Arbitrum is a popular layer-two solution on the Ethereum blockchain. As the first layer two solution, Arbitrum is a popular go-to option for Ethereum users due to its low gas fee.
Like other layer-two solutions, Arbitrum is built on layer one Ethereum blockchain. However, it provides an option to use an optimized Ethereum where there is a low gas fee while retaining the high-security feature of Ethereum.
Arbitrum has processed more than 3 million transactions with more than $2.5 billion worth of locked assets, signifying its importance as a popular L2 solution.
However, the secret behind Arbitrum, as well as many layer two solutions, is their roll-up technology.
Arbitrum uses optimistic roll-ups to back several transactions into bundles, thereby producing a faster processing time. Faster speed, less gas usage, and lower transaction fee.
While Arbitrum is a part of the Ethereum blockchain, it boasts 40,000 TPS speed compared to Mainnet Ethereum’s 14 TPS. Meanwhile, it also supports EVM, which allows developers to deploy DApps without changing any part of the network.
Bridging ETH to Arbitrum
Before bridging Ethereum to Arbitrum, you must first configure your Metamask wallet by adding the Arbitrum network.
You can automatically add Arbitrum Network to your Metamask by navigating to Arbitrum Bridge at https://bridge.arbitrum.io/.
On the page, tap ADD L2 NETWORK on the top right corner of the page.
Confirm the configuration in your wallet.
Alternatively, you can manually add a new network by adding Arbitrum network configurations to your Metamask.
To do this, click on the network dropdown in your Metamask wallet. You can also go to Settings > Networks.
Click ADD NETWORK and input the following details:
- Network Name: Arbitrum Mainnet
- New RPC URL: https://arb1.arbitrum.io/rpc
- Chain ID: 42161
- Currency Symbol: ETH
- Block Explorer URL: https://arbiscan.io/
Finally, SAVE the new network settings to switch to the Arbitrum network. Now you can bridge Ethereum to the Arbitrum network.
1. Bridging Ethereum to Arbitrum network using Arbitrum Bridge
To bridge your crypto assets to Arbitrum from the Ethereum Mainnet, you can use the official Arbitrum network bridge or use the Hop Exchange.
Here’s how to use Arbitrum bridge for your Ethereum assets.
Using the Arbitrum bridge is pretty easy. On your internet-enabled web browser, navigate to https://bridge.arbitrum.io/.
You can connect your wallet via the LOGIN button. However, if you’ve added the Arbitrum network to your wallet, it should connect automatically.
After connecting, you should be able to see your layer 1 balance. Input the preferred amount of asset you want to bridge to the layer 2 Arbitrum. Then tap DEPOSIT.
Finally, confirm the transaction by approving the Metamask prompt. Once the transaction is complete, your asset will be available in layer-two Arbitrum.
Note that the transaction fee for depositing is calculated in layer 1 Ethereum.
2. Bridging Ethereum to Arbitrum network using Hop Exchange
Hop Exchange allows you to move your assets across different scaling solutions via its cross-chain bridge.
It works using Bonders that allow the movement of assets via different chains by fronting the liquidity to earn part of the transaction fee.
In other words, when you use Hop Exchange, your asset will be sent to Bonder, while Bonder sends the asset to the preferred chain.
Hop Exchange works in such a way that your assets do not directly reach Bonder. Meanwhile, at any point, Bonder does not have control over users’ assets. Assets are sent in hTokens batches to Ethereum mainnet, then to the destination chain.
Unlike Arbitrum bridge, Hop Exchange supports more crypto assets, including DAI, MATIC, USDC, and even USDT, to Mainnets and L2 solutions like Arbitrum, Optimism, and Polygon.
To use Hop Exchange,
Navigate to https://hop.exchange. On the homepage, tap USE HOP to go to the Hop app.
On the top right corner of the app, click CONNECT A WALLET to link your wallet to the exchange.
Now choose the preferred asset from the first dropdown tagged ‘SEND.’
Next, select Mainnet if you are sending from Ethereum Mainnet. Also, select the destination as Arbitrum if you are sending it to Arbitrum.
Also, if you want your bridged assets to be sent to a different wallet, click OPTIONS and add the recipient wallet address manually.
Finally, input the amount of ETH you want to bridge and APPROVE. Confirm Approval in your wallet, and then click SEND.
Another prompt will appear for you to confirm your transaction. Once the transaction is executed, your asset will be bridged to L2 Arbitrum.
Why are blockchain bridges important?
Blockchain bridges work exactly like every other bridge. They connect two things and allow an exchange. So also do blockchain bridges facilitate linkage, exchange, and transfer of assets between different chains.
Although the Ethereum blockchain is home to the widest use cases and applications, such as smart contracts and DeFi, its slow speed and high gas fee have paved the way for the success of better alternatives.
This is where bridging and scaling solutions come in. Scaling solutions like Arbitrum sit on a layer of the Ethereum blockchain to speed up transactions while assuming a part of Ethereum itself.
Although assets cannot move through chains ordinarily, bridging allows the transfer of assets so that users can enjoy the perks of a chain. It also allows developers to access different chains to collaborate and leverage their capabilities.