In this article, you will learn how to use tokens and coins on the Ethereum-based Arbitrum bridge, which is a significant milestone in building a more efficient and interoperable blockchain space. It allows for better collaboration among independent chains, enabling them to work together seamlessly and change the web3 landscape by revolutionizing blockchain bridges.
What do blockchain bridges refer to?
Blockchain bridges address the issue of limited compatibility among blockchains, allowing users to transfer digital assets. These bridges act as tools that connect one blockchain to another.
Bridges provide the resolution for this challenge. This is due to the fact that every blockchain is unique and adheres to distinct regulations. In reality, they are often incompatible. Generally, blockchains function exceptionally well as individual entities but struggle to collaborate effectively.
As part of their role, bridges create synthetic derivatives that represent digital currencies from other chains. This simply means that the bridge will convert the digital asset of the Solana token to a version that is compatible with the Ethereum blockchain, known as an ERC-20 token. Hence, if you want to receive the bridged version of the Solana token in your Ethereum wallet, you will be converting it to an ERC-20 token. For instance, by sending the Solana token to Ethereum through a bridge, it will produce a “wrapped” version of the token.
Arbitrum acts as a bidirectional bridge, enabling the transfer of tokens from Ethereum to Solana and vice versa. This means that some tokens can only be transferred in one direction, making them unidirectional. However, not all blockchain bridges are created equally. Bridges like Arbitrum provide a way for users to avoid the high transaction costs associated with Ethereum-like blockchains by bridging to cheaper layer-2 chains (L2). These bridges make it easy for active crypto users to access multiple blockchains, improving their overall experience.
On the contrary, non-custodial bridges store tokens that generate bridged assets through decentralized protocols. Centralized entities manage the tokens utilized to generate bridged assets in custodial bridges. Blockchain bridges can either be custodial or non-custodial. Additionally,
Besides tokens, blockchain bridges can also transfer data, feedback, instructions, and smart contracts between blockchains. Blockchain bridges are also called cross-chain bridges.
Arbitrum, the launched bridge, seeks to be a cheaper and faster solution for scaling the Ethereum mainchain, acting as an L2 Ethereum scaling solution.
Arbitrum allows users to interact with smart contracts and decentralized applications (DApps) on Ethereum in the same way. It is built on top of the Ethereum blockchain, leveraging its security. Arbitrum serves as a scaling solution with the goal of improving Ethereum’s throughput and solving the high cost of transactions. It achieves this by using optimistic rollups, a technology that moves transactions off-chain for computation. Optimistic rollups on Arbitrum enhance transaction speeds and scalability.
The contract smart is a piece of living code that executes on the blockchain, and predetermined conditions are met. In the process of bridging, smart contracts use other words. By escrowing a given amount of the token in a bridge contract L1, and creating a similar amount of the token in the paired L2 token contract, it simply means bridging from Ethereum to Arbitrum.
The withdraw feature enables users to transfer their tokens back to Ethereum. Additionally, they have the option to transfer all Ethereum-compatible tokens, including ERC-20, ERC-721, and ether, from Ethereum to the Arbitrum chain, potentially benefiting from quicker and more cost-effective transactions. Offchain Labs, the entity responsible for Arbitrum, developed a protocol that facilitates the transfer of messages and assets between the Arbitrum chain and the Ethereum blockchain.
Users can choose to bridge from Ethereum to either one of these chains, depending on the transaction costs they wish to pay. AnyTrust, a protocol used by One Arbitrum, allows for lower fees by managing off-chain data instead of posting it directly to the mainnet Ethereum layer 1. AnyTrust is a trustless and cheaper protocol compared to One Arbitrum. Nova Arbitrum and One Arbitrum are both chains that utilize the chain-up roll, which is a feature developed by Arbchain Labs to run two parallel chains on the Ethereum blockchain.
Gain access to a comprehensive list of decentralized applications by visiting the Nova Arbitrum Portal and the One Arbitrum Portal. These portals provide users with a wide array of Ethereum DApps to explore.
How to utilize the Arbitrum bridge?
The transaction costs are covered by ether, which is crucial. In order to utilize the Arbitrum bridge, you require ether tokens and a wallet that is compatible with WalletConnect or a MetaMask wallet.
Here’s the way you can utilize this cross-chain bridge!
How to link Arbitrum with MetaMask
Assuming you already have a MetaMask wallet, you can easily connect it to Arbitrum using browsers like Opera, Edge, Brave, Firefox, or Chrome, by searching for the available MetaMask browser extension on Google.
Transfer cryptocurrency from Ethereum to Arbitrum
Follow these steps. Now that you have connected MetaMask to Arbitrum, you can easily transfer Nova or One from crypto bridge to Ethereum.
Transfer ETH from Arbitrum to Ethereum
Arbitrum supports the transfer of crypto from Ethereum, as well as other chain-cross bridges like Multichain and Connext. If you don’t want to wait for a long time, you can use a different bridge that allows for faster transfers from Arbitrum to Ethereum. Once you switch your MetaMask network to the Ethereum mainnet, you will be able to view your tokens. The website has a countdown that tracks how many days are left until you receive your tokens. The waiting period is at least seven days, and the bridging process takes longer.
How to Utilize the Arbitrum Bridge with WalletConnect
In order to establish a connection with the Arbitrum Bridge, we will demonstrate the process of utilizing WalletConnect in conjunction with the ZenGo wallet. It is highly probable that you will need to utilize WalletConnect in this particular scenario if you desire to connect with DApps that necessitate alternative approaches. Apart from Metamask, there exist additional wallets available in the market that certain individuals make use of.
Here’s the method to utilize Arbiturm Bridge with WalletConnect and ZenGo.
The process necessitates minimal KYC – just an email and a face scan, which should only consume a couple of minutes. The application can be accessed on both Android and IOS. Initially, install the ZenGo app.
Afterwards, visit Arbitrum Bridge and choose “WalletConnect.”
If you select “QR Code,” your next step should be to open the ZenGo app. If you choose “Mobile,” the link will directly take you to the ZenGo app. You have the option to connect using either “Mobile” or “QR Code.”
After opening the ZenGo app, you will come across a button that enables you to link with DApps.
The QR code can be scanned either by using your camera or by directly pasting it into the application. Once you click on the “Connect to applications” button, it will redirect you to a screen containing a QR scanner.
You are now fully prepared to utilize the Arbitrum bridge.
Utilizing the Arbitrum bridge is easier than it seems!
It is always important to remember the risks of encountering bugs in smart contracts or losing the value of tokens/coins due to price volatility when using bridges. Before starting the bridging process, make sure you have selected the correct network and follow the necessary instructions to ensure your safety. Even though bridging may sound technical, it is actually quite simple in real life.
Have a joyful experience with bridging! If you choose Arbitrum as your chain, you may also benefit from faster transaction speeds on Ethereum. By moving your Ethereum-based tokens to Arbitrum, you can potentially reduce transaction fees and the process is fairly simple, thanks to the straightforward Arbitrum bridge.