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Arbitrum One publicly deployed it’s beta version of the Ethereum L2 scaling solution alongside the Arbitrum bridge onto mainnet on Sep 01. This is a significant attempt to scale the Ethereum blockchain using the roll ups technology and will have long lasting effects on the smart contract platform’s future. A lot of users have been recently priced out of the Ethereum blockchain, because of high fees and slow tx times. Arbitrum is attempting to solve that in a decentralized manner, inheriting full security from the Ethereum base layer. Let’s see how to use the Arbitrum bridge to migrate funds over to the other side.
2. Alternatively, you can manually enter the following information in the Custom RPC addition feature on MetaMask.
- Network Name: Arb1
- RPC: https://arb1.arbitrum.io/rpc
- Chain ID: 42161
- Currency Symbol: ETH
- Block Explorer URL: https://arbiscan.io
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Sending Funds Over Arbitrum Bridge
- Access Arbitrum Bridge here.
2. If you MetaMask installed, it will now show you prompt to connect you wallet. If not, please connect it manually by opening MetaMask screen. Then, enter amount of ETH to be sent across the bridge.
3. Click deposit. The system will show the following prompt. Click Proceed.
4. Authorize the tx on your MetaMask wallet.
5. Wait for the transaction to be confirmed on the blockchain. Congratulation! Your funds have been sent over the Arbitrum Bridge. The deposited Ether can be withdrawn from the second box. If you want to deposit Ethereum based tokens, select ERC-20, open Add Token dialog box and enter contract address. You can find them on CoinGecko. Select amount and click deposit. Authorize transaction.
What can you do now with the funds after sending them over the Arbitrum bridge? Check out this list on Arbitrum Portal. You can open any DApp available there, then simply select the Arbitrum Network on your MetaMask and start enjoying the low fees / fast tx times on the Arbitrum L2 Ethereum scaling solution. You can try Uniswap, Sushiswap, Aave, Balancer etc. The product is still under beta, so be careful. All withdrawals take around a week or seven days to be processed and sent back to the base layer.
About Arbitrum One
Arbitrum One is an Ethereum scaling solution, utilizing the roll-ups solutions to super-scale the world’s largest smart contracts blockchain. It’s directly secured by the Ethereum base layer and doesn’t have its own proprietary token. The EVM compatibility is there and Arbitrum supports Ethereum RPC interfaces too. Arbitrum reduces tx cost and speeds up tx processing time. It allows sending funds over to the other side through Arbitrum bridge.