$CATCH token migrates to Arbitrum chain— Guide
The launch of our $CATCH token is rapidly approaching. In this article, we’ll provide you with details regarding the migration of the $CATCH token to the Arbitrum One network. Additionally, you’ll find all the necessary steps explained to ensure you’re fully prepared for claiming and listing the $CATCH token.
Why Arbitrum One
Arbitrum is a Layer 2 scaling solution for the Ethereum blockchain that powers fast smart contract transactions while reducing transaction costs. In the context of Ethereum, Arbitrum handles blockchain transaction processing and batching, reducing congestion and cost from the main network.
High transaction fees on the Ethereum network were one of the main reasons why we decided to launch the $CATCH token on the Arbitrum network since the Token Generation Event (TGE). During the pre-sale of the $CATCH token, Ethereum network fees were relatively acceptable, as we were still in a post-bear market phase. However, current fees are 5x to 10x higher.
Thanks to this move, our community will save tens to hundreds of dollars on transaction fees for functions such as “Claim $CATCH pre-sale,” “Claim $CATCH airdrop,” and “Stake $CATCH token.” All these functions mentioned above will be available shortly before the TGE. The exact date will be announced soon.
The fee reduction due to transitioning to Arbitrum will be approximately from $50–100 USD to approximately <$0.1 USD.
Arbitrum as the best L2 chain
The Arbitrum network is the most popular Layer 2 networks not only from the community perspective but also in terms of important on-chain statistics and data. Total Value Locked (TVL) places this network in fourth place overall in the cryptocurrency space, surpassing even networks like Solana. In the graph below, you can see that the significant parameter TVL has an increasing trend, currently reaching an all-time high.
GUIDE — How to use Arbitrum
To utilize the Arbitrum network, you’ll need ETH similar to the Ethereum network to pay for transaction fees. However, these fees are much lower, as explained above in this article. You can obtain ETH on Arbitrum through two methods.
Both options are more or less equivalent, depending on your preferences.
In the case of the first option, Centralized Exchanges, these exchanges offer the option to withdraw ETH via various networks. First, you’ll need to deposit ETH into the exchange (via wallet -> deposit -> ETH), or you can buy it on the exchange by exchanging it for another cryptocurrency.
Once you have ETH in your account, go to wallet -> withdrawal -> ETH. Then select the network for withdrawal as “Arbitrum.” Remember that the wallet address remains the same as the one with which you bought tokens/received an airdrop on the Ethereum network. These are EVM-compatible networks, so the wallet address (starting 0x…) remains unchanged.
In the case of the second option, when you already have your Ethereum in a wallet (e.g., Metamask), you can use an on-chain bridge. One popular option is the Orbiter Bridge. You connect your wallet in the top right corner, then select from which network you want to send ETH — for example, Ethereum network. As the target network, you choose Arbitrum. You can see the entire process in the image below.
After entering the amount, simply confirm the transaction, and within a few minutes, you’ll have ETH on the Arbitrum network.
After a successful withdrawal from the exchange or after using the Orbiter Bridge, you’ll have ETH credited to the Arbitrum network. If you haven’t added the Arbitrum network to your wallet yet (e.g., Metamask), you can do so via THIS LINK.
Final words
We perceive the transition to Arbitrum at the moment of TGE as a positive step not only for the entire SpaceCatch ecosystem but also for our community. This step will allow our community to save thousands of USD on transaction fees. Additionally, the Arbitrum network has wide support from developers, exchanges, as well as users, and it creates excellent conditions for the SpaceCatch game. These are also the reasons why we decided to build our NFTs on the Arbitrum network.
If anyone is interested in whether the $CATCH token will be available on other networks in the future — the answer is yes. Stay tuned.
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