If you are looking for a way to convert your TRC-20 token to ERC-20, you came to the right place. Basically, in this quick tutorial I will walk you through a couple of steps you can take to convert your tokens, so you can finally use them however you want.
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Before anything else, here are some prerequisites you should know:
- You must have an existing crypto wallet like MetaMask and/or TrustWallet.
- For a quick refresher, here’s how to use MetaMask.
- You can also visit TRON’s official website to see a list of the TRC-20 wallets.
- You have an account in some of the popular cryptocurrency exchanges that accept TRC-20 tokens – one of which is Binance.
- You have a TRC-20 token like USDT.
Difference between ERC-20 and TRC-20
To clarify things, ERC-20 means it is based on the Ethereum network, while TRC-20 means a token is based in the TRON ecosystem, running in the TRX network. So moving forward, we will refer to the network as TRX to avoid confusion.
The detailed differences between the two networks is a long list that we can discuss in another post, but what you need to know right now is that for the Ethereum (ETH) network, fees (or gas) are high and it is usually congested because too many people and applications are using it.
Meanwhile, TRX is fast and its fees are very low (sometimes even below $1-$10, while Ethereum can go anywhere from $3 to $150).
Converting TRC-20 tokens to TRC-20
For this tutorial, we will use USDT as an example since it’s the stablecoin that is usually transferred between two networks, I believe.
People who do their transactions to pay for services typically pay in USDT TRC-20, but the downside is that since it’s from a different network, you can’t send this to an ERC-20 wallet (MetaMask is ERC-20).
To be clear, you won’t receive your TRC-20 token in MetaMask because that’s impossible. We only need MetaMask (or your exchange’s ERC-20 address) to receive your ERC-20 token back after the swap.
So, suppose someone sends you USDT TRC-20 in your wallet and it’s already sitting there all cozy, but now you want to convert it from TRC-20 to ERC-20. Maybe from USDT to USDT, or USDT to a different TRC-20 token.
- Go to ChangeNow.io. As you can see, USDT is used in a couple of networks like TRX, ETH, and BSC (Binance Smart Chain).
- Now, since I want to convert my USDT TRC-20 to ERC-20, on the first field I chose TRX, and picked ETH on the second field.
- Once you enter the correct amount, click on Exchange. You will be redirected to a new page. Here, you will need to enter your MetaMask address then click next.
- Then confirm the details to make sure you entered the correct amount and wallet address.
- Now it’s time to send USDT TRC-20 to the address provided.
Note: To explain the reason why all of a sudden the money you are sending goes from 5000 USDT to receiving just 4958 USDT, you will need to understand that for every transaction, there are fees involved – and these fees aren’t necessarily taken by the exchange.
For example: there is a network fee for the deposit transaction from my wallet to the exchange, then a network fee for transferring coins to ChangeNow’s liquidity provider, then trading fees that ChangeNow’s liquidity providers charge, and finally network fee for sending the exchanged funds back to me. Overall, it’s a transaction and nothing in the world is for free.
Once this is done, it will take a few minutes before your USDT ERC-20 is sent to your MetaMask wallet.
And that’s it! You can now send your USDT ERC-20 to exchanges that support ETH network (practically ALL) and sell it for dollars or other ERC-20 tokens.
Before we end…
Before doing anything, before sending large amounts of money, make sure to send a test transaction first with a small amount just to make sure you are sending to the correct address.
All transactions are irreversible, and if you send it to a wrong address, most likely your token is already considered “burned” or lost forever.
Double check, triple check!