Source: Medium

Source: Medium

Compilation and arrangement: Chen Zou

Compilation and arrangement: Chen Zou

As the Ethereum mainnet layer 1 gas fee soared in the endless NFT minting speculation boom, many ordinary users have been driven out of the Ethereum network by high gas fees, and they began to flood into cheaper blockchains, such as Binance Smart On Chain, Polygon and Fantom.

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Arbitrum – the next biggest opportunity?

So what is Arbitrum?

Arbitrum is an Optimistic Rollup, which aims to allow users to have the same experience as the Ethereum mainnet, but the transaction cost will be greatly reduced, and the speed will also be significantly improved. Arbitrum launched its mainnet on September 1, 2021, and its network popularity is gradually increasing as users migrate from other mainchains to Arbitrum.

According to Layer 2 data tracking site L2Beat, around $1.5 billion worth of tokens are currently staked on Arbitrum, with most of that added in the past few days.

As we mentioned in our overview of Arbitrum, Arbitrum is a perfect combination of several advantages:

• Trustless security: Rooted in the security of Ethereum, any party can ensure the authenticity of the second layer results (trustless means that users do not need to trust any third party. Users use a trustless system or The technology handles transactions so securely and smoothly that both parties to a transaction can transact securely without relying on a trusted third party.)

• Ethereum-based compatibility: Ability to run unmodified EVM contracts and unmodified Ethereum transactions

• Scalability: Offloading computation and storage of contracts from the Ethereum mainnet, allowing higher throughput

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Transfer Funds to Arbitrum

Let's start by setting up your Metamask wallet to connect to Arbitrum One - the official name of the Arbitrum mainnet. Here are the relevant settings:

Network name: Arbitrum One

New RPC URL: https://arb1.arbitrum.io/rpc

Chain ID: 42161

Token symbol: AETH

Block Explorer URL: https://arbiscan.io

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Tokens bridged with Arbitrum

Once Metamask is set up, you need to start bridging tokens, as the native tokens of the Arbitrum network are not widely supported.

There is an official Arbitrum bridge that you can use to bridge tokens: https://bridge.arbitrum.io/

Arbitrum Bridge can bridge tokens from Ethereum to Arbitrum and back again, including ETH, ERC-20 tokens and ERC-721 tokens.

For ERC-20 tokens, the Arbitrrum bridge can act as a pairing contract, depositing tokens in the L1 bridge contract and minting the same amount of tokens in the L2 pairing token contract.

Note that it takes approximately 7 days to bridge funds from Arbitrum back to Ethereum.

Bridging steps:

1. Connect to the Ethereum mainnet network

2. Select the token you want to bridge in the token drop-down menu

3. Enter the amount of ETH/tokens you want to bridge in the L1 field, then click Deposit, and follow the prompts on Metamask.

4. Wait for your funds to reach the Arbitrum network within approximately 10 minutes to 1 hour.

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Liquidity mining on Arbitrum:

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Sushiswap

Sushiswap is one of the largest decentralized exchanges on Ethereum, and it is also deployed on many blockchains such as Polygon, xDAI, and Avalanche.

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Balancer

Balancer is also one of the first batch of projects to enter Arbitrum. Currently, 2 main pools are open - BAL/WETH and USDC/WETH/WBTC. These pools provide $BAL weekly rewards for liquidity providers.

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ArbiNYAN

Summarize:

Summarize:

It’s still early days for Arbitrum, and while liquidity mining opportunities are currently very limited, we could see more opportunities sprouting on the platform as more projects slowly enter the network.

This article is from Bitpush.News, reproduced with authorization.

This article is from Bitpush.News, reproduced with authorization.