How to Bridge your Livepeer Tokens from Ethereum to Arbitrum

A simple guide sharing how to bridge LPT using the official Arbitrum bridge

Published in

Coinmonks

3 min readApr 17, 2024

In this brief guide we want to show you how to bridge your Livepeer tokens (LPT) from Ethereum to Arbitrum, using the official Arbitrum bridge.

The official Arbitrum bridge is reachable at: https://bridge.arbitrum.io/

Why do you need to use a bridge?

In 2022, Livepeer moved from Ethereum (Layer 1 chain or “L1”) to Arbitrum One (Layer 2 chain or “L2”). Arbitrum One is like an express lane on a highway (L2) where cars (transactions) can go fast, zooming by slow traffic on the main highway (L1). It uses a special method called the Arbitrum Rollup protocol to make sure everything runs smoothly and safely, connecting to the main highway (L1) when needed. This means you can make cool stuff on Ethereum (like building applications) that cost less and work very quickly, without worrying about things going wrong.

For this reason, in order to delegate your Livepeer tokens (LPT), you need to move them from the Ethereum L1 network to the Arbitrum L2 network.

How much does it cost to bridge?

To transfer tokens from Ethereum to Arbitrum, you have to pay a fee, which mostly relies on the gas cost (measured in gwei). Gas ensures that your transaction is handled by the computers managing the Ethereum network. The more intricate your transaction, the more gas it requires. It’s similar to fueling your car: paying for gas in Ethereum keeps operations running well and equitable for all users.

Gwei is the most commonly used unit to specify Ethereum gas prices.

To monitor the gas cost (gwei) you can use several tools like:

Etherscan Gas Tracker
A browser extension like this one here

Ethereum Gas Prices is a free to use browser extension to monitor the gas cost.

The cost of bridging from Ethereum to Arbitrum with gwei approximately under 15–16 is shown below (~$6):

Bridging will cost approximately $6 with gwei close to the 15–16 range.

Let’s Bridge your LPT Tokens

Now that we’ve covered the basics, let’s move on to bridging your LPT tokens from Ethereum to Arbitrum. Additionally, we’ve created a video tutorial to demonstrate this straightforward procedure.

In our tutorial we will use:

Rainbow Wallet: this is our favorite wallet, as it has a simple user interface, helpful for beginners. However, you can also use Metamask, or any other web3 wallet that has Ethereum and Arbitrum networks.
The official Arbitrum bridge reachable at: https://bridge.arbitrum.io/

Make sure to have some ETH in your wallet — at least $30 on Ethereum and at least $5 on Arbitrum. The transaction fee on Arbitrum will be less than $0.01, so with $5 worth of ETH on Arbitrum you will able to approve hundreds of transactions.

In your browser, open the Arbitrum bridge and connect your wallet: