Exploring Methods to Acquire Tezos (XTZ) on Etherlink
Rebeca Moen Nov 30, 2024 09:48
Discover four effective methods to acquire Tezos (XTZ) on the emerging Etherlink network, from bridging and centralized exchanges to fiat purchases and EVM transfers.
The Etherlink ecosystem is rapidly expanding, drawing attention for its diverse projects in gaming, decentralized finance (DeFi), and non-fungible tokens (NFTs). As interest grows, acquiring Tezos (XTZ) on Etherlink becomes increasingly pertinent for enthusiasts. According to Tezos Commons, there are four primary methods to add XTZ to your Etherlink wallet.
Bridging XTZ from Tezos Layer 1
One straightforward method is utilizing the native bridge between Tezos Layer 1 and Etherlink. This method is particularly convenient for those already familiar with Tezos. Users can purchase XTZ on centralized exchanges such as Binance or Coinbase, transfer them to a Tezos wallet like Kukai or Temple, and then use the Etherlink bridge to move XTZ to their Etherlink wallet.
Using a Centralized Exchange: AscendEX
For those engaged in regular trading activities, AscendEX offers a viable option. As the first centralized exchange supporting XTZ on Etherlink, AscendEX allows users to buy, sell, and transfer XTZ directly on the Etherlink network. However, opening an account and completing KYC is necessary.
Buying XTZ on Etherlink with Fiat: Transak
Transak provides a fiat on-ramp service for acquiring XTZ on Etherlink. Through SEPA transfers, credit/debit cards, Apple Pay, or Google Pay, users can purchase XTZ directly. It's crucial to select the Etherlink network and XTZ token during the transaction. Transak requires a minimum purchase of $20, with fees ranging from 1% to 4.5%, subject to KYC verification.
Bridging Funds from Other EVM Ecosystems
The Etherlink EVM bridge allows users to transfer tokens from various EVM chains, such as Ethereum and BNB, to Etherlink. This option bypasses centralized exchanges and KYC processes. However, users must swap their bridged tokens for XTZ on Etherlink's decentralized exchanges, like IguanaDEX, ensuring sufficient liquidity to avoid slippage.
As Etherlink continues its growth trajectory, the ecosystem is expected to integrate more centralized exchanges and user-friendly on-ramp tools. This development will likely simplify the process of accessing and utilizing XTZ on Etherlink. For those eager to explore Etherlink's potential, now is an opportune moment to engage with the network and acquire XTZ using the method that best suits their needs.
For further information, visit the Tezos Commons.
Image source: Shutterstock.jpg)