Step by Step: How To Transfer Eth Assets to Solana Using Wormhole V2
A couple of months ago, we shared a very popular step by step guide that explained how to use Wormhole to transfer assets from Eth to Solana using Wormhole v1. With Wormhole v2 token bridge recently released, we are back with a major pool and a new user guide!
Today, we announced a collaboration with the Wormhole team to set up Solana’s first 4pool for wrapped wormhole tokens, allowing highly capital efficient swaps to happen between all the major ETH stables and USDC using a single pool.
Once the assets are bridged over from Wormhole, you can use the wrapped assets to swap with any token in Solana.
We think this is a very important step in making liquidity work seamlessly across chains in a fully decentralized manner, and we have created a step by step guide for you to do so!
Step by Step Guide
In this example, we use USDT, but it is applicable for any asset you want to bridge through Wormhole V2.
Step 1: Go to website “https://wormholebridge.com/#/transfer”
Step 2: Under “Source” select “Ethereum” from the drop-down list
Step 3: Click on “Connect” to connect to your Ethereum Wallet (make sure you log into your wallet first)
Upon successful connection, you should see the wallet address on the button.
Step 4: Select the token you want to transfer through the drop-down menu
Step 5: Enter the amount of the selected token to transfer and click on “Next”
Step 6: Under “Target”, select Solana and click on “Select Wallet” to connect to your Solana wallet
Step 7: If the token account does not exist in your Solana account, Wormhole will request that you create it. Click on “Create Associated Token Account” to create the account.
Note that you would be required to Approve the Account Creation Transaction. Click on “Approve” to complete the Account creation process.
Step 8: Click on “Next” to proceed to the “Send Tokens” section
Step 9: Click on “Approve <x> tokens” to give Wormhole bridge permission to use your USDT
Click on the “Approve” button on the wallet popup to complete the approval process.
Step 10: Once Approval is successful, you will see the “Transfer” button. Click on “Transfer” to send the tokens to the Wormhole Bridge.
Click on “Confirm” to confirm the transaction to send your tokens to the bridge.
Wait until all the confirmations are completed on Ethereum.
Step 11: Under the “Redeem tokens” section, click on the “Redeem tokens” button to kickstart the transfer of tokens from the wormhole bridge to your Solana wallet.
Note that you are required to Approve multiple transactions to complete the token redemption process. Click on the “Approve” button in each of the wallet transaction popup screens until the process is completed.
Congratulations! You are now the proud owner of wUSDT (wormhole v2) on Solana!
You can now deposit your wrapped tokens to the Mercurial wUSD-4 Pool and earn some sweet MER!
https://mercurial.finance/pools/wusd-4pool
Note: The wrapped tokens will not appear in Phantom yet (until the next Phantom update). You can view it in your Sollet wallet.
