In this article:
Learn how to check which crypto network your token is on in Best Wallet, to ensure you are transacting on the right blockchain.
Confusingly, cryptocurrency tokens can exist on multiple blockchain networks simultaneously. Their price will be consistent across different networks. For example, Tether's token (USDT) is available on the Ethereum, Polygon, and BNB Smart Chain networks, and is priced the same!
Think of crypto networks as computer operating systems. Just as applications like Microsoft Word have different versions for Windows and Apple, cryptocurrencies can exist on different networks. They have the same value and function but are designed to operate within specific crypto blockchains.
To manage your cryptocurrencies well, it's important to know which blockchain network they're on, especially when you're swapping, buying, or sending them. Here's an easy guide to help you figure out your token's network.
Check the token symbol on your token list
The simplest way to identify the network of your token is by looking for a network symbol next to the token's logo in your wallet. In your Best Wallet home screen, you will see tokens you own, and which network they are on.
There are little network logos next to your cryptos in the token list, which will reflect what network your crypto is on.
For example, you can own Tether (USDT) both on the Ethereum and Polygon networks. You can differentiate between these by looking for the network logos next to your crypto. This will ensure that you know which network your tokens are on, meaning you always select the right token when transacting.
Use the ‘Manage Tokens’ feature
For a more detailed approach, you can use the "Manage tokens" option available on the homepage of your wallet app. Here's how:
First, go to the home screen of your wallet. Next, tap the three dots on the right of your token list.
Select "Manage tokens".
Search for your desired token.
This will give you the option to save a token to your token list, and which version you want to see and potentially own. Cryptocurrencies can exist on several different networks, like Tether (USDT), which is available on many networks, including Ethereum, BNB Smart Chain, and Polygon.
You can tell which network each Tether token is by the small blockchain logo next to the larger USDT logo.
By selecting the right version of a token, you can ensure you avoid any transacting issues further down the line.
Matching tokens with their chains to avoid failed transactions
When sending, swapping, and receiving crypto, it's important to ensure that the tokens you're transacting match the chain you're trying to use.
For example, if you plan to swap or use USDT on the Polygon network, make sure to buy USDT that is specifically on the Polygon chain.
This ensures seamless transactions and avoids the cost of cross-chain swaps. Although you can swap cross-chain in Best Wallet, it is marginally cheaper to swap on the same blockchain network.
Additionally, before sending a token, double-check which chain it is on and select the appropriate blockchain for the transaction.
Sending a token through the wrong blockchain network, like attempting to send a Polygon-based token through the Ethereum mainnet, will likely result in a failed transaction.
If you're struggling to identify what blockchain network your crypto is on
If you've tried the steps above and can't work out which blockchain network your crypto tokens are on in Best Wallet, please email [email protected] and the support team will help you troubleshoot and resolve your issue.