Can I use BEP20 network to transfer SOL from my Binance account to a Phantom wallet?
Should the Solana network be congested and transactions fail repeatedly, can I use BEP20 network to transfer SOL from my Binance account to Phantom wallet?
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If the Solana network is congested, you cannot use another network to transfer tokens to your Solana wallet. This is because even if you start at a different network, the only way for your wallet on Solana to see the change is if the transaction completes on the Solana network.
If you have SOL on Binance and are trying to get it to Phantom wallet (which is only on Solana), the path you are proposing would be something like this:
Binance -> (using Binance Smart Chain) -> Wormhole Bridge -> (using Solana) -> Phantom Wallet
As you can see, if the Solana network isn't working well, that last bit may not work.
I will say yes! is possible But.
When you are sending SOL from Binance, you can use either the SOL network or the Binance Smart Chain( BEP20). if you chose BEP20, you will end up with Wrap SOL which is same value of SOL but not the same
also if you are trying to do read about the both networks before
my question for you will be why do you want to do this SOL network is not that congested.?
Hi Flounder, yes you can - first transfer the funds back into your Binance(BEP2) keep in mind transferring from Smart Chain to Binance, make sure to select and double-check that it is the BEP20 network in your Binance account . The main reason for this way that it is cheaper, though some may say it isn't significant enough due to the withdrawal fee in Binance.
Next, just copy the Phantom wallet address and paste it into the Solana network in your Binance account under "Fiat and Spot". Make sure to double check the correct network and wallet address before clicking Withdraw.
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The transfer overall possibly not working, wherever it is initiated, makes so much sense. Thank you @PipsquEECS#1658!