📕 Arbitrum: What is it? How to use it? Useful Links
As always, we have a lot of deadlines to meet and a lot of work to do. So f@ck the greeting and let’s go straight to the project called Arbitrum.
- What is Arbitrum?
Arbitrum is an Optimistic Rollup built on Ethereum. Uh… unclear?
Okay, let’s go into more detail on that one. Arbitrum is a suite of Ethereum scaling solutions that enables high-throughput, low-cost smart contracts while remaining trustlessly secure.
To put it simply: Artbitrum is a solution that is designed to make ETH faster and cheaper. And developers will be able to use ETH to build their own solutions even more accessible.
Rollups are solutions that perform transaction execution outside the main Ethereum chain (layer 1), but post transaction data on layer 1. As transaction data is on layer 1, this allows rollups to be secured by layer 1.
Optimistic Rollups (ORs) are one type of layer 2 constructions that do not run on Ethereum’s base layer but on top of it. This enables running smart contracts at scale while still being secured by Ethereum.
Optimistic Rollup refers to a type of rollup that is optimistic in the sense that when an assertion is posted, it does not contain an accompanying proof guaranteeing its validity. Instead, when the assertion is posted on-chain, the validator making that assertion posts a bond, and there is a time window in which anyone can post their own bond and challenge the assertion, if they think it’s wrong. This is sometimes called a “fraud proof”. If the asserter is wrong, they will lose their bond. If the challenge period expires with no successful challenges, the assertion is accepted and becomes final.
Ok yes, we copy-pasted some text to explain these hard words. Let’s continue?
I see… but what I don’t understand is, why do you need it?
A lot of cool projects are moving to Arbitrum. We mean, you can use your favorite platforms with lower commissions and faster transactions. And maybe you’ll even get a drop for Arbitrum. But, DYOR and no advice we’re giving out here. Okay?
- How to use Arbitrum?
Step 1: Go to the website. Click on Bridge into Arbitrum.
Step 2: Connect the Metamask and enter the password.
Step 3: Install the Arb-network in your Metamask. It’s easy! Just two buttons to click.
Metamask may not pop up right away — just click on your browser icon and it will open.
Step 4: The network is installed. Now switch back: Go to Metamask. Click on the network. Choose “Ethereum Mainnet”. Check the screenshots below, okay?
Step 5: If you want to deposit Ethereum, you choose how much you want to send to the Arbitrum network. You press “Proceed”. And wait 5–10 minutes.
Step 5.1: If you want to add ERC-20 tokens, for example, USDT. You have to click on the Token List. Use CTRL+R to find “USDT”. Copy “l1Address”, that is in the case of USDT — “0xdAC17F958D2ee523a2206206994597C13D831ec7
Then click “Add Token” and insert the address. The USDT appears.
Step 6: Voila! Great! Cool! We transferred the dough to Arbitrum network! The same approach with the withdrawal from Arbitrum to Ethereum mainnet.
WARNING: Withdrawal to the main Ethereum network can take from 7 days! This bridge withdraws in 10 minutes, but only stablecoins like USDT.
And some more cool links:
– An unofficial Twitter that collects news on Arbitrum;
– And the website.
We wish you a lot of good transactions, Wanderer! Dive into the chat and leave feedback on this guide.
By the way, you can also follow the author’s Twitter @gryazintweets. Sometimes I post something exciting and beautiful.