USING ARBITRUM (ARBISCAN & ARBITRUM BRIDGE) ON FOXWALLET
For the sake of realizing mass adoption of cryptocurrencies in society, FoxWallet always makes various innovations and changes in a positive direction. FoxWallet is committed to making cryptocurrency easier for everyone. Therefore, FoxWallet as an application for storing crypto currency can now be downloaded in a wider range on the Playstore and Appstore.
FoxWallet supports all EVM-based cryptocurrency networks (with address formats starting with 0x). One of the emerging cryptocurrency networks is Arbitrum.
Arbitrum's presence begins with the limitations that exist on the Ethereum main (L1) network. Ethereum itself is a very popular platform for developing decentralized applications (DApps). But in recent years, a dramatic surge in adoption has seen the network pushed to its absolute limits — pushing up exorbitant transaction fees and causing rampant congestion.
While some believe that the best way to scale Ethereum is through tinkering and on-chain upgrades, others have instead pursued a different route, known as a second layer (L2) solution.
On August 31, 2021, Offchain Labs, the company behind Arbitrum, announced the official launch of the highly anticipated Arbitrum One main network. A number of top decentralized finance (DeFi) financiers, such as Aave, Balancer, Band Protocol, Curve, Sushiswap, and Uniswap are already leveraging or looking to use Arbitrum to increase production yields and lower costs for their users.
Arbitrum is a type of technology known as 'rollup optimistic'. This allows Ethereum smart contracts to scale by sending messages between smart contracts in the Ethereum main chain (L1) and those in the Arbitrum second layer chain (L2). Most transaction processing is completed in the second layer and the results are logged in the main chain — drastically increasing speed and efficiency.
FoxWallet itself has a DApp Browser feature. DApp itself is a decentralized application. With this feature, users can use it to carry out activities with various decentralized applications on the Arbitrum network. To access it, it's quite easy, go to the DISCOVER menu and type the web address (DApp) in the PRODUCT NAME OR LINK column.
FoxWallet also has a special feature on the DISCOVER menu, namely FREQUENT which can be seen in the ARBITRUM DApps list column. This FREQUENT lists the most frequently used decentralized applications, two of which are ARBISCAN & ARBITRUM BRIDGE.
The following is a brief description and use of the two DApps:
Arbiscan is a decentralized transaction logbook. However, every transaction on the Arbitrum blockchain will also be recorded on the Ethereum Block Explorer as the main network (L1) for example on the etherscan.io web.
Basically, Arbitrum's block explorer is a copy-pasted record of data from the Ethereum blockchain. All transactions are carried out on the Arbitrum Network (L2) to make it faster and more cost-effective. Please note, all crypto currency assets on the Ethereum (L1) network can be transferred to the Arbitrum network (and vice versa) so that transactions are faster, due to the more efficient nature of the Arbitrum network.
Arbiscan has 4 excellent features, namely:
This page allows you to perform advanced settings such as displaying complete transaction and block details. Useful for developers to debug in one view.
Users can interact with comments reciprocally on a search result (eg address, smart contract token, etc.) on the Arbiscan web page.
You can access Arbiscan in English or Chinese.
As is known, all assets on the Ethereum (L1) network can be transferred to the Arbitrum network, and vice versa. All assets are transferred to the Arbitrum (L2) network to make transactions faster. For the transfer of assets this is usually called "BRIDGE".
Arbitrum Bridge is a web page that can be used to "BRIDGE" assets from L1 to L2 and vice versa. To use Arbitrum One (L2), you must first bridge your assets to Arbitrum One from the Ethereum mainnet.
When you open the ARBITRUM BRIDGE web, you will be directed to the CONNECT WALLET page to connect it to your cryptocurrency wallet (FoxWallet). After that, you can choose what assets you want to move or "BRIDGE".
Here is Arbitrum's manual network setup
Network Name: Arbitrum One
Currency Symbol: AETH
RPC URL: https://arb1.arbitrum.io/rpc
Chain ID: 42161 (automatically added in FoxWallet)
Block Explorer URL: https://arbiscan.io (auto added in FoxWallet)