, we swap a cryptocurrency from BSC (such as BNB) for one of the three cryptocurrencies accepted on the brigde we'll use later on. Then, making use of that same bridge, we convert them into xDai.
You'll need a few BNB to pay the transaction fees.
Convert the cryptocurrency of your choice into one of these three (3) options: DAI, USDC or USDT.
Once the exchange is done, go to Cross-Chain Bridge. (1) Connect your wallet to the Binance Smart Chain Network. (2) Select the Binance Smart Chain Network as the outgoing network (3) Select xDai Chain as the incoming network. (4) Select the currency you want to exchange (in this case, DAI). (5) Paste your Wallet Address into the "Receiver Address" field. (6) Press the Cross-Chain Transfer button. (7) Wait for a bit, then Confirm the transaction.
The processing of the transaction may take a few minutes. Don't worry, be happy and wait for it.
Once it's completed, a pop-up will indicate the success of the transaction.
Congrats! Go check the newly acquired xDai in your Wallet.
This route is made of three different tools that complete the whole process.
We start by also making use of a bridge. This one is created by the xDai Chain itself, and it's called BSC OmniBridge. It allows users to move ERC20 tokens (such as DAI, among others) between xDai Chain and BSC.
Bear in mind, however, that BSC OmniBridge is a beta software. Use at your own risk.
Now, this process might look lengthy, but it's only a repetitive row of clicks. It doesn't hurt to remind you for this very same reason to always pay attention to the details and info you're putting in.
Pay attention to which token you're selecting.
(4) Click on the Unlock button and confirm it. (5) Click on the Request/Transfer button and confirm it again. (6) Now wait for a bit, until the processing ends, and that's it!
This part is done! The transaction is completed. Your DAI (BSC) tokens are on the xDai Chain.
But we are not done yet. Just two more little steps ahead. The next one is lighter. We'll use another tool, this one named Component, and swap DAI (BSC) tokens for wxDai.
(1) Access Component. (2) Connect your Wallet, confirm it, and set it to the xDai Chain Network. (3) Click on the Swap tab. (4) Select to swap DAI (BSC) for wxDAI and choose the amount. (5) Press Swap and confirm it. (6) Wait a second, then press Execute, and confirm it again.
There you go! Transaction completed. Second part accomplished.
We are almost finished. Now, we only need to unwrap these wxDai coins. And for that, we'll use the last tool, named WrapEth.
(1) Access WrapEth. (2) Connect to your Wallet and set it to the xDai Chain Network. (3) Click on the Unwrap wxDai tab. (4) Enter the amount of wxDai to unwrap. (5) Press Submit and confirm it. (6) Wait for a short second, and yes, finally, done! For real.
That's it, you made it! You have successfully converted them all into xDai. Check your wallet and enjoy.
In case you choose to use the BSC OmniBridge, and your wallet has a balance of 0 xDai, you'll actually receive a small amount of xDai ($0.01) when bridging your tokens. In other words, you'll be granted access to the OmniBridge Faucet - this improves the onboarding process of new users, enabling them to make transactions right away!