You cannot conceivably talk about a Crypto wallet that connects with Ethereum mainnet and not mention Metamask. Metamask is a Crypto wallet that supports several tokens in the form of a browser chrome extension. Specific blockchain information is required to connect with networks like Arbitrum. This information includes chainID, custom RPC, URL, and network name because Metamask does not have Arbitrum automatically as a blockchain. Notwithstanding, Metamask settings need to be set up to connect to Arbitrum.
What is Arbitrum?
Arbitrum is a layer 2 scaling solution for Ethereum. This means that the security of Arbitrum comes from the Ethereum chain itself. Arbitrum uses a transaction roll-up technique to log batches of transactions recorded on the Ethereum main chain and execute them on cheap, scalable layer-2 sidechains. This process helps release most of the compute and storage burden that Ethereum is experiencing while enabling a new class of robust layer-2-based DApps.
About Arbitrum
Ed Felton, a computer science and public affairs professor at Princeton contributed to launching Offchain Labs in 2018. It was this company that created Arbitrum. Ed Felton worked at the White House from 2015 to 2017 as the Deputy Chief Technology Officer and the president’s top advisor. Since the establishment of Offchain started, Coinbase Ventures, Pantera, Blocknation, and Compound have put a lot of money into Offchain Labs. After Optimism delayed its release, Arbitrum One opened to developers on May 28, 2021. Arbitrum would soon become the most popular Layer 2 solution, especially if many platforms like Uniswap join its network.
How does Arbitrum work?
Arbitrum is a kind of blockchain technology called optimistic roll-up. This blockchain technology enables Smart contracts from Ethereum by sending messages between Smart contracts and those within the Arbitrum second chain layer. In addition, the majority of transactions still processing will be rounded off at layer-2, and Arbitrum will have the results recorded in the mainchain. Through this process, the usable speed and efficiency of the system surge.
Advantages of Arbitrum
The decent side of Arbitrum seems to be revealing. They include
- Arbitrum is highly EVM (Ethereum Virtual Machine) compatible. What this means is that this technology can run EVM(Ethereum Virtual Machine) contracts.
- Arbitrum was created to save the layer-1 gas fee.
- The technology was also developed to collaborate with other Ethereum Decentralized Applications such as Sushiswap, DaDo, and lots more.
Wallets that support Arbitrum
Since Arbitrum technology is somewhat current, we hope that other wallets give their support for this technology now and beyond. There a quite a few wallets that support Arbitrum one of such is Metamask. Others include Binance, Bitkeep, Bluewallet, and many more.
Is Arbitrum a token?
DeFi Pulse has said that the Arbitrum project does not have a token. So, if you see something with the words “Arbitrum token” on it or are usable that means it is a scam.
Offchain Labs has no plans to release Arbitrum tokens yet, which is another fact. ETH would be utilized to pay out roll-up transactions on the Ethereum network.
How to add Arbitrum to Metamask
Before you add Arbitrum to Metamask ensure you have set up your Metamask. If you have not, please visit this page. Once MetaMask is set up, open it up in full-screen mode.
- Now, go to the top right of the screen, where it says “Ethereum Mainnet,” and click on the small sign pointing down next to it. It opens the platform’s tap, where you can choose from all kinds of EVM (Ethereum virtual machine) blockchain networks. You can click the Custom RPC button to add a new custom EVM blockchain network. In this situation, it’s the Arbitrum.
- Metamask would then ask you for the information it needs to link the wallet to the Arbitrum. Fill in the blanks below.
- Network name: Arbitrum
- New RPC URL: https://arb1.arbitrum.io/rpc
- ChainID: 42161
- Symbol: ETH
- Block Explorer URL: https://arbiscan.io/
3. After that, you can click “Save” to finish now you have added Arbitrum to your MetaMask wallet. If you want to change between the different EVM blockchains. To choose a different blockchain, just click the Network button in the top right corner of the screen. Because adding different kinds of EVM blockchains works the same, you could add any EVM blockchain in the same way. But instead of the list in this article, you use the ChainID, symbol, etc. of another network.
Frequently Asked Question
What is Layer 2?
Layer 2 is composed of projects that are built on Layer 1, which is the major part of the Ethereum network. The goal of Layer 2 is to make the network less crowded and reduce transaction fees. Layer 2 projects help move the Layer 1 transactions off the Layer 1 grid and into smaller amounts of data that can then live beyond the Layer 1 grid.
What does Arbitrum use for gas?
ArbGas is used by Arbitrum to watch out for how much it costs for a contract to be executed on an Arbitrum chain. Every Arbitrum VM instruction has an ArbGas fee, and the cost of a calculation is the sum of all the ArbGas charges of the instructions inside of it compared to Ethereum’s gas limit.
Who uses Arbitrum?
Ethereum users use Arbitrum. Arbitrum is one of many scaling solutions, and many Ethereum users now use it to finish their transactions. Abritrum is cheap and easy to use, and it sends information about all transactions back to the main Ethereum blockchain.
How can users add fees on Arbitrum?
Users only need Ether to add fees to the Arbitrum L2 chain. The ETH token is used to pay transaction fees on the Ethereum network.
Conclusion
Since the mainnet beta went live in May 2021, Arbitrum One has become very popular, and hundreds of projects are about to be built on it. Using the innovative Arbitrum Rollup technology, developers can deploy DApps using familiar tools and programming languages at a much lower cost than on Ethereum. Also, because Arbitrum One has a high throughput, transactions are confirmed much fast. Leave a comment if you have some piece of information to share with us about Arbitrum.
