Guide — Hydranet: Entering Arbitrum

As we have experienced that some community members are having issues entering the Arbitrum ecosystem, we will show you the exact steps. Disclaimer: Before we begin, please understand that nothing in this article is financial advice. The listed exchanges and services are provided for informational purposes only. Hydranet does not represent, recommend or advertise these services.

Topics:

1. What is Arbitrum?
2. Buy ETH
3. Bridge ETH
4. Arbitrum activities

1. What is Arbitrum?

Before we begin to show you how you can buy and use ETH, let's talk about the question of what Arbitrum actually is and why we chose it.

Basically, it’s a very popular Layer 2 solution of Ethereum, it allows the off-chain execution of the Ethereum transactions, therefore reducing network congestion and increasing speed. While ETH only has a transaction throughput of 14 transactions per second, Arbitrum increases this to ~ 400000 transactions per second by using optimistic rollups.

“A rollup is a type of data compression technique for blockchain transactions. It involves ‘rolling up’ batches of transactions into a single transaction.” You can read more here: https://decrypt.co/resources/what-is-arbitrum-speeding-up-ethereum-using-optimistic-rollups

This results in cheaper transactions for users too, a typical Arbitrum transaction costs only ~1 USD:

2. Buy ETH

Let’s assume you don't have ETH (Ethereum) yet, which plays a fundamental role in the Arbitrum ecosystem. You will need it to pay transaction fees, start staking, buy assets, and more.

But how to get Ethereum?
You can buy ETH traditional on a centralized exchange like Binance or Crypto Com.

Both exchanges support arbitrum withdrawals, which is great because then you don't have to bridge your eth anymore. Also, the Arbitrum withdrawals are usually cheaper than normal ETH withdrawals.

Choose Arbitrum One at Binance

You can see here that Arbitrum is very cheap in comparison to

You can see here that Arbitrum is very cheap in comparison to Ethereum (Mainnet). Please note that the minimum ETH withdrawal at Binance is 0.1 ETH (circa 300 USD).

You can also choose Arbitrum at Crypto Com:

You can send the aETH (Arbitrum ETH) directly to your Metamask.

To see your aETH in Metamask, follow these steps:

1. Open MetaMask and click on the network name at the top of the window
2. Click the “Add Network” button at the bottom of the network list.

3. Enter these details and then save them:

• Network Name: Arbitrum Mainnet
• New RPC URL: https://arb1.arbitrum.io/rpc
• Chain ID: 42161
• Currency Symbol: aETH
• Block Explorer URL: https://arbiscan.io/

3. Bridge ETH

If you currently have “regular” ETH, you can bridge them to aETH easily by using Synapse for example:

Choose the Amount you want to bridge, then confirm it in Metamask. The gas fees are usually circa 10 USD.

4. Arbitrum activities

Now that you have aETH, what can you do? There are different options here:

• with your HDX you can participate in snapshot votings https://snapshot.org/#/hydranet.eth
• stake your HDX at https://app.hydranet.ai/#/stake (for more info click here)
• buy HDX bonds at https://app.hydranet.ai/#/bonds (for more info click here)
• trade on Uniswap: https://app.uniswap.org/#/swap?inputCurrency=ETH&outputCurrency=0xF4fe727C855c2D395852ca43F645caB4b504Af23&chain=arbitrum
• store your HDX (and staked HDX) in your hardware device, for example, Ledger: https://www.ledger.com/academy/security/the-safest-way-to-use-metamask
• participate in the big ecosystem of the Arbitrum ecosystem, for example, our friends at GMX

That’s it, thanks for joining us on this Arbitrum journey!

To stay updated or ask any questions you have: Join us on Discord and follow us on Twitter to stay up-to-date with our latest news and developments.

Make sure to check out our website: https://hydranet.ai