How to move ETH to Arbitrum!
Arbitrum is a layer 2 built on top of Ethereum Layer 1. If you don't know what a Layer 2 is don't worry, just understand that it provides the same security as Ethereum, but you don't have to pay outrageous fees when transacting!
Here's an example of the transaction fee's you would see on Arbitrum:
As you can see the transaction fee's are VERY cheap! Reminds me of the good old days when using Ethereum was below 10 cents USD!
An important note is that you when withdrawing funds back to Ethereum Layer 1, you will need to wait 7 days, however, if you use a bridge you can get funds within 10-30 minutes. We will explain all these choices below.
So, your probably eager to learn how to move you ETH to Arbitrum, so let's begin!
Let's Bridge!
- You can use the official Arbitrum bridge which I use, or you can use a bridge like Hop protocol. Once you decide on either bridge, connect your wallet.
2. Choose how much Ethereum you want to bridge over, I suggest bridging enough Ethereum so you don't have to constantly bridge back and fourth. This can become quite expensive and time consuming.
Also, you can bridge other tokens instead of ETH. Just click the box where it show's Ethereum and choose the asset you want to bridge over.
Make sure the token is added to your wallet so that it will recognize it in your wallet.
3. Confirm that you want to bridge over that amount of Ethereum and click confirm on your wallet!
Bridging can be expensive as you can see gas fee's estimate at about $60 at this time. If you are looking to get a cheaper transfer try looking at this gas price checker to see when are the best times to bridge over.
4. Once your transaction is submitted, it will take about 5-10 minutes for your Ethereum or other tokens to arrive on the Arbitrum network.
Now, check to see if your funds arrived by going to this wallet explorer and pasting your address into the search bar.
5. Enjoy using Ethereum how it was meant to be with cheap fees and fast confirmations!
Related: Try the best leverage trading platform on Arbitrum!
Bridging Back to Ethereum Layer 1
Bridging back to mainnet is important for many reasons, here's a few examples:
- Use apps that aren't live on Arbitrum yet.
Unfortunately, the migration of apps hasn't happened completely. However, the Arbitrum ecosystem is growing due to it's popularity with low gas fees.
2. Withdrawing funds to your bank account.
If you are using an exchange that doesn't allow Arbitrum transfers, then this is your only way to move funds. Many exchanges like Coinbase, Binance, etc... don't allow token transfers from Arbitrum so you will have to pay more gas fee's to transfer. FTX has been one of the exchanges that has integrated Arbitrum into their platform.
How to bridge back:
- Go to Hop protocol to avoid the 7 day withdrawal period and get funds quickly!
2. Click the choose button to pick where you want the funds to go. You have the choice of mainnet Ethereum, Polygon, Gnosis (xDai), Optimism, and finally Arbitrum. All options are available to send FROM or TO!
3. Choose which assets you want to move. Currently, only these assets are available to transfer from Arbitrum. These are the most used tokens on the Arbitrum network.
4. Approve the transaction similar to how you did when bridging. You will have to pay a fee to transfer from Arbitrum which is usually a few dollar, but you don't have to wait 7 days! Extremely helpful for all users!
5. Confirm the transaction and wait. Check Etherscan by typing in your address and checking the latest transfers and your good to go!
Related: Tired of Crypto.com? Here's how to close your account!
Final thoughts:
Arbitrum is becoming a great place for new users to try the Ethereum blockchain. The main issue holding volume is because many exchanges haven't integrated it into their wallets. It will take time, but many exchanges have stated that they are working on Layer 2 compatibility. This will only increase real world adoption.
-M
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