Being early has its advantages and bridging to Syscoin is easily done in a few simple steps.
In our Intro to Syscoin article, we covered the dual chain architecture and differences between the UTXO version of $SYS (like Bitcoin) and the NEVM version (like Ethereum). We want the NEVM version to participate in DeFi, NFTs, Web3, and all things Syscoin is meant to scale with Rollups.
There are currently a couple different ways to begin using the Syscoin NEVM. In this quick guide, we’ll cover one method that might be more familiar if you’ve used other EVM chains. We’ll also use Metamask since that’s familiar to many as well..
If your exchange supports withdrawal to NEVM you can simply send SYS right to your wallet beginning with 0x like any other ERC-20 token. You can tell by looking at the withdrawal page on your exchange. If not, or you prefer not to use a centralized exchange, then we’ll have to use a bridge.
Steps for onboarding to Syscoin
1. Add Syscoin Mainnet to Metamask
2. Get $SYS from the faucet
3. Bridge ETH using the Crosschain Router
4. Swap ETH for SYS
1. Add Syscoin Mainnet to Metamask
The first thing we’ll need to do is add the Syscoin network to Metamask. We can use any existing Ethereum based address (starting with 0x) or create a new one.
The easiest and trustworthy way to do this is to visit Chainlist, connect your wallet, search for Syscoin, and click [Add to Metamask]. You’ll see a popup from Metamask asking you to confirm and you’re all set.
Click the dropdown menu in Metamask whenever you want to switch networks. The “0x” wallet address remains the same. You’re simply using different networks.
2. Get some SYS from the Syscoin Faucet
Before we can do anything we’ll need some SYS for transaction fees. This works just like ETH is used for gas on Ethereum. So we need a small amount of SYS for our first transaction.
We can use the Syscoin Faucet for this to get a small amount for free. Like many others, this faucet uses social media to prevent malicious actors. There is also a limit to how often you can use it. I like to use an alt account on Twitter to maintain my privacy.
In this example, we’ll post our address in a tweet and then verify with the faucet. The wording around the address doesn’t matter – as long as it’s in there somewhere. Then go back to the faucet, paste the url to your tweet, click [Give me SYS] and wait a few minutes before checking your wallet.
Once you’ve verified the free SYS is in your wallet, we can move on to the bridge.
3. Bridge ETH to your Syscoin wallet
For this example, we’ll bridge some ETH using the Crosschain Router on Multichain App.
Make sure you’re connected to the Ethereum network in Metamask and click [Connect Wallet] to get started. If you are on the wrong network, the app will remind you. It’s safe to allow it to switch networks for you.
Now select your options and amount for the router and click [Swap] to start the process.
From: ETH on Ethereum Mainnet
To: ETH on Syscoin Mainnet
This usually only takes a few minutes but can be much longer for larger amounts. If this is your first time using a bridge, you might want to try a small amount to make sure you’re doing everything correctly and build your confidence before sending large amounts.
*Remember you’ll need to switch networks from [Ethereum Mainnet] to [Syscoin Mainnet] in Metamask to verify it has arrived in your wallet.
4. Swap ETH for SYS on Pegasys DEX
Now, we should have both wrapped ETH (WETH) from the bridge and some SYS from the faucet in our wallet. We don’t get a lot of SYS for free but it’s enough to make our first transaction. Which should be swapping WETH for SYS so we don’t run out and need to use the faucet again.
TIP: If you don’t see the ETH in your wallet you can [import tokens] by pasting the contract address. The tokens will be at your address on chain – this simply tells Metamask to look for them so they display in your wallet.
WETH Contract Address on Syscoin Mainnet
Pegasys is the flagship DEX on Syscoin so it would be good to get familiar with it. Also keep in mind that transactions are a bit slow for now but that’s by design and will be much faster when rollups go live in the first quarter of 2023.
Our goal here for now is to get some funds on the Syscoin Mainnet to be prepared for the opportunities that might arise being early. Check out the pools, staking, and farms, and know you’ll be ready for what’s about to come.
They say it’s the best of both worlds – Bitcoin and Ethereum. I’d say for good reason! It’s secured at the base by Bitcoin miners, and has smart contracts and rollups like Ethereum. Syscoin is fast, secure, scalable, maintains the fundamentals of decentralization, and is built to remain best-in-class for decades to come.