Documenting my journey into Arbitrum Odyssey(Part 1)
If you haven’t heard about it, Arbitrum is a L2 Optimistic Rollup scaling solution for Ethereum. Currently, it is the largest optimistic rollup solution with more than 90 protocols on it and more than $800M in total value locked (TVL).
The blockchain has recently announced a project named Arbitrum Odyssey in collaboration with Ratwell, Sugoi, and Project Galaxy. It is an 8 weeks long journey to explore the ecosystem of Arbitrum and get rewarded with free NFTs exclusively designed by crypto-renowned artists Ratwell and Sugoi. After the first week, 2 projects per week for 7 weeks, will task users to perform an on-chain activity related to their protocol. Anyone that has collected at least 12 of the 15 NFTs will receive the most exclusive NFT designed by Ratwell and Sugoi.
SO… I have decided to get on this journey during this bear market to educate myself and try things that I am once reluctant to try. For each week, I will be documenting my journey and the tasks I complete so let’s goooooo.
Week 1
For the first task that will be ending on 27 June 2359 EST, you will need to bridge ETH at LEAST ONCE to the Arbitrum network using a bridge or a fiat on-ramp shown by the image below.
To get started, you will need to add Arbitrum into Metamask.
Click on add network in Metamask and fill up the details with the information provided above. Once done, you can successfully interact with the Arbitrum blockchain.
Now moving on to the most exciting task for week 1: Bridging.
Personally, I have never bridged any assets across blockchains before as I have read about bridge hacks that led to millions of losses. So I decided to use my metamask wallet with under 100 USD to try out the bridges. I promise to be more adventurous next time friends :’)
So, I have decided to try 2 bridging solutions: Hop Protocol and Hashflow.
Hop protocol is a scalable bridge that allows token transfer across rollups and their shared L1 network in a secure and trustless manner.
Hashflow is a defi trading platform that has a bridgeless cross-chain swap feature that will enable native-to-native swaps with no slippage.
Hop Protocol currently takes the lead in terms of the value of ETH bridged to Arbitrum and transaction count.
BONUS NFT: If you are using a protocol with the most volume of ETH bridged, you would receive an additional NFT at a later date.
Currently, the top 5 protocols in value of ETH bridged to Arbitrum are:
- Hop Protocol
- Celer Network
- Across
- Hashflow
- Multichain
So I would like to say the bridge to Arbitrum using Hop and Hashflow was seamless and I really enjoyed the experience.
To bridge over to Arbitrum using Hop:
- Visit https://app.hop.exchange/#/send?token=ETH&sourceNetwork=ethereum&destNetwork=arbitrum
- Then connect your metamask wallet and select the network (Ethereum mainnet) that you want to transfer your ETH from. Make sure your Metamask at this stage uses the Ethereum mainnet.
- Select the network that you want to receive your ETH. (Arbitrum network)
- Make sure you have enough ETH to pay for gas fees.
- Approve the transaction in metamask and ta-da you are done!
Similar process can be said for Hashflow. Visit their website here.
Once done, just wait for the week to end and you will be able to claim your NFTs here on Project Galaxy. On Project Galaxy, don’t forget to connect your Metamask and switch to the Arbitrum network.
That’s all for today, let’s enjoy the journey together! :D
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing
